On the evening of May 24, at the Government Standing Committee meeting on gold market management, Prime Minister Pham Minh Chinh pointed out a number of issues that have emerged in the gold market in recent times, such as the difference between domestic and international gold prices, some actions of businesses participating in the gold market that are manipulative, hoarding goods, and raising prices; smuggling is still complicated.

Along with that, management is sometimes loose in some places, not suitable for the market economy , actual conditions and developments.

In the coming time, the Prime Minister emphasized the goal of good and effective management of the gold market to contribute to stabilizing the macro-economy, controlling inflation, and promoting growth. There should be a policy to exploit gold resources among the people to participate in socio-economic development and not to manipulate the market or smuggle gold.

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Prime Minister Pham Minh Chinh chairs a meeting of the Government Standing Committee on gold market management. Photo: Nhat Bac/VGP

Accordingly, the Prime Minister requested the State Bank to strengthen state management, quickly reduce the difference between domestic and world gold prices to only about 1-2%, and cannot be over 10% as recently.

The State Bank needs to have solutions to increase supply such as many businesses operating together and reduce demand; strictly manage and control, strengthen inspection, check and prevent, strictly handle smuggling; prevent elements from manipulating, hoarding goods, and raising prices to disrupt the market.

The Prime Minister requested to amend Decree 24 on gold trading in a shortened form to suit the situation; review and build a database on the gold market. These tasks must be completed by June 2025.

In the long term, the Prime Minister assigned the State Bank, the Ministry of Finance and relevant agencies to continue improving the safe, favorable, healthy and attractive business environment so that people can actively promote production, business and start-ups instead of storing gold.

In addition, research on the establishment of a gold trading floor in the direction that people are free to trade and buy and sell; separating state management from gold production and trading activities.

The Prime Minister also requested to strengthen information and communication work, to relieve people's psychology of keeping gold; to research and invest in a system to create electronic invoices through cash registers in gold trading.

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Source: https://vietnamnet.vn/thu-tuong-giao-nghien-cuu-lap-san-giao-dich-vang-de-dan-duoc-tu-do-mua-ban-2404482.html