Asia Commercial Bank first to produce gold bars after bullion monopoly ended

The private lender said it would buy and sell its gold bars along with those made by the Saigon Jewelry Company at select branches first.

The ACB-branded bullion would come in several weights, all of which could be traded, but in the case of SJC bars it would only trade those weighing one tael, or 37.5 grams, it said.

For buying and selling the bars, retail customers must provide personal identification while businesses must have a license to trade them.

Payments will be made through ACB accounts. Customers will receive an invoice for purchases and must issue one when selling to the bank.

ACB will collect applicable fees such as those for packaging or processing the metal. Prices will be published on its website and ACB One app.

Gold bars on sale at a state-owned lender. Photo by VnExpress/Giang Huy

SJC was the only business allowed to make gold bars for more than a decade before the government ended the monopoly in late August.

The State Bank can now license any entity that meets certain requirements to import and produce the bars.

Pham Quang Thang, an executive at Techcombank, another private lender, recently said his bank is also preparing to launch its brand of gold bars.

It has already set up production facilities and distribution channels and would also sell the bars online, he added.