SBV asks licensed gold retailers to display signage amid market volatility

SBV asks licensed gold retailers to display signage amid market volatility

The move followed a warning issued the same day by SJC regarding counterfeit websites and Facebook pages which are impersonating its brand to deceive consumers.

SJC gold retailers in HCM City must clearly display signage identifying them as authorised bullion trading locations amid the growing gold market volatility. — VNA/VNS Photo Thanh Vũ

The State Bank of Vietnam (SBV) has asked SJC gold retailers in HCM City to clearly display signs identifying them as authorised bullion trading locations amid the growing gold market volatility. 

The request of the SBV’s Region 2 branch aimed to help buyers distinguish legitimate retailers from unauthorised or jewellery-focused gold sellers.

The central bank asked eligible sellers to fully comply with their legal obligations, including transparent operations and mandatory public display of their licenses and reporting.

The move followed a warning issued the same day by SJC regarding counterfeit websites and Facebook pages which are impersonating its brand to deceive consumers.

In its announcement, SJC said that SJCVN.com, SJC Diagold and the Facebook page https://www.facebook.com/vangbacsjc are fraudulent platforms and not affiliated with the company. SJC urged customers not to make online transactions but conduct purchases only at its official retail points.

The world gold price is at around US$3,240 per ounce, around VNĐ17 million lower than the domestic SJC price – exposing high risks to investors, particularly those engaging in short-term trading. 

Bizhub