Vietcombank enables online registration for gold purchases

State-owned Vietcombank has introduced an online registration system for gold bar purchases starting Wednesday.

Customers can register to buy gold from 9 a.m. daily and collect their orders in the afternoon.

Vietcombank said that it promises to keep all customer information confidential and only use it for gold bar transactions.

Vietcombank assures that all customer information will remain confidential and will only be used for gold bar transactions. This initiative makes Vietcombank the first of the four state-owned banks to offer online registration for gold purchases.

At other state-owned banks, such as Agribank, BIDV, and VietinBank, customers still need to queue for tokens in the morning and return in the afternoon to collect their gold.

Since earlier this month, long queues have been seen at these banks as the State Bank of Vietnam (SBV) began distributing gold bars through them. Some customers have been lining up as early as 4 a.m. to secure tokens, with each branch serving only 20-40 customers per day.

The SBV recently confirmed that there is sufficient gold to meet retail demand. However, the bank noted that some individuals have been hiring others to queue in order to hoard gold and drive up prices. Consequently, the SBV has requested government officials to investigate signs of speculation.

The price of Saigon Jewelry Company gold bars has remained steady at nearly VND77 million ($3,026.37) over the past four days, approximately 8.5% higher than the global rate.