Inspecting 2 credit institutions and 4 gold companies

The State Bank has just issued a document responding to the petition of voters of Thai Nguyen province sent after the 7th Session of the 15th National Assembly, regarding the proposal to strengthen management measures and develop a safe, healthy, effective and sustainable gold market.

According to the State Bank, the world gold price has been continuously increasing, reaching a historical peak on September 26 at 2,700 USD/ounce. The domestic gold bar price has increased and the difference is high compared to the international gold price. From a difference of about 3 million VND/tael in the period 2014 - 2021, from the end of 2021 until now, the price difference compared to the world has increased and at times reached 18 million VND/tael (about 25%). This risks affecting social psychology about macroeconomic and monetary stability.

Implementing the directions of the Government and the Prime Minister , based on current legal regulations, the State Bank has coordinated with ministries, branches and localities to comprehensively deploy solutions to handle the situation of high gold price difference, stabilize the gold market, and contribute to stabilizing the macro-economy.

SJC gold bar price has remained at a high level in recent days.

In particular, credit institutions and businesses licensed to buy and sell gold bars are required to strictly comply with legal regulations on gold trading activities; and implement the invoice and document regime as prescribed by law.

Propose that the Ministry of Public Security, the Ministry of Industry and Trade, and the Ministry of Finance strengthen inspection, supervision, and monitoring work according to their assigned functions, tasks, and powers; strictly handle violations of the law such as gold smuggling across the border, manipulation, profiteering, etc., causing instability in the gold market.

Based on current legal regulations, the State Bank has organized auctions and direct sales of gold bars to supplement the supply of SJC gold bars to the market.

With synchronous solutions and effective coordination of functional agencies, the difference between domestic SJC gold bar prices and converted world gold prices has significantly decreased. In the coming time, the State Bank will continue to coordinate with relevant ministries and branches to resolutely carry out inspection and examination of the gold market, the activities of gold trading enterprises, stores, agents distributing and trading gold bars.

"In particular, focus resources to complete the inspection according to Decision No. 324/QD-TTGSNH2 for 2 credit institutions and 4 gold trading enterprises as planned. Resolutely fight to clarify, handle and propose competent authorities to strictly handle violations, including violations of criminal law (if any)", the document sent to Thai Nguyen voters stated.

Previously, Decision No. 324 stated that the State Bank, the Government Inspectorate, the Ministry of Public Security, the Ministry of Finance, and the Ministry of Industry and Trade will inspect the compliance with policies and laws in gold trading activities. The inspection period is from January 1, 2020 to May 15, 2024, and if necessary, inspections can be conducted before or after the above period...

Currently, the State Bank is completing a report proposing amendments to Decree 24/2012/ND-CP, which includes content on the management of gold bar production to complete the legal framework for the management of gold trading activities.

At the end of October 10, the price of SJC gold bars was listed by businesses at 82.5 million VND/tael for buying and 84.5 million VND/tael for selling, stable compared to the morning. The price of 24K gold rings and jewelry gold of all kinds was traded around 81.5 million VND/tael for buying and 82.8 million VND/tael for selling, down another 100,000 VND/tael compared to the morning. Although fluctuating within a narrow range, the price of SJC gold bars is at its highest level in many months; and the price of gold rings is at its highest level ever.

Source: https://nld.com.vn/dang-thanh-tra-2-to-chuc-tin-dung-va-4-cong-ty-vang-19624101020261207.htm