Enhancing the quality and brand of Vietnamese gold
At the forum "Vietnam Gold Market: Advantages and Challenges in the New Period" organized by Kinh te & Do thi Newspaper in collaboration with Hanoi Jewelry Association on the afternoon of November 24, Mr. Nguyen Duc Le - Deputy Head of Market Management Department ( Ministry of Industry and Trade ) said that our gold jewelry business network is large but very scattered. In addition to traditional craft villages, large-scale branded enterprises still have many small retail establishments scattered everywhere.
“ This makes it impossible for state management agencies to have complete statistics. Such small and scattered businesses also lead to uneven corporate governance systems, causing unhealthy competition. For example, the same design, the same product, but each place sells it at a different price,” said Mr. Le.
Mr. Nguyen Duc Le - Deputy Head of Market Management Department (Ministry of Industry and Trade). Photo: Dieu Anh
In addition, recently, according to Mr. Nguyen Duc Le, for gold jewelry, it is very difficult to assess the quality because we cannot destroy the product to assess the quality. For example, with a chain, we can remove a link, but with a complete product, we cannot break it. On the other hand, there are more modern methods for assessment, without destroying the sample, but the market management force does not always have access to such technology.
Besides, according to Mr. Nguyen Duc Le, market supervision has not kept up with the diversity of products. Each type requires its own inspection method. Meanwhile, not all market management officers are knowledgeable enough about the jewelry industry to be able to give accurate evaluation methods. That makes inspection and handling of violations difficult.
Therefore, making a proposal to manufacturing and trading enterprises, according to Mr. Nguyen Duc Le, it is possible to study the model of establishing concentrated gold trading areas. For example, a street, a pilot area - where 100% of gold jewelry stores participate in clear traceability. Testing and appraisal equipment are placed permanently, ready for all customers to check on the spot after purchasing the product.
At the same time, Mr. Nguyen Duc Le said that it is necessary to publicly rank the reputation of each store in the area. Stores with low reputation must strive to improve to reach a higher level. This both creates motivation to improve product quality and helps consumers have a basis for choosing and evaluating. "Next, it is necessary to link gold jewelry with the development strategy of the jewelry industry, not only to prevent fraud but also to improve the quality and brand of Vietnamese gold," Mr. Le emphasized.
If we can do that, according to Mr. Nguyen Duc Le, Vietnam's gold jewelry exports can completely expand to major markets around the world , thereby forming national brands in the gold jewelry sector.
Tighten the control of origin
Also at the forum, Mr. Kieu Dinh Canh - Deputy Head of the Hanoi Market Management Department - said that the current gold trading situation in recent times has included fraudulent acts regarding gold age, gold trading without invoices and documents, unclear origin, listing one price and selling another, or taking advantage of price differences to speculate and inflate prices. These acts not only cause damage to consumers but also pose potential risks to the economy .
Mr. Kieu Dinh Canh - Deputy Head of Hanoi Market Management Department. Photo: Organizing Committee
Accordingly, gradually reducing the monopoly in the production and circulation of gold bars, and studying the model of gold trading floors, is considered an important step towards a more transparent and modern gold market. However, Mr. Kieu Dinh Canh said that the market restructuring process is expected to be accompanied by fluctuations that market management forces need to proactively identify.
That is, the gold supply will become more diversified, many businesses can participate in the production and import of raw gold. The risk of smuggled gold and substandard gold will increase, especially at small retail stores. This requires market management forces to tighten inspection of origin, invoices, documents, standards, brands, and quantities.
In addition, according to Mr. Kieu Dinh Canh, the process of opening the market and narrowing the price gap between domestic and international prices can create short-term waves due to market psychology. At that time, acts of hoarding, unreasonable price increases, and speculation taking advantage of the difference will tend to appear more. Therefore, this is a group of acts that the market management force needs to continue to focus on handling. At the same time, the construction of a gold trading floor in the coming time will help reduce underground transactions, posing challenges in inspection and control work.
Emphasizing that market management has achieved many positive results, especially in requiring business organizations and individuals to comply with the law on price listing, product labeling, invoices, documents, standard announcement, as well as ensuring the legal origin of gold jewelry and gold handicrafts.
However, the difficulties arising during the inspection process as well as the nature of post-inspection due to the need for prior notification, the limited legal awareness of some facility owners, the situation of avoiding inspection or avoiding the obligation to impose penalties show that there needs to be a stronger direction for improvement in management work in the coming time.
In addition, in the context of the volatile gold market, some organizations and individuals take advantage of people's hoarding mentality to mix in fake gold, low-quality gold, counterfeit branded goods, etc., which requires tightening the inspection activities more substantially, not just checking paper documents.
Therefore, Mr. Kieu Duc Canh emphasized that the orientation and improvement of the gold market management in Hanoi will play a key role. First of all, it is necessary to continue to improve the legal system in a clear and practical direction so that businesses can easily comply. At the same time, the market management force needs to strengthen professional training, equip them with knowledge of identification and skills of inspection and appraisal, in order to improve the effectiveness of inspection and control work.
“With that spirit, the market management force will proactively grasp market developments, strengthen inspection and handle violations, focusing on counterfeit gold jewelry products of famous brands. At the same time, step up propaganda and dissemination of laws; coordinate with competent agencies in inspection, control, and fight against smuggling and fraud ” - Mr. Nguyen Dinh Canh stated.
Mr. Kieu Dinh Canh emphasized that, based on practice, the market management force will continuously advise and propose appropriate solutions to build a transparent, stable and sustainable gold market.
Source: https://congthuong.vn/quan-ly-thi-truong-se-tap-trung-kiem-tra-xu-ly-vang-trang-suc-gia-mao-431916.html
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