The State Bank will increase the supply of gold bars to handle the difference in gold prices.

In recent times, due to the complicated developments of the world and domestic gold markets, domestic gold prices have fluctuated strongly, increased rapidly, and have a high difference with 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; at the same time, it will inspect gold trading activities of enterprises and credit institutions nationwide in 2022 and 2023...

Implementing the Prime Minister 's direction in Conclusion Notice No. 160 dated April 11, 2024, the State Bank will immediately deploy key solutions.

Accordingly, for the gold bar market, increase supply to handle the high difference between domestic prices and world prices.

For the gold jewelry and fine art market, continue to create maximum conditions to ensure sufficient raw materials for production activities to export gold jewelry and fine art.

At the same time, the State Bank will coordinate with relevant ministries, branches and functional agencies to require businesses to deploy the use of electronic invoices in gold buying and selling transactions to improve transparency and management efficiency.

Immediately carry out the work of grasping the situation, inspecting, checking, and supervising according to the assigned functions, tasks, and powers; strictly handle acts of gold smuggling across the border, profiteering, speculation, and manipulation of gold prices. Regarding inspection activities, the State Bank and ministries and branches have completed the establishment of inspection teams and will deploy them immediately this April.

Regarding Decree 24 dated April 3, 2012 on the management of gold trading activities (Decree 24), the State Bank has had a report summarizing and evaluating the implementation process of Decree 24 and has also proposed a number of directions for amending and supplementing Decree 24 and implementing it in the coming time.

Finance - Banking - The State Bank will increase the supply of gold bars to handle the difference in gold prices. — The State Bank will increase the supply of gold bars to handle the difference in gold prices.

Regarding the gold market, this morning the Government Office issued Notice No. 160 of the Prime Minister's conclusion at the meeting on solutions to manage the gold market in the coming time.

Accordingly, the Prime Minister requested the State Bank of Vietnam to preside over and coordinate with relevant agencies to strictly implement the provisions of Decree 24, including closely monitoring the developments of world and domestic gold prices and according to assigned functions, tasks and authorities.

With the available tools and conditions, proactively and promptly implement solutions and tools to manage the gold market according to regulations to promptly intervene and immediately handle the situation of high difference in domestic gold bar prices and international gold prices, ensuring the gold market operates stably, healthily, openly, transparently and effectively;

The Prime Minister requested the State Bank to preside over 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 imperative to have electronic invoices in gold buying and selling transactions to enhance transparency, improve the effectiveness of supervision and management, ensure the gold market operates safely, effectively, publicly and transparently; and immediately revoke the operating licenses of enterprises that do not strictly comply with the provisions of the law.

In addition, continue to research, review, carefully evaluate the impact, and fully summarize the implementation of Decree 24 to propose appropriate amendments and supplements, ensuring close adherence to the Party's policies and guidelines, and the direction of the Government and Prime Minister in managing the gold market, in accordance with the practical situation and economic developments in the country, the region, and internationally;

Prevent the goldification of the economy, do not let gold price fluctuations affect exchange rates, inflation and macroeconomic stability, enhance the State's role in managing and regulating the gold market in accordance with regulations, ensure economic security, financial security, national currency and social order and safety .

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