Since June 3, the four state-owned lenders Agribank, BIDV, Vietcombank, and VietinBank and the state-owned gold distributor SJC have been allowed to sell gold to people.
The move is aimed to stabilise the domestic gold market following recent price hikes.
On June 7 morning, hundreds of people queued at the four banks and SJC stores for the gold purchase.
At a branch of Vietinbank on Pho Hue Street, customers were arranged seats and called out their name to ensure the order.
Nguyen Thi Quynh in Cau Giay District said that she came to a branch of Vietcombank on Lang Ha Street at around 5 am to queue.
Vietcombank has announced plans to open four more stores to sell gold, bringing its total number to stores allowed to sell gold to 10, five each in Hanoi and HCM City.
After 5 days of gold bar sales the price of SJC gold bars has dropped VND4 million (USD157.17) per tael, helping to narrow the gap between domestic and international gold prices.