General Secretary To Lam: Licenses can be granted to many qualified businesses to participate in gold bar production.

General Secretary To Lam chaired the meeting.

At the meeting, comrade Tran Luu Quang, Head of the Central Policy and Strategy Committee, presented an assessment report and proposed mechanisms and policies for effective management of the gold market in the coming time.

Comrade Tran Luu Quang, Head of the Central Policy and Strategy Committee, presented a report assessing and proposing mechanisms and policies to effectively manage the gold market.

Regarding specific mechanisms and policies, the Central Policy and Strategy Committee proposed two groups of solutions, including solutions that need to be prioritized for immediate implementation and solutions that need to be researched for application or pilot application. “The most important thing is to build people’s trust in the financial system and State policies, contributing to bringing gold resources to serve economic development,” emphasized comrade Tran Luu Quang.

After listening to the delegates' discussions, General Secretary To Lam basically agreed with the content of the report of the Central Policy and Strategy Committee and emphasized that the mechanisms and policies for managing the gold market in Vietnam in recent years have had positive adjustments. However, it is necessary to frankly acknowledge that the mechanisms and policies for managing and regulating the gold market have been slow to be renewed, not keeping up with the development of the market and the demands of reality, as clearly stated in the report of the Central Policy and Strategy Committee.

General Secretary To Lam requested to quickly amend Decree 24/2012/ND-CP on gold trading activities.

In the coming time, the General Secretary requires a strong shift from administrative thinking to disciplined market thinking, from “tightening to control” to “opening to govern”; it is imperative to thoroughly grasp and eliminate the mindset of “if you can’t manage, then ban”. At the same time, it is necessary to identify people’s gold storage as a form of savings and investment, a legitimate need, which needs to be respected and approached to build appropriate management mechanisms and policies based on this viewpoint.

“The goal is to effectively manage the gold market, stabilize the macro-economy, and mobilize resources for socio-economic development,” General Secretary To Lam affirmed.

Regarding tasks and solutions, the General Secretary clearly stated the requirement to complete the legal framework, promptly amend Decree 24/2012/ND-CP on gold trading activities towards marketization with a roadmap and strict control; creating a more effective connection between the domestic gold market and the international market.

Accordingly, the State monopoly on gold bar brands will be eliminated in a controlled manner on the principle that the State still manages gold bar production activities, but can license many qualified enterprises to participate in gold bar production; encourage the development of the domestic gold jewelry market; develop attractive alternative investment channels to mobilize gold from the population into the economy... Comrade To Lam also noted that it is necessary to improve the effectiveness of management and inter-sectoral coordination, especially in preventing and combating gold smuggling; promote the role of the Gold Business Association...

However, according to the General Secretary, the fundamental and long-term solution to transform resources from gold into economic development is to maintain macroeconomic stability, strengthen social trust in the Vietnamese currency; promptly build an information and data system on the gold market to increase publicity and transparency, to collect taxes, manage, and assess the impact on the foreign exchange gold market, exchange rates and various investment channels.

The General Secretary also suggested a number of solutions that need to be focused on for appropriate application, including implementing the establishment of a national gold exchange; or allowing gold to be traded on the commodity exchange; or establishing a gold trading floor in the International Finance Center in Vietnam. In addition, it is necessary to research and apply taxes on gold trading transactions to improve market transparency, improve the ability of management agencies to monitor the market and limit gold trading for speculative purposes; research to eliminate export taxes on gold jewelry to encourage the development of production and export of gold jewelry in Vietnam.

The General Secretary assigned the State Bank Party Committee to preside over and coordinate with the Central Policy and Strategy Committee and relevant agencies to report and make specific proposals.

According to sggp.org.vn

Source: https://baoapbac.vn/kinh-te/202505/tong-bi-thu-to-lam-co-the-cap-phep-cho-nhieu-doanh-nghiep-du-dieu-kien-tham-gia-san-xuat-vang-mieng-1043841/