The directive, issued by SBV’s Region 2 branch, aims to help consumers distinguish legitimate bullion trading outlets from unauthorized or jewelry-focused gold sellers. The move comes amid growing concerns over investor protection and transparency in the domestic gold market.
According to the SBV, licensed sellers must adhere strictly to all legal requirements, including transparent operations, public display of operating licenses, and timely reporting. The central bank emphasized that greater visibility and compliance will help reduce confusion and mitigate risks for retail investors.
Counterfeit Platforms Spark Alarm
The SBV’s move coincided with a public alert issued by Saigon Jewelry Company (SJC) warning of fraudulent websites and social media pages impersonating its brand. In a statement, SJC named several fake platforms
SJC urged customers to avoid online transactions and to make purchases only through its official retail outlets. “These counterfeit sites are designed to mislead consumers and carry serious financial risks,” the company warned.
Domestic Price Premium Raises Investor Risk
The SBV’s warning also comes amid a widening gap between domestic and international gold prices. While global gold currently trades at approximately US$3,240 per ounce, the domestic SJC price is about VNĐ17 million higher per ounce. This significant disparity has heightened risk, particularly for short-term traders who may be lured by speculative gains but face steep premiums and potential losses.
With Vietnam’s gold market facing both price distortions and increasing instances of fraud, authorities are moving swiftly to reinforce investor safeguards and ensure clarity for retail buyers.
Related topics:
- India Surpasses China in Gold Purchases, Buying 51% More in Three Months
- Qilu Bank Enhances Support for Small Businesses with Innovative Financial Tools
- Bitcoin Poised for a Surge Amid Gold’s Delivery Delays, Expert Claims
