General Secretary To Lam: Eliminate State monopoly on gold bars, study gold trading tax

General Secretary To Lam requested to eliminate the State monopoly on gold bar brands in a controlled manner on the principle that the State still manages gold bar production activities.

General Secretary To Lam speaks - Photo: Central Policy and Strategy Committee

On the afternoon of May 28, General Secretary To Lam had a working session with the Central Policy and Strategy Committee on mechanisms and policies to effectively manage the gold market in the coming time.

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

Mr. Quang affirmed the committee's viewpoint is to manage the gold market according to market principles, with appropriate management by the State; eliminating the mindset of banning if it cannot be managed.

Respect ownership rights, property rights, freedom of business; ensure transparency in the market.

Regarding specific mechanisms and policies, the 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.

Solutions need to be implemented step by step, with a clear roadmap and adjusted to suit reality. 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.

Make the gold market operate in accordance with market principles, under State management.

Speaking here, General Secretary To Lam emphasized that the mechanism and policies for managing the gold market in Vietnam in recent years have had positive adjustments and improvements.

However, frankly admit that the mechanisms and policies for managing and regulating the gold market have been slow to be renewed, have not kept up with the development of the market and the demands of reality, and need to be urgently renewed and improved, as stated in the committee's report.

Specifically, the gold market is poorly managed and not in line with the general supply and demand trends in the world market, causing consequences for the economy, especially gold smuggling and foreign currency outflows.

There is a monopoly in the market, which does not stimulate competition and promote healthy gold trading activities.

Management mechanisms and policies have not created the motivation to mobilize idle resources among the people for socio-economic development, so people invest a lot in gold.

Management methods are still mainly traditional, slow to innovate, lacking modern business forms that keep up with world trends.

The General Secretary requested to thoroughly grasp a number of requirements regarding viewpoints, goals, tasks and solutions for the coming time.

In terms of viewpoint, there is a strong shift from administrative thinking to disciplined market thinking, from "tightening to control" to "opening to govern".

It is imperative to thoroughly understand and eliminate the mindset of "if you can't manage it, then ban it", and at the same time, it is necessary to make the gold market operate in accordance with market principles, under State management.

Avoid rigid intervention, restrict the movement 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, it is necessary to identify people's gold storage as a form of savings and investment as a legitimate need, and it is necessary to respect and approach the construction of appropriate management mechanisms and policies based on this viewpoint.

Working session scene - Photo: Central Policy and Strategy Committee

Expand controlled import rights to increase gold supply

Regarding tasks and solutions, the General Secretary clearly stated the need to complete the legal framework, promptly amend Decree 24/2012 towards marketization with a roadmap and strict control; creating 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 it is possible to license many qualified businesses to participate in gold bar production to create a fair competitive environment, thereby helping to diversify supply and stabilize prices.

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 borders.

Encourage the development of the domestic gold jewelry market to gradually turn Vietnam into a center for manufacturing and exporting high-quality gold jewelry, transforming stored gold into value-added products.

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.

Promote the role of the Gold Business Association, act as a bridge between gold businesses and management agencies, promptly reflect difficulties, make recommendations and coordinate the implementation of market stabilization measures when necessary.

Maintain macroeconomic stability and confidence in the Vietnamese currency, considering this a fundamental, long-term solution to transform resources from gold into economic development.

Another solution is to soon 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 different investment channels.

The General Secretary also emphasized the need to focus on researching a number of solutions for early and appropriate application with a roadmap.

Including research and reference to international experience to propose the establishment of a national gold exchange; or allowing gold to be traded on commodity exchanges; or establishing a gold trading floor in the International Financial Center in Vietnam.

Research and apply taxes on gold trading to improve market transparency, the ability of management agencies to monitor the market and limit gold trading for speculative purposes.

Research on eliminating export tax 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.

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Source: https://tuoitre.vn/tong-bi-thu-to-lam-xoa-bo-doc-quyen-nha-nuoc-ve-vang-mieng-nghien-cuu-thue-mua-ban-vang-20250528185208666.htm