Gold bar monopoly is no longer suitable
- The amendment of Decree 24 on gold market management has been mentioned a lot recently. Why is this time considered "ripe" for the amendment, sir?
This is not a new story. The National Assembly has raised this request for a long time, and the Government has also taken action, the Prime Minister has worked specifically, and the State Bank has reported many times.
In particular, when working with the Central Policy and Strategy Committee, General Secretary To Lam gave very clear instructions on gold market management. This was not an impromptu instruction but the result of a process of practical assessment and legal review.
National Assembly Delegate Trinh Xuan An.
"We should use gold as a measure of assets, not turn gold into a place for money to reside, not turn it into an underground transaction asset for money laundering, especially not encourage turning gold bars into a hoarded asset," said delegate Trinh Xuan An.
Gold is not something too big compared to real estate or stocks, but it is closely related to both finance, currency and social factors. Gold prices reflect the psychology and health of the economy .
We can clearly see that the gold market has not been operating properly for a long time. Decree 24 has been effective, especially during times of instability, but is now outdated. Amendments are necessary to adapt to new realities.
- A controversial issue is the monopoly of gold bars. What is your opinion?
The gold bar monopoly mechanism with SJC more than 10 years ago was suitable for the conditions at that time, but it is no longer reasonable. We should not let a single enterprise or organization monopolize gold bars.
It must be emphasized that abolishing the monopoly does not mean letting things float or returning to the chaotic period before Decree 24. We must have a clear roadmap and control. Only a number of qualified enterprises should be allowed to participate in importing, mining, processing and trading gold. This was emphasized by the General Secretary at the recent working session.
- Will re-importing gold affect the country's foreign exchange resources as some fear?
It is true that we did not import gold in the past because we were worried about the impact on the foreign exchange balance. But now we need to re-evaluate carefully. If the total cost of importing gold is less than 4 billion USD per year, it is not a big problem.
"It is necessary to establish a proper market, with State management, macro-regulation and taxation on production and business, buying and selling gold is a tool," said Mr. Trinh Xuan An.
We import and export gold as well as other goods, the important thing is to have a connection between the domestic and international markets. Currently, we are regulating by administrative orders, but economic management must follow the market rules: there is supply, there is demand, there is healthy competition.
Gold is not a speculative tool, "safe haven"
- Besides gold bars, the gold jewelry market - a field that seems to be "vacant", sir?
That's right. When gold bars increase in price, people switch to buying rings and gold jewelry as a way to own gold. But in reality, we treat gold jewelry almost like gold bars: we do not allow imports, causing scarcity of raw materials, causing many consequences.
Meanwhile, Thailand has a gold jewelry market worth up to 20 billion USD/year. This is a great opportunity to develop the gold jewelry industry, creating real economic value instead of just focusing on hoarding.
- Some experts propose establishing an official gold exchange. What is your opinion on this issue?
I agree. But the gold exchange must be a legitimate, transparent exchange that can manage the origin of the product. We cannot let the situation of virtual gold, speculation, and money laundering happen again like before. As a market, it must operate according to market rules. The origin of gold traded must be clear, and regulated by the State through tools such as taxes and macro policies.
After all, amending Decree 24 is not only a practical requirement but also an urgent political and legal requirement – which has been firmly directed by the General Secretary. We need to change our perspective: market-oriented management, with strict control, reducing monopoly, and creating a transparent competitive environment.
The goal is to return gold to its proper role as an asset, not a speculative, hoarding or "safe haven" tool. Doing this well will help stabilize the market, increase revenue and promote economic growth.
Thank you!
(According to TPO)
Source: https://baoyenbai.com.vn/12/350962/Bo-doc-quyen-vang-khong-co-nghia-la-tha-noi-hay-tro-lai-thoi-ky-hon-loan.aspx
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