SJC is the gold brand owned by the Saigon Jewelry Company, which accounts for over 90% of the Vietnamese gold market.
Earlier this year the SBV announced that it would hold a monopoly on gold bar production, which is authorised to SJC only.
Recently, many people jostled to access to SJC branches across the country to have their non-SJC gold bars re-processed into SJC gold, with fees much higher than the VND50,000 (US$2.4) as regulated by the central bank.
Deputy Governor Hung said that the SBV has implemented a number of measures to protect the interest of customers after rumour of fake SJC gold went around in Hanoi and Ho Chi Minh City.
He also advised people to purchase gold at reliable shops and to ask the sellers to provide all necessary documents that certify the origin of their gold.
According to the SBV official, the banking system has purchased over 60 tonnes of gold from people in the local market since April, and banks needed to buy another 20 tonnes in order to pay gold depositors when the deadline for settlement expires on November 25.
Recent market developments have shown that gold is no longer an attractive investment channel for the people, added Hung.
