Recently, due to the complex developments in the global and domestic gold markets, domestic gold prices have fluctuated sharply, increasing rapidly and showing a significant difference from international prices.
To stabilize the market, Deputy Governor of the State Bank of Vietnam (SBV) Pham Thanh Ha said that the SBV has prepared intervention plans; and will also conduct inspections of gold trading activities of enterprises and credit institutions nationwide in 2022, 2023…
In implementing the Prime Minister 's directive in Conclusion Notice No. 160 dated April 11, 2024, the State Bank of Vietnam will immediately implement key solutions.
Accordingly, for the gold bullion market, increasing supply is necessary to address the significant price disparity between domestic and international prices.
For the gold jewelry and handicraft market, we will continue to create the best possible conditions to ensure sufficient raw materials for production activities aimed at exporting gold jewelry and handicrafts.
At the same time, the State Bank of Vietnam will coordinate with relevant ministries, sectors, and functional agencies to require businesses to implement the use of electronic invoices in gold buying and selling transactions in order to enhance transparency and management efficiency.
Immediately carry out intelligence gathering, inspection, and supervision according to assigned functions, duties, and powers; strictly handle acts of gold smuggling across the border, profiteering, speculation, and manipulation of gold prices. Regarding inspection activities, the State Bank of Vietnam and relevant ministries and agencies have completed the formation of inspection teams and will begin operations this April.
Regarding Decree 24 dated April 3, 2012, on the management of gold trading activities (Decree 24), the State Bank of Vietnam has submitted a summary report evaluating the implementation of Decree 24 and has also proposed several directions for amending and supplementing Decree 24 for future implementation.
The State Bank of Vietnam will increase the supply of gold bars to address the gold price discrepancy.
Regarding the gold market, this morning the Government Office issued Notice No. 160 summarizing the Prime Minister's conclusions from the meeting on solutions for managing the gold market in the coming period.
Accordingly, the Prime Minister requested the State Bank of Vietnam to take the lead and coordinate with relevant agencies to strictly implement the regulations in Decree 24, including closely monitoring the developments in world and domestic gold prices, and within its assigned functions, duties, and authority.
With the available tools and conditions, proactively and effectively implement solutions and tools for managing the gold market in accordance with regulations to intervene promptly and immediately address the situation of high discrepancies between domestic and international gold prices, ensuring that the gold market operates stably, healthily, openly, transparently, and efficiently;
The Prime Minister requested the State Bank of Vietnam to take the lead and coordinate with relevant agencies to strengthen the application of information technology and digital transformation in the supervision, management, and operation of the gold market.
In particular, it is crucial to insist on the use of electronic invoices in gold buying and selling transactions to enhance transparency, improve the effectiveness of supervision and management, and ensure that the gold market operates safely, efficiently, openly, and transparently; and to immediately revoke operating licenses for businesses that do not strictly comply with legal regulations.
In addition, further research, review, and thorough assessment of the impact and comprehensive summary of the implementation of Decree 24 should be conducted to propose appropriate amendments and additions, ensuring adherence to the Party's guidelines and policies, and the directives of the Government and the Prime Minister in managing the gold market, in line with the practical situation and economic developments domestically, regionally, and internationally;
Preventing the "goldization" of the economy, avoiding the impact of gold price fluctuations on exchange rates, inflation, and macroeconomic stability, enhancing the State's role in managing and regulating the gold market in accordance with regulations, ensuring national economic, financial, and monetary security, and social order and safety .
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