Implement effective measures to manage the gold market

Prime Minister Pham Minh Chinh directed the implementation of measures to effectively manage the gold market (illustrative photo)

On May 13, Prime Minister Pham Minh Chinh issued Official Dispatch No. 64/CD-TTg to the Governor of the State Bank of Vietnam; Ministers of Public Security, Industry and Trade, Finance, Justice, Science and Technology, Culture, Sports and Tourism; and the Government Inspector General on implementing measures to effectively manage the gold market.

The telegram stated that in recent times, the Government has issued resolutions, the Prime Minister has issued many telegrams and directives with timely, drastic and effective directions on solutions to manage the gold market, requesting the State Bank of Vietnam to closely monitor the gold market, deploy solutions to stabilize the gold market in accordance with legal regulations and promptly develop and submit to competent authorities a Decree amending and supplementing Decree No. 24/2012/ND-CP dated April 3, 2012 on management of gold trading activities.

With synchronous solutions, by early April 2025, the difference between domestic and world gold prices was controlled and maintained at a suitable range, at times only about 1 - 2%.

However, along with internal shortcomings that have not been completely overcome, the unusual and unprecedented developments in the world geopolitical situation since the beginning of 2025 have pushed international gold prices to continuously increase, domestic gold prices have fluctuated strongly, and the gap between domestic and world gold prices has increased.

To ensure the effectiveness and efficiency of state management and the goal of developing a safe, healthy, effective and sustainable gold market, not allowing gold price fluctuations to affect the stability and safety of the financial and monetary markets, to stabilize the macro economy, control inflation, promote economic growth and social psychology, the Prime Minister requested the State Bank of Vietnam to preside over and coordinate with relevant agencies to continue to seriously, fully, effectively and promptly implement the tasks and solutions to stabilize the gold market assigned in Resolution No. 20/NQ-CP dated February 5, 2024 of the Government, Resolution No. 44/NQ-CP dated May 5, 2024 of the Government, Resolution No. 77/NQ-CP dated April 10, 2025 of the Government; Official Dispatch No. 1426/CD-TTg dated December 27, 2023 of the Prime Minister, Official Dispatch No. 23/CD-TTg dated March 20, 2024 of the Prime Minister, Official Dispatch No. 47/CD-TTg dated May 5, 2025 of the Prime Minister; Directive No. 06/CT-TTg dated February 15, 2024 of the Prime Minister, Directive No. 03/CT-TTg dated February 5, 2025 of the Prime Minister, instructions of Government leaders and related documents.

The State Bank of Vietnam closely monitors the developments in world and domestic gold prices, promptly implements solutions according to regulations when necessary to stabilize the gold market; avoids negative impacts on exchange rates, interest rates, the money and foreign exchange markets, and national financial and monetary safety and security; and reports to the Prime Minister on the implementation results in May 2025.

Urgently issue the Inspection Conclusion for enterprises and credit institutions trading in gold according to Inspection Decision No. 324/QD-TTGSNH2 dated May 17, 2024 of the State Bank of Vietnam; proactively handle and report to competent authorities to strictly handle violations of the law according to regulations; report to the Prime Minister on the implementation results in May 2025.

The State Bank of Vietnam shall preside over and coordinate with the Ministry of Justice and relevant ministries and branches to urgently complete the proposal to amend and supplement Decree 24/2012/ND-CP dated April 3, 2012 on the management of gold trading activities, supplement and consolidate regulations to enhance the effectiveness of state management tools, develop a transparent, healthy, effective and sustainable market, contribute to promoting socio-economic development, and stabilize the macro-economy; report to the Government according to simplified procedures in June 2025.

Be more proactive in information and communication work; promptly provide official, public and transparent information on policies and strategies for managing the financial, monetary, foreign exchange and gold markets; stabilize people's psychology and create social consensus.

The Prime Minister assigned the Ministry of Public Security to preside over and coordinate with the State Bank of Vietnam and relevant inspection, examination, law enforcement agencies and competent authorities to promptly implement measures as prescribed to strictly handle violations of the law related to the gold market and gold trading activities, especially acts of smuggling, speculation, illegal trading, market manipulation, etc.

The Ministries of Public Security, Industry and Trade, Science and Technology, Finance, Justice, Culture, Sports and Tourism, relevant agencies and localities, according to their assigned functions and tasks, proactively coordinate closely with the State Bank of Vietnam on gold market management; promptly share and provide information and proactively handle work and tasks within their authority; promptly report to competent authorities on issues arising beyond their authority.

Source: https://baohaiduong.vn/trien-khai-cac-bien-phap-quan-ly-hieu-qua-thi-truong-vang-411512.html