Inspect, investigate, and strictly handle acts of speculation, manipulation, and price gouging in gold.

The State Bank of Vietnam must take the lead in urgently finalizing and issuing the inspection plan, and must announce the inspection decision no later than May 17th to carry out the inspection of the gold market.

Gold jewelry on display at Bao Tin Manh Hai Gold Company. (Photo: Tran Viet/TTXVN)

The Government Office has just issued Notice No. 221/TB-VPCP dated May 15, 2024, summarizing the conclusions of Deputy Prime Minister Le Minh Khai at a meeting with the leadership of the State Bank of Vietnam regarding solutions for managing the gold market in the coming period.

Specifically, the Deputy Prime Minister requested the State Bank of Vietnam and relevant ministries and agencies, according to their assigned functions, duties, and authority, to continue to resolutely, seriously, fully, and effectively implement the tasks and solutions for managing the gold market, both in the short and long term, in accordance with the directives of the Government, the Prime Minister, and government leaders in Resolutions, Telegrams, Directives, and related documents, ensuring that the gold market operates stably, efficiently, healthily, openly, transparently, and in accordance with the law, preventing the "goldization" of the economy and its impact on macroeconomic stability.

The decision to inspect the gold market will be announced no later than May 17th.

Based on the functions, tasks, and authority stipulated in Government Decree No. 24/2012/ND-CP on the management of gold trading activities and Article 18 of Government Decree No. 50/2014/ND-CP on the management of state foreign exchange reserves (which clearly stipulates that the Governor of the State Bank of Vietnam decides on specific intervention plans including: timing, volume, gold price, form of intervention...) and other relevant legal regulations, the State Bank of Vietnam, in coordination with relevant ministries, agencies, and localities, shall proactively implement appropriate, timely, and effective tools and solutions for managing, operating, and stabilizing the gold market, immediately addressing the high and unreasonable disparity between domestic and international gold prices, ensuring effectiveness, efficiency, relevance to the actual situation, and compliance with legal regulations; and promptly report and propose to competent authorities any issues beyond its authority that arise.

The State Bank of Vietnam, in coordination with relevant ministries, agencies, and localities, must urgently finalize and issue the inspection plan. The inspection decision must be announced no later than May 17th, as stipulated, to immediately carry out inspections and checks of the gold market, gold shops, distributors, buyers, sellers of gold bars, and other entities participating in the market, without further delay. Strictly handle violations of legal regulations in gold production and trading; in cases where there are signs of legal violations, promptly transfer the files to the Ministry of Public Security and other relevant agencies for strict handling according to regulations; and report the inspection results to the Prime Minister in May 2024.

The State Bank of Vietnam closely coordinates with the Central Propaganda Department, the Ministry of Information and Communications, and other relevant agencies to effectively carry out information and communication work, promptly providing official and authentic information on macroeconomic management, monetary policy, and gold market operations to stabilize public sentiment and ensure social order and safety.

Simultaneously, continue to thoroughly review, evaluate, and summarize the implementation of Government Decree No. 24/2012/ND-CP on the management of gold trading activities, soliciting opinions from relevant ministries, sectors, localities, and directly affected parties as stipulated, consulting with experts, and referencing international experience to assess the impact and propose to competent authorities for consideration amendments and additions to policies and regulations to enhance the effectiveness and efficiency of state management tools for the gold market and ensure the development objectives of the gold market in accordance with the Party's guidelines and relevant laws and policies.

Strictly enforce regulations regarding electronic invoices for each gold purchase and sale transaction.

The Deputy Prime Minister instructed the Ministry of Finance to take the lead, in coordination with the State Bank of Vietnam and relevant agencies, in inspecting, supervising, and resolutely enforcing regulations on electronic invoices for each transaction in the business of buying and selling gold at gold trading enterprises and units, completing this no later than the second quarter of 2024; and to impose strict penalties on violations.

Inspect, investigate, and strictly handle acts of speculation, manipulation, and price gouging in gold.

Many people line up to buy and sell gold at Bao Tin Minh Chau gold shop. (Photo: Hoang Hieu/VNA)

Ministries and agencies, including the Ministry of Public Security, the Ministry of National Defense, the Ministry of Finance, the Ministry of Industry and Trade, the Government Inspectorate, and other relevant agencies, are resolutely directing their functional units, border guards, tax authorities, customs, and market management forces to immediately strengthen the implementation of timely and effective measures according to their assigned functions and tasks to stabilize the gold market, ensuring that gold production and trading activities are organized and operated in accordance with Government Decree No. 24/2012/ND-CP and other relevant legal regulations; strengthening inspection, supervision, and strictly handling violations, especially smuggling, illegal infiltration, profiteering, speculation, manipulation, price gouging, and unfair competition, in accordance with regulations.

The People's Committee of Ho Chi Minh City directs Saigon Jewelry Company Limited (SJC) to comply with all legal regulations on gold trading and related laws, and to proactively implement market stabilization measures as directed by the State Bank of Vietnam.

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