Speaking to the press, Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department (State Bank) said that the monetary regulator will remove the monopoly on gold bar production.
All gold bar transactions on the market must use electronic invoices.
Specifically, according to Mr. Dao Xuan Tuan, recently, implementing the direction of competent authorities, the State Bank has chaired and coordinated with ministries and branches to evaluate and summarize the implementation of Decree 24 to provide orientations for gold market management in the new situation.
The State Bank has completed the draft amended Decree in line with the directions of General Secretary To Lam . Regarding the management of the gold bar market, the draft Decree establishes regulations in the direction of eliminating the State monopoly in the production of gold bars, the export of raw gold and the import of raw gold for the production of gold bars.
This regulation is demonstrated through the mechanism of the State Bank granting licenses to a number of enterprises and banks that meet the conditions to produce gold bars; to import raw gold to produce gold bars and to serve the demand for raw gold for the production of gold jewelry and fine art.
The State Bank is finalizing a draft amendment to Decree 24 in the direction of controlled marketization, gradually eliminating the monopoly on gold bar production (Photo: Thanh Dong).
The State supervision mechanism is strengthened through specific regulations. Enterprises must announce the applicable standards, weight and gold content in the product, and be legally responsible for any deviation from the announced standards. In addition, enterprises must build an internal information system to ensure complete and accurate storage of gold bar transaction data and connect to provide this information to competent authorities according to legal regulations.
Another important new point is that the draft stipulates that all gold bar transactions on the market must use electronic invoices and be paid through bank accounts. This is to ensure transparency in gold trading activities and avoid cash transactions that are difficult to control.
With this mechanism, the market will see more gold bar brands produced by qualified businesses and banks licensed by the State Bank. This will not only help people have more choices, but also promote healthy competition, limiting the current gold price difference between brands.
Increase supply of raw gold for manufacturing, develop jewelry market
Along with amending regulations on gold bars, the State Bank also aims to develop the domestic gold jewelry market.
According to current Decree 24, businesses wishing to trade in gold jewelry only need to meet the conditions and do not need to ask for permission from the State Bank.
The mechanism and policies for managing the gold market in Vietnam are gradually being improved (Photo: Manh Quan).
However, to produce gold jewelry, businesses still need to have a certificate of eligibility from the State Bank if they want to import raw gold. In reality, most import licenses are only granted to businesses with foreign currency revenue to produce gold jewelry for export. The remaining businesses must balance raw materials from the domestic market.
Through the review process, many businesses in the industry have proposed that the State Bank allow the import of raw gold for production purposes, not just limited to the export group. Currently, there are more than 6,000 businesses producing and trading in gold jewelry and fine art, but most of them have small capital scale, making it difficult to meet the conditions for direct import.
The State Bank will grant licenses to import raw gold to businesses and credit institutions that are qualified to produce gold bars. These units will supply raw materials to businesses that produce gold jewelry. This mechanism will help increase the supply of raw gold while maintaining the State's tight control over the gold jewelry market.
In addition, the State Bank also proposed to amend and supplement the responsibilities of State agencies, ministries and localities in managing the gold market. An inter-sectoral coordination mechanism will be established to build and share data on the gold market, contributing to enhancing operational efficiency.
The State Bank is also studying the model of establishing a National Gold Exchange or putting gold into trading on the Commodity Exchange. Relevant ministries and sectors will continue to study solutions to mobilize gold resources from the people into the economy through alternative investment channels, while building tax policies suitable for gold transactions to improve transparency and serve the goal of effective management.
Source: https://dantri.com.vn/kinh-doanh/ngan-hang-nha-nuoc-se-xoa-doc-quyen-san-xuat-vang-mieng-20250612090027853.htm
Comment (0)