Strengthening the management of gold trading activities.

In recent months, the global and domestic gold markets have experienced complex fluctuations, with domestic gold prices rising significantly compared to previous years. To develop a safe, healthy, efficient, and sustainable gold market, contributing to macroeconomic stability and protecting the rights of citizens, the State Bank of Vietnam - Thanh Hoa Provincial Branch (SBV Thanh Hoa) has proactively coordinated with relevant departments and agencies to strengthen inspections of compliance with legal regulations on the management of gold production and trading activities in the province.

Customers conducting transactions at Kim Chung Gold and Silver Company Limited, Le Hoan Street ( Thanh Hoa City).

Monitoring gold prices on the afternoon of April 23rd at several gold shops in Thanh Hoa City, SJC gold was priced at 79.86 million VND/ounce for buying and 82.36 million VND/ounce for selling; 9999 gold was priced at 72.96 million VND for buying and 74.76 million VND/ounce for selling. These are high prices that have been maintained for nearly two months. Despite the fluctuations in gold prices, the gold market in the province has not experienced shortages or significant transaction activity. Ms. Trinh Thu Huong, from Dong Ve ward (Thanh Hoa City), said: “Although I don’t do business and only save, I still regularly monitor gold prices. I didn’t think gold prices would rise so high. I still choose to buy gold at this time because it’s a less risky form of saving compared to other savings methods, rather than an investment for profit.”

Currently, in the province, there are 9 units licensed by the Governor of the State Bank of Vietnam to operate in the business of buying and selling gold bars. These are the Thanh Hoa branches of commercial joint-stock banks: Asia Commercial Bank, Techcombank, Orient Commercial Bank, Saigon Thuong Tin Bank, Tien Phong Bank, Saigon Bank, and 3 economic organizations: Phu Do Joint Stock Company, Doji Gold and Gemstone Group Joint Stock Company - Thanh Hoa Branch, and Phu Nhuan Gold and Gemstone Joint Stock Company - Thanh Hoa Branch. The average annual gold bar trading volume in the province is approximately 5,000 taels, mainly from Saigon Thuong Tin Bank, Phu Do Joint Stock Company, and Doji Gold and Gemstone Group Joint Stock Company - Thanh Hoa Branch. Regarding the production of gold jewelry and handicrafts, the province currently has 73 gold businesses that have been granted certificates by the State Bank of Vietnam meeting the requirements for the production and trading of gold jewelry and handicrafts. Most businesses only produce and process a small number of simple products such as rings, bracelets, and earrings. The majority of gold production is concentrated in a few businesses in the center of Thanh Hoa City. The entire province also has over 300 businesses trading in gold. All businesses list the prices of each type of gold in accordance with regulations.

To strengthen the management of gold trading activities, the State Bank of Vietnam in Thanh Hoa province has proactively inspected and checked inactive gold businesses and businesses that do not meet the requirements for producing gold jewelry and handicrafts. Simultaneously, it has coordinated with relevant agencies such as the Provincial Police, the Market Management Department, and the Department of Science and Technology to conduct inspections and checks on the buying and selling of gold bars and the production and sale of gold jewelry and handicrafts in the province. Through these inspections, six certificates of eligibility for producing gold jewelry and handicrafts were revoked from businesses that violated regulations on gold production and trading management, such as: failure to publish standards; failure to properly label goods; failure to publicly display the prices of gold bars and gold jewelry and handicrafts; and import/export of gold jewelry and handicrafts and raw gold materials not in accordance with the business registration certificate or enterprise registration certificate.

Recently, taking advantage of the high price of gold, many people have been buying gold for hoarding, leading some organizations and individuals to engage in the practice of counterfeiting famous brands for profit. Specifically, recently, Team 10 of the Market Management Department of Thanh Hoa province, in coordination with the Economic and Official Crime Investigation Team of Thanh Hoa City Police, conducted a surprise inspection of the Ngoc Minh gold and silver business at 47 Cao Thang Street, Lam Son Ward, Thanh Hoa City. During the inspection, the team discovered 27 gold and silver metal products suspected of being counterfeit goods bearing the trademarks of several famous brands such as Cartier, Hermes, Chanel, BVLGARI, and Louis Vuitton. The total value of the goods, based on the listed prices, was nearly 260 million VND. The inspection team temporarily seized all the goods suspected of violating regulations for further verification and clarification.

The State Bank of Vietnam (SBV) in Thanh Hoa advises people to monitor fluctuations in the global and domestic gold markets, exercise caution when investing in gold, and carefully consider that gold prices can rise quickly but also fall just as rapidly. The SBV in Thanh Hoa continues to coordinate with relevant departments and agencies to monitor the situation and activities of gold production and trading units, businesses, and shops in the province, contributing to preventing gold speculation that affects financial security in the area. Through this, the SBV aims to gradually raise awareness and responsibility among units and the people in the area regarding gold management in particular and monetary and foreign exchange management in general. The SBV will continue to closely monitor gold market developments, prepare intervention plans to stabilize the gold market, contribute to macroeconomic stability, and ensure the rights of the people.

Text and photos: Khanh Phuong

Source: https://baothanhhoa.vn/tang-cuong-quan-ly-hoat-dong-kinh-doanh-vang-212817.htm