The State Bank of Vietnam (SBV) has just sent a series of documents requesting relevant ministries and branches to coordinate in managing the gold market.
This is to implement the Prime Minister 's direction in gold market management.
Specifically, in a document sent to the Ministry of Finance , the State Bank requested that this agency require gold trading organizations, especially gold bullion trading organizations, to strictly apply electronic invoices in transactions to enhance transparency, improve the effectiveness of supervision and management, ensure the gold market operates safely, effectively, publicly and transparently; and strictly handle enterprises that do not comply with this regulation.
Continue to provide information on incidents of smuggling and illegal transportation of gold across the border so that the State Bank can promptly grasp market information in order to develop effective gold market management plans.
Support the State Bank in carrying out customs clearance procedures for imported gold for bidding purposes.
The State Bank requests relevant ministries and branches to coordinate in implementing gold market management.
The State Bank also requested the Ministry of Public Security to strictly handle violations of the law related to the gold market and gold trading activities, especially smuggling, manipulation, speculation, and pushing up the price of gold bars... Coordinate with the State Bank in organizing the SJC gold bar auction to ensure the auction is safe and effective.
The Ministry of Industry and Trade is responsible for directing functional units to strengthen market management; promptly detect acts with signs of violations and provide information to competent authorities for strict handling in accordance with the provisions of law.
On the same day, the State Bank issued a document directing credit institutions and businesses licensed to buy and sell gold bars to seriously perform the following tasks:
Strictly comply with regulations on gold trading management in Decree No. 24/2012 of the Government on gold trading management (Decree 24), Circulars guiding Decree 24, relevant legal regulations and instructions of the Prime Minister to ensure the gold market operates safely, effectively, in accordance with legal regulations, without profiteering, speculation, manipulation, or price hikes.
Comply with the invoice and document regime as prescribed by the Ministry of Finance; apply electronic invoices in gold buying and selling transactions to enhance publicity and transparency in gold buying and selling activities, especially buying and selling gold bars.
Comply with laws on anti-money laundering and counter-terrorism financing.
According to CONG HIEU/ VTC News
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