Before the gold price fever, the State Bank will increase the supply of gold bars.

In recent times, due to the complicated developments of the world and domestic gold markets, domestic gold prices have fluctuated strongly, increased rapidly, and have a high difference with international prices.

Speaking to the press, Deputy Governor of the State Bank Pham Thanh Ha said that to stabilize the market, the State Bank has prepared intervention plans. At the same time, it will conduct inspections of gold trading activities of enterprises and credit institutions nationwide in 2022 and 2023...

Accordingly, implementing the Prime Minister 's direction in Conclusion Notice No. 160/TB-VPCP dated April 11, 2024, Deputy Governor Pham Thanh Ha emphasized that the State Bank will immediately implement the following solutions:

Firstly, for the gold bar market, increase supply to handle the high difference between domestic prices and world prices.

Second, for the gold jewelry and fine art market, continue to create maximum conditions to ensure sufficient raw materials for production activities to export gold jewelry and fine art.

Third, coordinate with relevant ministries, branches and functional agencies to request enterprises to deploy the use of electronic invoices in gold buying and selling transactions to improve transparency and management efficiency. Immediately carry out the work of grasping the situation, inspecting, checking and supervising according to assigned functions, tasks and powers. Strictly handle acts of gold smuggling across the border, profiteering, speculation and manipulation of gold prices. Regarding inspection activities, the State Bank and ministries and branches have completed the establishment of inspection teams and will deploy them immediately this April.

"Regarding Decree 24/2012/ND-CP dated April 3, 2012 on the management of gold trading activities, the State Bank has reported and evaluated the implementation of Decree 24 and has also proposed a number of directions for amending and supplementing Decree 24 and implementing it in the coming time" - the Deputy Governor informed.

Previously, Lao Dong Newspaper had a series of articles "Unleashing the gold market to let capital flow into the economy ", reflecting the shortcomings in the management of Vietnam's gold market today. There was a time when the price of gold in the country and the world was so different that it was hard to understand, there was a situation of gold smuggling, tax evasion causing budget losses, the distribution network was suffocated... The reason is that the Vietnamese gold market is not integrated and connected with the world.

The article also points out the shortcomings in Decree 24/2012/ND-CP on the management of gold trading activities. More than a decade has passed, but the State Bank has kept the same regulations from 11 years ago, while some regulations are no longer suitable for today's competitive market economy.

In particular, the fact that SJC was chosen as the national gold bar brand makes businesses unequal before the law in gold bar trading activities. From the consumer perspective, the monopoly of a gold brand affects people's rights. People have no other choice but to buy, sell, and accumulate SJC gold bars. The policy of gold monopoly has pushed the gold market to its peak, the difference between domestic and international gold prices is always high.

This encourages illegal gold imports into Vietnam. The overall result is that people, businesses and the economy all suffer. The Vietnamese gold market is falling behind the world due to the lack of fundamental and strategic solutions.

Affirming that in the context of limited domestic economic development resources, the policy of mobilizing people's resources for production and business is very correct, a series of articles by Lao Dong Newspaper proposed solutions to "untie" the gold market, return gold to the market for operation, thereby helping the "dead capital" in the people to flow into the economy.

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