ACB Pioneers Own-Branded Gold Bullion as Trading Resumes
Asia Commercial Joint Stock Bank (ACB) has officially announced its plan to resume gold bullion trading activities starting on October 10, making it the first bank in Việt Nam to issue its own branded gold bullion, in addition to trading the State-issued SJC gold.
This significant decision signals a potential shift in the domestic gold market structure and comes amid reports that several other banks are actively preparing to reenter the bullion market as well.
According to the official announcement from the bank, ACB has released detailed terms and conditions for all gold bullion transactions, which are slated to take effect on October 10.
These transactions will initially be conducted only at select designated branches across the bank’s network.
The range of products available for trading is comprehensive, and will include ACB-branded gold bullion, the standard SJC gold bars, and other specific gold types as stipulated by the bank’s internal regulations.
All payments for these transactions must be exclusively made in Vietnamese đồng, using accounts that are held directly at ACB.
The bank has committed to a timely process, with both payment and gold delivery occurring on the same day or within a clearly defined maximum period of two business days.
The bank also stressed the necessary regulatory requirements for customers: individual buyers must present valid personal identification documents, while institutional buyers are legally required to possess a valid gold bullion trading licence issued by the State Bank of Vietnam (SBV) before any transaction can be processed.
Transaction Protocols and Market Entry Requirements
The bank has established clear operational procedures and reserved specific rights regarding the quality and pricing of the gold being traded, aiming for transparency and security.
Buyers of gold bullion from ACB have the right to request official invoices from the bank for their purchases, and conversely, they are also mandated to issue invoices when they choose to sell gold back to the bank, ensuring a traceable transaction history.
ACB explicitly reserves the right to thoroughly inspect the quality and authenticity of all gold submitted for sale, and it will also charge applicable fees related to necessary packaging and processing of the bullion.
It is important for all customers to note that the price listings published on the bank’s website and the ACB One mobile application are designated for reference purposes only.
The official, non-negotiable prices will be those applied directly at the transaction counter at the exact time the sale or purchase is executed, reflecting real-time market fluctuations.
ACB’s move to re-engage with the gold market is timely, as it coincides with significant policy changes that are actively reshaping the entire industry structure.
This decision to become the first bank to issue its own branded bullion suggests a long-term, strategic commitment to gaining a strong foothold in this re-emerging banking segment.
This bold step by ACB is expected to stimulate competition and potentially lead to greater transparency and improved services for customers seeking to invest in gold as a safeguard against economic volatility.
Competitors Signal Re-Entry and Digital Ambitions
Following the decisive step taken by ACB, other major players in the Vietnamese banking sector are confirming their intentions to reenter the gold bullion market, often with advanced, digitally-focused plans.
At a recent meeting held with the State Bank of Vietnam, a representative from Vietnam Technological and Commercial Joint Stock Bank (Techcombank) officially shared the bank’s comprehensive plans to reenter the bullion trading sector.
Techcombank’s ambitious strategy includes actively seeking international partners for gold importation, exploring the feasibility of producing its own branded gold bullion much like ACB, and meticulously preparing all the necessary physical and human resource infrastructure.
This preparation covers staffing, secure storage facilities, and establishing efficient distribution systems.
Furthermore, Techcombank plans to move beyond the limitations of traditional in-branch transactions by aiming to develop a sophisticated digital platform.
This platform is intended to enable customers to conveniently buy and sell gold entirely online, leveraging technology to enhance accessibility and customer experience.
The simultaneous re-entry of major banks like ACB and Techcombank suggests a concerted effort by the banking sector to meet growing domestic demand for gold, a traditional safe-haven asset in Việt Nam.
This increased competition and the introduction of new products, especially own-branded bullion and digital trading options, is set to modernize the way gold is bought and sold, providing consumers with more choices and fostering a more competitive and innovative gold market environment.
