SJC General Director proposes the State to abolish the monopoly on gold bars

Ms. Le Thuy Hang, General Director of SJC, said that the State needs to eliminate the monopoly on gold bars, create conditions for gold trading enterprises to stamp gold bars, helping to diversify supply sources.

People come to buy and sell gold at a gold shop. (Photo: Tran Viet/VNA)

On May 16, at the Ho Chi Minh City's regular socio -economic press conference, Saigon Jewelry Company Limited (SJC - a state-owned enterprise) proposed that the State should eliminate the monopoly on gold bars and create conditions for businesses to stamp gold bars.

According to Ms. Le Thuy Hang, General Director of SJC, Decree 24/2012/ND-CP dated April 3, 2012 of the Government on the management of gold trading activities over the past 12 years has achieved certain success, helping to stabilize the macro economy.

From this point on, SJC gold bars were chosen as the national brand and businesses were not allowed to import gold or stamp gold bars.

"After 12 years of being a national brand, we have no benefits," Ms. Hang shared.

Regarding the current gold market, Ms. Hang said that supply is difficult due to high demand; many gold trading businesses post price tags but may not sell.

“For SJC, the company is forced to balance and sell to each person a certain amount to have a supply to the market. There is no such thing as customers coming to buy but not selling, or coming to sell but not buying,” Ms. Hang affirmed.

According to SJC General Director Le Thuy Hang, due to the nature of gold trading enterprises, all gold purchased must be sold immediately, so all gold successfully bid must be sold immediately to the people; at the same time, people who want to buy or sell should rest assured because SJC is an enterprise assigned to stabilize the market.

In addition, SJC Company will continue to participate in gold bar auctions; in the most difficult cases, the company will report to the competent authority to ensure supply, so people should also consider and choose the time to buy and sell to avoid losses.

According to Ms. Hang, the recent increase in domestic gold prices compared to the world is due to fluctuations in the world situation such as war and inflation; in the country, stock markets and savings are no longer attractive, so people choose gold as an investment channel. People have the right to buy gold because this is their legal right, and state management agencies only prevent speculation.

Regarding Decree 24/2012/ND-CP, the General Director of SJC said that the State needs to eliminate the monopoly on gold bars, create conditions for gold trading enterprises to stamp gold bars, helping to diversify supply sources.

At that time, people relied on the reputation and brand of the business to choose to buy products. At the same time, it was suggested that businesses be allowed to import gold to have a source of raw materials, helping to avoid gold smuggling.

In addition, authorities need to conduct inspections to ensure the gold market develops healthily and fairly; all businesses selling gold must issue invoices according to regulations...

Under the direction of the City Party Committee and the People's Committee of Ho Chi Minh City, SJC Company will carry out the task of stabilizing the gold market.

People need to be cautious when deciding to buy gold at times when prices are high to avoid unnecessary losses. SJC Company will continue to bid for gold and is ready to meet people's needs./.

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