General Secretary To Lam highly appreciated the report of the Central Policy and Strategy Committee and its proposals, which aim to build people's trust in the financial system and state policies, contributing to bringing gold resources to serve economic development.
Considering that the policy mechanism for managing and regulating the gold market has been slow to innovate, has not kept up with the development of the market, and needs to be urgently improved, in the coming time, General Secretary To Lam proposed to thoroughly grasp the viewpoint of strongly shifting from administrative thinking to disciplined market thinking, from "tightening to control" to "opening to manage"; it is imperative to thoroughly grasp and eliminate the thinking of "if you can't manage, then ban"; at the same time, it is necessary to make the gold market operate in accordance with market principles, with state management, avoid rigid intervention, restrict the operation and promote the advantages of the market, ensure the principle of respecting ownership rights, property rights, and freedom of business of people and enterprises; ensure transparency in the market.
At the same time, General Secretary To Lam requested that it is necessary to identify people's gold storage as a form of savings and investment, a legitimate need, and that it is necessary to respect and approach the development of appropriate management mechanisms and policies.
Emphasizing the goal of effectively managing the gold market, stabilizing the macro-economy, and mobilizing resources for socio-economic development, General Secretary To Lam proposed to perfect the legal framework, promptly amend Decree 24/2012 of the Government in the direction of marketization with a roadmap and strict control; create a more effective connection between the domestic gold market and the international market; eliminate the State monopoly on gold bar brands 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 to create an equal competitive environment, thereby helping to diversify supply sources and stabilize prices.
The General Secretary also proposed expanding controlled import rights to increase gold supply, contributing to reducing the gap between domestic and world gold prices, and at the same time limiting gold smuggling across the border.
In addition to encouraging the development of the domestic gold jewelry market, General Secretary To Lam emphasized the need to develop attractive alternative investment channels to mobilize gold from the population into the economy, improve management efficiency and inter-sectoral coordination, especially in preventing and combating gold smuggling, and promote the role of the Gold Business Association.
The General Secretary proposed maintaining macroeconomic stability and confidence in the Vietnamese currency, considering this a fundamental, long-term solution to transform resources from gold into economic development, and soon building an information and data system on the gold market.
General Secretary To Lam also suggested studying and referring to international experience to propose the establishment of a National Gold Exchange; or allowing gold to be traded on the Commodity Exchange; or establishing a Gold Exchange in the International Financial Center in Vietnam; at the same time, studying and applying taxes on gold trading transactions to improve market transparency, the ability of management agencies to monitor the market and limit gold trading for speculative purposes; studying the elimination of export tax on gold jewelry to encourage the development of production and export of gold jewelry in Vietnam.
(According to VTV)
Source: https://baoyenbai.com.vn/12/350911/Tong-Bi-thu-To-Lam-Tao-su-ket-noi-hieu-qua-hon-giua-thi-truong-gold-tr111ng-nuoc-va-thi-truong-quoc-te.aspx
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