Gold prices are increasing all over the world , not just in Vietnam.
Accordingly, voters in Lam Dong province believe that the current gold price is increasing sharply, sometimes the domestic gold price is quite different from the world gold price. From there, they propose a policy to stabilize the domestic gold price.
Responding to this content, the State Bank stated that, regarding gold price management, Vietnam is not a gold mining country, so domestic gold consumption is mainly from imported sources. Therefore, domestic gold prices depend on world gold price movements.
Recently, the world gold price has continuously fluctuated, mainly following an upward trend due to many reasons such as: geopolitical tensions, diplomacy, armed conflicts in many countries around the world, causing the demand for physical gold consumption in some countries and the gold reserves of many central banks to increase sharply...
Thus, gold prices are increasing all over the world, not just in Vietnam.
Building an information system on gold production, export and import
The State Bank pointed out that according to the 2012 Law on Prices and the 2023 revised Law on Prices, gold is not an essential commodity and is not on the list of goods and services subject to price stabilization.
The buying and selling prices of gold are actively listed by credit institutions and businesses that buy and sell gold bars according to regulations. The State Bank only intervenes and stabilizes the gold market in cases where gold prices fluctuate unfavorably, affecting the foreign exchange market, exchange rates, and monetary policy.
Regarding the gold market management policy mechanism, the State Bank has submitted to the Prime Minister a summary report, assessment of Decree 24 and proposed orientations for gold market management to effectively and sustainably manage the gold market in the coming time. The State Bank has prepared a draft decree amending and supplementing a number of articles of Decree 24 and is currently under review by the Ministry of Justice.
The State Bank said it has consulted relevant ministries and branches and widely consulted on the draft decree amending and supplementing a number of articles of Decree 24.
Accordingly, the draft decree adds regulations on the responsibility of enterprises and commercial banks to build information systems to ensure complete and accurate storage of data on gold production, export and import.
Basically, the information system will include basic information and data on gold trading activities of enterprises and commercial banks.
The connection to provide information to competent authorities is carried out in accordance with relevant legal regulations.
When the decree is issued, it will ensure public and transparent information about the gold market, helping management agencies assess the impact on the market and have appropriate management policies.
Source: https://phunuvietnam.vn/cu-tri-kien-nghi-viec-gia-vang-tang-manh-ngan-hang-nha-nuoc-dua-giai-phap-20250730164420599.htm
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