HANOI, May 29 (Xinhua) -- The State Bank of Vietnam (SBV) will sell gold bars directly to four state-owned commercial banks starting from June 3 so that these banks can distribute them to retail buyers, local media reported Wednesday.

Pham Quang Dung, SBV's deputy governor, said the prices of gold sold to the banks would be determined by the SBV based on world prices.

The state-owned commercial banks involved are Agribank, Vietcombank, BIDV, and VietinBank.

With their extensive networks, those banks have prepared the necessary conditions to directly sell gold to people, the SBV official said.

He said the central bank was coordinating with relevant agencies to conduct inspections at credit institutions and businesses on compliance with gold business policies and laws and impose punishments on violations.

The SBV has held nine gold auctions, six of which were successful, releasing a total of 48,500 taels of gold.

However, the gold price difference between Vietnam and the world remains high, at around 20 percent, Vietnam News Agency reported.

On Monday the central bank announced it would halt gold bullion auctions and introduce a new strategy to stabilize gold prices. Enditem

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