Prime Minister requests to rectify the gold market

Prime Minister Pham Minh Chinh speaks at the Government meeting on September 6th.

At the government meeting on September 6th, Prime Minister Pham Minh Chinh requested that the Deputy Prime Ministers and relevant agencies get involved to assess the situation, propose appropriate solutions, and respond with timely policies in their respective areas of management, including the gold, real estate, and securities markets.

The Prime Minister assessed the fluctuations in gold prices as "very noteworthy." He stated that he had instructed relevant agencies to intervene and prevent market manipulation, hoarding, and price gouging in the gold market. The State Bank's inspectors must also actively participate, and if necessary, the Government Inspectorate must investigate the hoarding, price gouging, and market manipulation.

Regarding the stock market, government leaders believe that if money flows into the production and business sectors, it is very beneficial. To control this, he requested that relevant parties accurately assess recent developments and determine whether there is any price manipulation or market manipulation.

Gold prices have been rising continuously for the past two weeks. Within two weeks, each ounce of gold increased by approximately 10 million VND, equivalent to an increase of nearly 8%. This morning, each ounce of gold bullion gained another 1 million VND, setting a new record of over 135 million VND, maintaining a difference of 20 million VND compared to the global price.

According to the General Statistics Office, the gold price index in August increased by 1.2% compared to the previous month, and by 48.62% compared to the same period last year. On average, the gold price index increased by 40.25% over the same period last year in the first 8 months.

The government has issued Decree 232, granting the right to import and produce gold bars to a number of eligible banks and businesses. It is expected that approximately 8 banks and 3 businesses, including PNJ, DOJI, and SJC, will meet the capital requirements to produce gold bars.

Experts believe that in the medium and long term, the new regulations will certainly bring the price of gold bars closer to the world price, with the difference possibly fluctuating around a few percent, about 4-5 million VND, instead of being nearly 20 million VND more expensive than the world price as it is currently. However, the effect of the new regulations on domestic gold prices will have a time lag and cannot have an immediate impact.

In addition to developments in the gold market, the Prime Minister stated that the socio-economic situation continues its positive trend, with each month better than the previous one, and the first eight months better than the same period in 2024. Furthermore, macroeconomic stability is maintained, inflation is under control, growth is being promoted, and major balances are ensured.

He urged government members to thoroughly analyze the pressures of inflation, rising exchange rates, and interest rates, while domestic consumption, exports, and public investment showed signs of slowing down.

The Prime Minister reiterated that the 8.3-8.5% growth target for this year is very difficult, but "no matter how difficult, we must do it." He requested continued renewal of traditional growth drivers while promoting new drivers for comprehensive and synchronized development. Ministries and agencies should strive to reduce the time, number, and cost of administrative procedures by 30%, and definitively resolve outstanding projects, considering this a crucial solution to unlock resources for development.

According to VnExpress

Source: https://baobacninhtv.vn/thu-tuong-yeu-cau-chan-chinh-thi-truong-vang-postid425830.bbg