Kinhtedothi - According to Deputy Prime Minister and Minister of Finance Ho Duc Phoc, there is a situation where gold bars have increased by 18 million/tael (25% increase compared to the world gold price), the reason is that the world gold price is high, psychology, demand is high, real estate is frozen... gold has become a shelter for idle money.
Monetary policy has been operated proactively, promptly, flexibly and effectively.
On the afternoon of November 11, reporting and explaining the coordination of monetary and fiscal policies, Deputy Prime Minister and Minister of Finance Ho Duc Phoc said that monetary and fiscal policies are the driving forces of economic development. However, when the economy increases or decreases, it will be directly related to and directly affect the system of credit institutions, banks, the state budget and the management of monetary and fiscal policies.
According to Deputy Prime Minister and Minister of Finance Ho Duc Phoc, the management of fiscal and monetary policies in the past period has been very good and reasonable. Monetary policy has been managed proactively, promptly, flexibly and effectively; fiscal policy has been implemented in an open and reasonable manner, so the results achieved in the past period have been good, with budget revenue increasing, each year higher than the previous year.
“Implementing monetary policy, we have reduced taxes for businesses and people by nearly 800 trillion VND; we have maintained the exchange rate between USD and Vietnamese Dong; handled two zero-dong banks and are preparing to handle two more zero-dong banks and stabilize the system, serving the economy very well” - Deputy Prime Minister and Minister of Finance Ho Duc Phoc informed.
Gold becomes a haven for idle money
Regarding the management of gold invoices and the gold market, Deputy Prime Minister and Minister of Finance Ho Duc Phoc stated that, regarding the management of gold invoices, implementing Decree 123/ND-CP dated October 9, 2020 of the Government and the circular of the Ministry of Finance regularly directing tax authorities to issue 5 documents to guide tax declaration and payment, so the management of invoices of gold selling enterprises and gold selling shops does not have any difficulties or problems.
Regarding the question of the delegates, regarding the handling issue, there are some market management delegations that inspected and temporarily suspended because they could not prove the source of raw materials, Deputy Prime Minister and Minister of Finance Ho Duc Phoc emphasized that we only handle when we discover smuggled gold; if we cannot prove smuggled gold, we have no right to handle gold shops.
According to Deputy Prime Minister and Minister of Finance Ho Duc Phoc, the State Bank is currently amending the decree on this issue, paying attention to import and export, gold trading. Tax incentives are provided to develop domestic goods, creating conditions for importing input materials for production; when sold, creating conditions for jewelry exports.
Regarding the issue of gold management raised by the National Assembly delegates, Deputy Prime Minister and Minister of Finance Ho Duc Phoc said that there was a situation where gold bars increased by 18 million VND/tael (25% compared to the world gold price), the reason being the high world gold price, psychology, high demand, frozen real estate, difficult production and business, risky individual corporate bonds... gold became a shelter for idle money.
Regarding upcoming solutions, the Government directs to conduct legal and transparent trading; apply information technology to manage stores and companies; continue to strongly fight smuggling; promote production and business; promote capital market development...
Speed up the smooth implementation of preferential credit programs
Concluding the first group of issues on the banking sector, National Assembly Chairman Tran Thanh Man said that the question-and-answer session was lively and frank; National Assembly deputies closely followed the specific and clear content of the questions. The Governor of the State Bank had prepared well for the content, had a firm grasp of the issues, had coverage of other macro policies, and answered directly the issues raised by National Assembly deputies.
National Assembly Chairman Tran Thanh Man said that in recent times, the banking sector has achieved many important results. The proactive, flexible, timely and effective management of monetary policy, closely coordinated with fiscal policies and other macroeconomic policies, has contributed to curbing inflation, stabilizing the macro economy and supporting economic growth...
Besides the achieved results, the banking sector still faces many difficulties and challenges. Inflation has decreased but is not sustainable and still has many potential risks.
Through the question and answer session, the National Assembly Chairman requested the Government, the State Bank of Vietnam, and relevant ministries and branches to absorb the opinions of National Assembly deputies and have effective solutions to overcome them, focusing on key issues.
In particular, continue to closely follow market developments and the domestic and foreign economic situation to promptly, effectively, proactively and flexibly manage monetary policy, ensure liquidity for the credit institution system, contribute to stabilizing the monetary and foreign exchange markets, manage interest rates and exchange rates in accordance with macroeconomic balance and inflation...
Along with that, implementing management solutions to stabilize the gold market, enhancing the State's role in managing and regulating the gold market in accordance with regulations, not allowing gold price fluctuations to affect exchange rates, inflation and macroeconomic stability...
In addition, there should be early policies to restructure debt repayment terms, maintain debt groups, waive and reduce interest rates, and lower lending rates to help customers overcome difficulties, stabilize production and business after storms, floods, and landslides, and promote green credit. Coordinate with ministries, branches, and agencies to remove obstacles and speed up the smooth implementation of preferential credit programs.
Source: https://kinhtedothi.vn/pho-thu-tuong-ho-duc-phoc-ly-giai-nguyen-nhan-gia-mieng-vang-tang-cao.html
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