Authorities are investigating two credit institutions and four gold companies.

The State Bank of Vietnam has recently issued a document responding to a petition from voters in Thai Nguyen province submitted after the 7th session of the 15th National Assembly, regarding the request to strengthen measures to manage and develop a safe, healthy, efficient, and sustainable gold market.

According to the State Bank of Vietnam, the price of gold on the world market has been continuously rising recently, reaching a historical peak on September 26th at $2,700 per ounce. Domestic gold prices have increased and the difference between domestic and international gold prices remains significant. From a difference of around 3 million VND per tael between 2014 and 2021, the price difference has increased sharply since the end of 2021, sometimes reaching 18 million VND per tael (approximately 25%). This poses a risk to public sentiment regarding macroeconomic and monetary stability.

Following the directives of the Government and the Prime Minister , and based on current legal regulations, the State Bank of Vietnam has coordinated with ministries, sectors, and localities to implement comprehensive solutions to address the high gold price disparity, stabilize the gold market, and contribute to macroeconomic stability.

The price of SJC gold bars has remained at a high level in recent days.

Specifically, it requires credit institutions and businesses licensed to trade in gold bars to strictly comply with legal regulations on gold trading activities; and to implement the invoicing and documentation system as prescribed by law.

We propose that the Ministry of Public Security, the Ministry of Industry and Trade, and the Ministry of Finance strengthen inspection, auditing, and supervision activities according to their assigned functions, duties, and powers; and strictly handle violations of the law such as gold smuggling across borders, manipulation, and profiteering that destabilize the gold market.

Based on current legal regulations, the State Bank of Vietnam organized auctions and sold gold bars directly to supplement the supply of SJC gold bars to the market.

Thanks to synchronized solutions and effective coordination among relevant agencies, the difference between the domestic SJC gold bar price and the converted world gold price has significantly decreased. In the coming period, the State Bank of Vietnam will continue to coordinate with relevant ministries and agencies to vigorously implement inspection and supervision of the gold market, the operations of gold trading businesses, and gold bar distribution and trading agents.

"Specifically, focus resources on completing the inspection according to Decision No. 324/QD-TTGSNH2 for 2 credit institutions and 4 gold trading businesses as planned. Resolutely investigate, clarify, and propose to competent authorities for strict handling of violations, including criminal offenses (if any)," the document sent to voters in Thai Nguyen stated.

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

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

At the end of October 10th, the price of SJC gold bars was listed by businesses at 82.5 million VND/ounce for buying and 84.5 million VND/ounce for selling, stable compared to the morning. The price of 24K gold rings and jewelry was traded around 81.5 million VND/ounce for buying and 82.8 million VND/ounce for selling, a further decrease of 100,000 VND per ounce compared to the morning. Despite fluctuating within a narrow range, the price of SJC gold bars is at its highest level in many months; while gold rings are at their highest level ever.

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