Vietnam's major banks say no shortage of gold

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HANOI, June 5 (Xinhua) -- Representatives of four major banks in Vietnam claimed there is no shortage of gold and domestic gold demand will be met, local media reported Wednesday.

The claim was made in response to the media's reports that many gold buyers had to leave empty-handed after lining up for gold purchases.

Vietnam News quoted Nguyen Thi Phuong, deputy director general of the Vietnam Bank for Agriculture and Rural Development (Agribank), as saying that the bank had underestimated the number of residents shopping for gold, which has resulted in some customers having to go home empty-handed.

Residents need no rush to buy gold as the banks will continue to supply the market until the targeted price gap is achieved, she said.

Phung Nguyen Hai Yen, deputy director general of Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), said the central bank had set maximum and minimum quantities for each bank for each trading session. Vietcombank will sell to customers based on demand and the quantity available to the bank.

According to the State Bank of Vietnam, the selling price of Saigon Jewelry Company (SJC)-branded gold bullion on Thursday morning was 76.98 million Vietnamese dong (3,028 U.S. dollars) per tael.

SJC gold bar price fell 1.3 percent to 77.98 million dong (3,067 dollars) per tael on Wednesday morning. Enditem

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