Kinhtedothi - During the questioning of the Governor of the State Bank of Vietnam, National Assembly deputies raised questions about the tasks and solutions to stabilize and manage the gold market in the present and future.
On the morning of November 11th, continuing the agenda of the 8th Session, the National Assembly conducted question-and-answer sessions on the first group of issues related to the banking sector.
In his opening remarks at the question-and-answer session, National Assembly Chairman Tran Thanh Man stated that, according to the agenda of the 8th Session of the 15th National Assembly, starting this morning (November 11th), the National Assembly will hold a question-and-answer session lasting two days, which will be broadcast live on radio and television for the people and voters nationwide to follow.
The Speaker of the National Assembly emphasized that the questioning sessions at this meeting continue to be conducted in accordance with the regulations of the Law on Supervisory Activities of the National Assembly and People's Councils, making questioning an increasingly prominent feature of each National Assembly session. Based on a summary of the issues of greatest concern to National Assembly deputies, voters, and the people at this session, the National Assembly will conduct questioning and answering sessions on three groups of issues under the responsibility of three Ministers and Heads of Departments: the Governor of the State Bank of Vietnam; the Minister of Information and Communications; and the Minister of Health.
Implement appropriate policies to stabilize the gold market.
Questioning the Governor of the State Bank of Vietnam, National Assembly representative Luu Van Duc (Dak Lak Provincial National Assembly Delegation) stated that on April 14, 2024, the Government Office issued Notice No. 160 regarding the conclusions of the Prime Minister at a meeting discussing solutions for managing the gold market in the coming period. This notice instructed the State Bank of Vietnam and relevant ministries and agencies to urgently and effectively implement the tasks and solutions to stabilize and manage the gold market.
Representative Luu Van Duc asked the Governor of the State Bank to explain how the above request has been implemented in the past and what impact it has had on gold prices and the gold market now and in the future.
Meanwhile, National Assembly representative Pham Van Hoa (from the Dong Thap Provincial National Assembly Delegation) stated that the recent sale of gold bars by the State Bank to stabilize gold prices has been widely supported by the people. However, the bank only sells, it doesn't buy. If people want to sell gold due to cash needs, where can they sell it? If the bank doesn't buy, then other gold shops won't either. Furthermore, the bank only sells gold in Hanoi and Ho Chi Minh City; why not in other provinces and cities nationwide?
Speaking during a debate session regarding the State Bank of Vietnam's gold bullion buying and selling activities, delegate Pham Van Hoa stated that the State Bank sells gold bullion but does not buy it back from the market, forcing people to sell their gold on the black market. The delegate suggested that the State Bank consider buying back gold bullion from the public to facilitate their sale when needed.
Regarding the issue of mobilizing funds from remittances, Representative Pham Van Hoa stated that, according to data from 2013-2023, the amount of remittances to Vietnam was very large, reaching 26 billion US dollars. However, banks did not proactively mobilize this capital, only paying 0% interest. Meanwhile, the State borrowed ODA at higher interest rates. The representative suggested that banks should mobilize funds from remittances at lower interest rates than foreign borrowing, to create an incentive for people to send money back to Vietnam.
Furthermore, National Assembly representative Pham Van Hoa stated that currently, a large amount of remittances are flowing into the country, but people deposit them in banks with zero interest, and keeping them at home may be unsafe. Meanwhile, banks borrow foreign currency and have to pay interest. Why not borrow from the people to benefit them, even if the interest rate is lower than borrowing from foreign sources?
Responding to Representative Luu Van Duc's question about stabilizing gold prices and the gold market, Governor of the State Bank of Vietnam Nguyen Thi Hong stated that the fluctuations in Vietnam's gold market are a common trend in other countries around the world. From 2014 to 2019, the Vietnamese gold market was relatively stable and the demand for gold decreased. However, since 2021, world gold prices have risen sharply, and consequently, domestic gold prices have also increased.
However, from 2021 to June 2024, the State Bank of Vietnam did not intervene. From June 2024, world gold prices reached a peak, and the price difference between world and domestic gold increased significantly. Therefore, the Government and the State Bank of Vietnam issued decisive directives. Based on current laws, the State Bank of Vietnam organized auctions. In the context of peak gold prices and high market expectations, the State Bank of Vietnam considered nine auction sessions (this was a fairly effective solution in 2013).
To quickly narrow the gap between domestic and international gold prices, as directed by the Government, the State Bank of Vietnam switched to selling SJC gold directly through four state-owned commercial banks. As a result, the price difference between domestic and international gold has decreased from approximately 15-18 million VND/ounce to only about 3-4 million VND/ounce.
Pointing out that the gold market continues to be complex and unpredictable, Governor Nguyen Thi Hong stated that since Vietnam does not produce gold, intervention depends entirely on international gold imports. Therefore, the State Bank of Vietnam will closely monitor market developments to formulate appropriate policies to stabilize the gold market.
There are policies to support customers borrowing capital in the agricultural and rural sectors.
In her question to the Governor of the State Bank of Vietnam, Nguyen Thi Hong, National Assembly representative Ma Thi Thuy (from the Tuyen Quang Provincial National Assembly Delegation) affirmed that the recent Typhoon No. 3 seriously affected all aspects of social life, causing significant losses in terms of human lives and property, with many crops and livestock suffering heavy damage.
According to the Government Report, the total economic damage caused by Typhoon No. 3 is estimated at over 81,000 billion VND, of which damage in the fields of agricultural production, crop cultivation, livestock farming, fisheries, and forestry is nearly 31,000 billion VND, equivalent to 38% of the total economic damage.
Therefore, Representative Ma Thi Thuy requested that the Governor of the State Bank of Vietnam provide information on what support policies the banking sector has for borrowers in the agricultural and rural sectors affected by Typhoon No. 3?
Responding to delegate Ma Thi Thuy, Governor of the State Bank of Vietnam Nguyen Thi Hong stated that after Typhoon No. 3 occurred and had a serious impact on businesses and people in 26 provinces and cities, the State Bank of Vietnam sent its leaders to directly survey Hai Phong and Quang Ninh provinces, two provinces heavily affected by Typhoon No. 3, and determined that the outstanding loans in these two provinces affected by the typhoon amounted to approximately 12,000 billion VND.
The State Bank of Vietnam has directed credit institutions to focus on reviewing their borrowers to determine the extent of damage to outstanding loans. Accordingly, the outstanding credit balance of individual customers affected is approximately VND 190,000 billion. Based on this, the State Bank of Vietnam has directed credit institutions to implement solutions to alleviate difficulties for businesses and individuals, such as restructuring repayment terms and maintaining the same loan classification according to current regulations. The State Bank of Vietnam has also directed credit institutions to consider reducing interest rates for businesses and individuals affected by Typhoon No. 3.
"In addition, each credit institution also considers and balances its capital sources to offer credit packages. To date, 35 credit institutions have announced credit packages totaling 405,000 billion VND to continue providing new loans to businesses and individuals affected by the pandemic, as well as offering more preferential interest rates," Governor Nguyen Thi Hong informed.
Regarding the first group of issues in the banking sector, the National Assembly focused its questioning on: the management of monetary policy to control inflation amidst a volatile global economic situation; state management of the gold and foreign exchange markets; and support for loans and interest rate reductions for individuals and businesses to restore production and business after the Covid-19 pandemic and natural disasters.
Regarding this group of issues, the primary responsibility for answering rests with the Governor of the State Bank of Vietnam, Nguyen Thi Hong. Deputy Prime Minister and Minister of Finance Ho Duc Phoc, along with the Ministers of Planning and Investment, Industry and Trade, and Agriculture and Rural Development, will also participate in answering questions and providing explanations on related issues.
Source: https://kinhtedothi.vn/dai-bieu-quoc-hoi-giai-phap-nao-de-binh-on-quan-ly-thi-truong-vang.html
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