From September 9, comprehensive inspection of gold trading enterprises

The Government Office has just issued Document No. 8390 dated September 8 conveying the direction of Permanent Deputy Prime Minister Nguyen Hoa Binh on the recent gold market situation.

The document stated that, regarding the recent gold market situation, implementing the Prime Minister's direction, Deputy Prime Minister Nguyen Hoa Binh assigned the Government Inspectorate to preside over and coordinate with the Ministry of Industry and Trade, the Ministry of Finance, the Ministry of Public Security and the State Bank of Vietnam to urgently establish an inspection team on September 9 to conduct an inspection of the gold market.

Specifically, inspecting the compliance with policies and laws of credit institutions and enterprises in gold trading activities, preventing and combating money laundering, creating and using invoices and documents related to gold trading activities and other related issues.

In case of detecting signs of law violations during the inspection process, immediately transfer information and records to the police agency; report the inspection results to the Prime Minister in September.

The State Bank is required to urgently, resolutely and drastically take solutions and measures to improve the efficiency and effectiveness of state management to ensure a safe, healthy, effective and sustainable gold market, and absolutely not let fluctuations in gold prices affect the stability and safety of the financial and monetary markets and macroeconomic stability.

Periodically before 11am every Friday, this unit reports to the Prime Minister and Permanent Deputy Prime Minister Nguyen Hoa Binh on developments in the gold market.

The Ministry of Public Security, within its authority and responsibility, directs functional forces to preside over and coordinate with the State Bank and relevant agencies to immediately implement professional measures to strictly and promptly handle violations of the law related to the gold market and gold trading activities, especially "uncompromising" handling of smuggling, fraud, tax evasion, speculation, illegal trading, hoarding, and manipulation of the gold market.

Since the beginning of the year, the price of gold has increased by more than 40%, at times gold bars reached over 135 million VND/tael and maintained a difference of about 20-22 million VND compared to the world price. The price of gold rings also exceeded 130 million VND/tael, setting a record.

The reason is explained as the soaring international price, the expectation of gold surpassing the 3,600 USD/ounce mark, plus the State Bank temporarily stopping the sale of SJC gold to the market in the context of transition to a new management mechanism.

Previously, Prime Minister Pham Minh Chinh requested Deputy Prime Ministers and agencies to get involved to grasp the situation, propose appropriate solutions, and respond promptly to policies in the management field, including the gold market.

The Prime Minister assessed that the fluctuations in gold prices were very noticeable. He said that he had directed the relevant agencies to take action to prevent market manipulation, hoarding, and price gouging in the gold market. The State Bank's inspectors must also take active action.

Regarding the Prime Minister's direction, the State Bank affirmed that it will strengthen inspections to clarify this matter, and at the same time, together with relevant ministries and branches, handle violations, if any.

Source: https://dantri.com.vn/kinh-doanh/tu-ngay-99-thanh-tra-toan-dien-cac-doanh-nghiep-kinh-doanh-vang-20250908152243015.htm