Will increase inspection of gold trading activities

In a report recently sent to the National Assembly for questioning, the State Bank said that one of the directions for managing the gold market is to continue communicating to provide information on policies, solutions, and strategies to stabilize market psychology.

It is expected that the State Bank will soon amend Decree 24/2012 on gold market management according to simplified procedures. They will also coordinate with relevant ministries ( Ministry of Public Security , Industry and Trade, Finance) to increase inspection and supervision of gold trading enterprises, stores, distribution agents and gold bar trading. This is to promptly detect loopholes and violations for strict handling.

Last year, the regulator inspected four large enterprises: SJC, DOJI , PNJ, Bao Tin Minh Chau and two banks: TPBank and EximBank. The inspection took place in the context of gold prices at that time continuously increasing, the gap with world prices widening even though the regulator conducted bidding to increase supply.

In a report, experts from Think Future Consultancy said that administrative measures, such as market inspections, requiring the use of electronic invoices, or investigating price manipulation, would bring immediate results in stabilizing the gold market, instead of sacrificing foreign currency to massively import gold to stabilize prices.

People buy gold at a store in Hanoi, March 2025. Photo: Giang Huy

In the Resolution of the question-and-answer session at the end of November 2025, the National Assembly requested the State Bank to have solutions to stabilize, strengthen management and regulate the gold market, not to affect the macro economy. The Government needs to study policies to limit speculation, gold hoarding and transfer investment resources to production and business. Authorities need to increase the application of technology in the management of gold trading enterprises, as well as measures to prevent and combat smuggling of this item.

In fact, by the end of 2024, the difference between domestic SJC gold bar prices and world prices will be controlled and maintained at a suitable range, from a difference of about 25% at the peak to about 3-5 million VND per tael (equivalent to 5-7%).

At the beginning of this year, the world gold price continuously broke the previous record. According to the State Bank, the main reason is political instability, military conflicts, and increasing strategic competition globally, causing the world gold price to jump. Many central banks and investment funds increased their gold purchases to supplement foreign exchange reserves, which is also an important reason for the increase in the price of this metal.

In addition, US President Donald Trump's announcement of high reciprocal tariffs with countries around the world also negatively affected investor sentiment and global economic growth, causing investors' cash flow to tend to flow into gold.

Domestically, the price of SJC gold bars moved in the same direction as the world. By early April, the difference between domestic and world gold prices continued to be maintained at a range of about 3-5 million VND per tael (equivalent to 5-7%). At times, the difference was only about 1 million VND per tael (about 1-2%) at the beginning of the year. However, by April 23, the difference had widened to 14.48 million VND per tael (about 13.62%).

According to the State Bank, the reason for the rapid increase in SJC gold bar prices and the high difference since the beginning of April is due to the expectation that world prices will continue to increase in the context of US tariff policies expected to negatively impact the global economy, the Fed's unpredictable monetary policy roadmap, tense global geopolitical developments, and commodity price shocks.

Another reason is that the supply of gold bars on the market has not increased since the beginning of the year. In addition, the operator does not rule out the possibility that some businesses and individuals are taking advantage of market fluctuations to speculate, inflate prices, and profit.

The banking industry management agency assessed that these fluctuations do not yet affect the management of monetary policy and macroeconomic stability. They will continue to closely monitor developments, coordinate with relevant agencies to increase management and take measures to stabilize the market.

However, this agency admits that the gold market is not yet truly stable and sustainable, still affected by psychological factors, expectations, and potential risks affecting the currency and foreign exchange markets. To stabilize the gold market sustainably, the State Bank believes that there needs to be synchronous participation of ministries, branches, and localities, following the direction of the Prime Minister and the Government.

Source: https://baoquangninh.vn/se-tang-thanh-tra-hoat-dong-kinh-doanh-vang-3356492.html