Prime Minister "urges" State Bank to amend Decree 24 to control gold market

(PLVN) - Faced with the situation of strong fluctuations in domestic gold prices, with a large difference compared to the world price, Prime Minister Pham Minh Chinh requested the State Bank to urgently complete the proposal to amend Decree 24 on gold trading management, and submit it under simplified procedures in June 2025. At the same time, closely monitor gold price developments, proactively stabilize the market, and strictly handle violations.

Báo Pháp Luật Việt Nam•14/05/2025

Prime Minister Pham Minh Chinh has just signed No. 64/CD-TTg on implementing measures to effectively manage the gold market, sending it to the Governor of the State Bank and ministries and branches.

The telegram stated that in recent times, the Government has issued resolutions, the Prime Minister has issued many telegrams and directives with timely, drastic and effective directions on solutions to manage the gold market, requesting the State Bank to closely monitor the gold market, deploy solutions to stabilize the gold market in accordance with legal regulations and promptly develop and submit to competent authorities a Decree amending and supplementing Decree No. 24 on management of gold trading activities.

With synchronous solutions, by early April, the gap between domestic and world gold prices had been controlled and maintained at a suitable range, at times only about 1-2%. However, along with internal shortcomings that have not been completely overcome, the unusual and unprecedented developments in the world geopolitical situation since early 2025 have pushed international gold prices to continuously increase, domestic gold prices have fluctuated strongly, and the gap between domestic and world gold prices has increased.

To ensure the effectiveness and efficiency of state management and the goal of developing a safe, healthy, efficient and sustainable gold market, not allowing gold price fluctuations to affect the stability and safety of the financial and monetary markets, to stabilize the macro economy, control inflation, promote economic growth and social psychology, the Prime Minister requested the State Bank to preside over and coordinate with relevant agencies to continue to seriously, fully, effectively and promptly implement assigned tasks and solutions to stabilize the gold market.

At the same time, the State Bank closely monitors the developments in world and domestic gold prices, promptly implements solutions according to regulations when necessary to stabilize the gold market; avoids negative impacts on exchange rates, interest rates, the money and foreign exchange markets, and national financial and monetary safety and security; and reports to the Prime Minister on the implementation results in May.

"Urgently issue the Inspection Conclusion for enterprises and credit institutions trading in gold according to Inspection Decision No. 324/QD-TTGSNH2 of the State Bank; proactively handle and report to competent authorities to strictly handle violations of the law according to regulations; report to the Prime Minister the implementation results in May," the dispatch stated.

In addition, the head of the Government also requested the State Bank to preside over and coordinate with the Ministry of Justice and relevant ministries and branches to urgently complete the proposal to amend and supplement Decree 24 on the management of gold trading activities, supplement and consolidate regulations to enhance the effectiveness of state management tools, develop a transparent, healthy, effective and sustainable market, contribute to promoting socio-economic development, stabilize the macro-economy; report to the Government according to the shortened procedures in June.

The Prime Minister assigned the Ministry of Public Security to preside over and coordinate with the State Bank and relevant inspection, examination, law enforcement agencies and competent authorities to promptly implement measures as prescribed to strictly handle violations of the law related to the gold market and gold trading activities, especially acts of smuggling, speculation, illegal trading and market manipulation.

Ministries such as: Public Security, Industry and Trade, Science and Technology, Finance, Justice, Culture, Sports and Tourism, relevant agencies and localities, according to their assigned functions and tasks, proactively coordinate closely with the State Bank on gold market management; promptly share, provide information and proactively handle work and tasks within their authority; promptly report to competent authorities on issues arising beyond their authority. The Government Office monitors and urges according to its assigned functions, tasks and authorities; reports to the Prime Minister on issues beyond its authority.

Thanh Ha

Source: https://baophapluat.vn/thu-tuong-thuc-ngan-hang-nha-nuoc-sua-nghi-dinh-24-de-kiem-soat-thi-truong-vang-post548336.html