Bringing the gold market to stability, closer to the world market

NDO - According to Deputy Prime Minister Le Minh Khai, the State Bank will have new plans to stabilize the gold market in the short term, and in the long term, it will study and amend Decree 24, along with applying state management tools to stabilize the gold market, bringing it closer to the world market.

Deputy Prime Minister Le Minh Khai spoke to explain and clarify a number of issues raised by National Assembly deputies at the discussion session. (Photo: THUY NGUYEN)

Continuing policies to support and promote the economy Speaking at the National Assembly 's discussion session on the afternoon of May 29, Deputy Prime Minister Le Minh Khai stated that, in addition to the socio-economic situation with many positive changes in 2023 and the first months of 2024, especially GDP growth, inflation control, state budget revenue, etc., delegates also frankly pointed out the difficulties and limitations of the economy, especially high-quality human resources, access to capital for businesses, real estate market, gold market, economic recovery and development program, etc. The Deputy Prime Minister said that in the coming time, the Government will continue to support policies, exempt and reduce taxes, fees, land use fees, etc. to remove difficulties for business production activities, increase access to credit capital for people and businesses. “For this solution, the entire support scale for the entire period is about 700 trillion VND, of which 129 trillion VND in 2020, 145 trillion VND in 2021, 233 trillion VND in 2022, 196 trillion VND in 2023 and the first 6 months of 2024 have also been submitted to the National Assembly for approval, continuing to reduce taxes. In the last 6 months of the year, which is being submitted to the National Assembly, if the 2% VAT reduction is approved, the scale of reduction will be about 24 trillion VND and the whole year can reduce and exempt about 190 trillion VND, of which about 92 trillion VND will be extended and about 98 trillion VND will be exempted and reduced,” the Deputy Prime Minister informed.

Scene of the National Assembly discussion session on the afternoon of May 29. (Photo: THUY NGUYEN)

Regarding traditional growth drivers as well as effectively exploiting new growth drivers, Deputy Prime Minister Le Minh Khai said that the growth rates that Vietnam has achieved are quite high compared to other countries in the region in the current difficult situation. In the past 2 years, with the drastic direction of the Government and the participation of ministries, branches and localities, the disbursement rate of public investment capital has achieved encouraging results, the Deputy Prime Minister said and emphasized the data of the first 5 months of the year on disbursement reaching 22.34% of the assigned plan, which can be said to be the highest level in the past 4 years. At the same time, along with this driving force, the Government has also gradually removed difficulties and obstacles in mechanisms and administrative procedures to attract public investment capital, activate private investment capital in the form of public-private partnerships, achieving many positive results. In addition, Deputy Prime Minister Le Minh Khai said that the Government has also had solutions to expand trade, increase exports, negotiate and sign FTA agreements... to stimulate the domestic market, along with continuing to invest in a number of areas following new trends such as green growth, digital growth, digital economy, circular economy... Regarding the gold market, the Deputy Prime Minister said that the world market also tends to increase and the domestic market also fluctuates accordingly. However, the gap between domestic and world gold prices for SJC gold bars has increased. Since June 2022, the Government and the Prime Minister have closely directed the State Bank. Up to now, the Deputy Prime Minister informed that there have been 25 documents, including tools to intervene in the gold market to stabilize the gold market and at the same time inspect, check and control. “The State Bank has recently actively taken some measures, but when it intervened, it was found to be ineffective. Currently, the State Bank is re-evaluating and will have new plans to stabilize the gold market in the short term, and in the long term, it will study and amend Decree 24 so that we have long-term solutions,” the Deputy Prime Minister stated. In the immediate future, according to the Deputy Prime Minister, the State management tool of inspection and examination will be used to substantially assess the operation of the gold market, from which solutions will be taken according to regulations to stabilize the gold market, bringing it closer to the world market. Ensuring connectivity in the process of bringing the law into life

Deputy Prime Minister Tran Hong Ha spoke to explain and clarify a number of issues raised by National Assembly deputies at the discussion session. (Photo: THUY NGUYEN)

At the discussion session, Deputy Prime Minister Tran Hong Ha also participated in the speech to explain and clarify a number of issues raised by National Assembly deputies. Regarding the issues of concern to deputies related to land, Deputy Prime Minister Tran Hong Ha stated that the opinions expressed were all related to the existing problems, limitations, and weaknesses related to the Land Law, the Real Estate Business Law, and the Housing Law. The National Assembly has passed these three laws, and the Government is determined that after the laws come into effect, about 60% of the limitations and weaknesses related to the three laws will be resolved. With a number of legal provisions assigned to the Government (14 decrees), the Prime Minister has urgently directed and worked with localities, associations, enterprises, etc. to listen to the opinions and participation of ministries and branches in order to promptly issue specific guiding decrees, ensuring connectivity in the process of putting the laws into effect. Regarding the issue of climate change, Deputy Prime Minister Tran Hong Ha said that the Party and State pay great attention to this issue, including issuing Resolution 24-NQ/TW in 2013 on proactively responding to climate change, strengthening resource management and environmental protection; Climate change strategy and adjustments after Vietnam attended COP26, which clearly defines the viewpoints and goals of climate change adaptation, solutions to reduce greenhouse gas emissions, and green growth solutions to realize this goal. The Government has advised the Politburo to issue resolutions related to energy issues.

National Assembly deputies working in the hall. (Photo: THUY NGUYEN)

Regarding solutions to reduce greenhouse gas emissions, the Deputy Prime Minister said that the Prime Minister has directly directed; together with development partners, identified Vietnam's needs in the process of equitable transition and the need for equitable participation of developed countries. Vietnam has also established a Steering Committee chaired by the Prime Minister; established working groups related to greenhouse gas emission reduction, equitable energy transition, investment attraction... The Prime Minister has directed the National Assembly to include in the Law and Ordinance Development Program, promptly amend the Electricity Law, which will mention renewable energy, and propose policies on green economy. At the same time, the Government will study and issue a decree on direct electricity trading with large customers, focusing on renewable energy; promptly issue a decree on rooftop solar panels to encourage people to contribute to the power source... Effectively implement salary reform, ensuring consistency and fairness

Vice Chairman of the National Assembly Nguyen Duc Hai delivered a concluding speech at the discussion session. (Photo: THUY NGUYEN)

Concluding the discussion, Vice Chairman of the National Assembly Nguyen Duc Hai said that after a day of discussion in the hall, 57 delegates spoke and 3 delegates debated. The National Assembly also reserved appropriate time for the Ministers (of Planning and Investment, Finance, Governor of the State Bank), and 2 Deputy Prime Ministers to participate in speaking and explaining some related issues. The Vice Chairman of the National Assembly said that our country has overcome difficulties and challenges and achieved many positive socio-economic results in 2023 and the first months of 2024. At the same time, National Assembly deputies also pointed out shortcomings and limitations and proposed to more clearly identify challenges in order to have appropriate directions and management, contributing to the completion of growth targets and socio-economic targets, state budget in 2024... Delegates proposed to closely follow developments in the domestic and international economic and political situation, improve the capacity to analyze, forecast, respond to policies promptly and effectively, strengthen endogenous capacity, promote rapid and sustainable economic growth, stabilize the macro-economy, ensure major balances of the economy, control inflation, and prevent shocks from affecting people's lives. At the same time, resolutely and effectively implement the Project on restructuring credit institutions associated with handling bad debts, handling weak banks, having fundamental and sustainable solutions to direct cash flow back to production and business, having solutions to strengthen investors' confidence, stabilize and promote sustainable market development... Along with that, effectively implement salary reform , ensure unity, fairness, achieve the goal of increasing income for workers. Continue to pay attention to the fields of culture, education, vocational training, health, environmental protection, climate change response, natural disaster prevention and control, landslides, drought, saltwater intrusion, rising sea levels, air pollution, environment in large cities, water security situation in the Mekong Delta region. Ensure national defense, security, social order and safety. Continue to improve the effectiveness of foreign affairs, international integration, prevention and combat of high-tech crimes, online fraud, etc. The Vice Chairman of the National Assembly said that the opinions of the National Assembly deputies have been fully recorded. The National Assembly Standing Committee will direct the Government agencies, the inspection agencies and relevant agencies to study and absorb the opinions expressed in the hall, the opinions discussed in groups to include important contents in the General Resolution of the session.

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