Prime Minister: Research on establishing a gold trading floor; separate state management and gold trading

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

Concluding the meeting, 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 in domestic and international gold prices; some actions of businesses participating in the gold market that involve manipulation, hoarding, and price hikes; smuggling is still complicated; management is sometimes loose, not suitable to the market economy , actual conditions, and developments.

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 - Photo: VGP/Nhat Bac

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, promoting growth; having policies to exploit gold resources among the people to participate in socio-economic development and not to manipulate the market, not to smuggle gold.

Permanent Deputy Prime Minister Nguyen Hoa Binh speaks - Photo: VGP/Nhat Bac

Regarding immediate solutions, the Prime Minister requested the State Bank to strengthen state management, quickly reduce the difference between domestic and international gold prices to only about 1-2%, not over 10% as recently. At the same time, there must be solutions to increase supply and reduce demand; strictly manage, control, strengthen inspection, examination and prevent, strictly handle smuggling; prevent elements from manipulating, hoarding goods, raising prices, and disrupting the market.

State Bank Governor Nguyen Thi Hong speaks - Photo: VGP/Nhat Bac

The Prime Minister requested to amend Decree 24/2012/ND-CP on gold trading in a shortened form to suit the situation, to be completed in June 2025; at the same time, review and build a database on the gold market, to be completed in June 2025.

Representatives of ministries and branches attended the meeting - Photo: VGP/Nhat Bac

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; research and form a gold trading floor in the direction that people are free to trade and buy and sell; separate state management from gold production and trading activities; promote the production and processing of gold jewelry to create more jobs; strengthen information and communication work, relieve the psychology of keeping gold among people; research and invest in a system to create electronic invoices from cash registers in gold trading.

Ha Van

Source: https://baochinhphu.vn/thu-tuong-nghien-cuu-lap-san-giao-dich-vang-tach-bach-quan-ly-nha-nuoc-va-kinh-doanh-vang-102250524200106736.htm