People buy gold bars at Saigon Jewelry Company (SJC) on Nguyen Thi Minh Khai Street (District 3, Ho Chi Minh City). Photo: Thanh Vu/VNA
One of the most important contents of the draft is to eliminate the State monopoly mechanism in the production of gold bars, which has been maintained for more than a decade.
Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department (State Bank) said: "Currently, there are about 6,000 enterprises operating in the field of gold jewelry and fine arts, but most of them are small-scale and depend on domestic raw gold sources. To overcome difficulties, the Draft Decree has built a mechanism allowing the State Bank to license a number of qualified enterprises and banks to produce gold bars, import raw gold to produce gold bars and serve the needs of gold jewelry production. This regulation allows for an increase in the supply of raw gold but still ensures State control over the gold jewelry and fine arts market."
According to Mr. Dao Xuan Tuan, the draft Decree also clearly stipulates that enterprises and credit institutions licensed to import gold must develop internal regulations on the import and sale of raw gold to ensure publicity and transparency; build an information system to fully and accurately store data on raw gold purchase and sale transactions, and connect to provide information to competent authorities in accordance with the provisions of law.
This promises to increase competition, reduce price differences between brands, and provide more choice for consumers. However, opening up the gold bullion market also poses challenges.
Lawyer Nguyen Thanh Ha, Chairman of SBLAW Law Firm, commented: "Gold is not only a simple commodity but also has a great impact on exchange rates and national financial security. Expanding the right to produce gold bars requires a strict legal corridor to control risks while still ensuring healthy competition."
Lawyer Nguyen Thanh Ha proposed establishing a set of strict licensing criteria for businesses that want to participate in the gold bullion business, such as requiring high charter capital, which can range from 500 to 1,000 billion VND, a standard internal control system, the ability to conduct independent audits, and experience in the gold sector. At the same time, it is necessary to build a post-licensing monitoring mechanism, regulate periodic reporting, conduct surprise inspections, and have strong sanctions against acts of manipulation and speculation in the gold market.
A notable point in the draft Decree is the permission to use electronic invoices and payment via accounts for gold bar transactions. This is considered a step forward in digitizing the gold market, improving transparency and contributing to anti-money laundering and capital flow control.
From a legal perspective, lawyer Nguyen Thanh Ha emphasized that the law needs to balance the regulatory role of the State and the legal ownership of gold by the people. "Over-tightening the right to buy, sell, store or transfer gold can create instability and push trading activities into the informal market, causing adverse effects. The State should strengthen supervision through the mechanism of declaration, traceability, and transparent payment; at the same time, promote the digitalization of gold transactions, and move towards bringing gold into the official financial asset control system to serve the goal of anti-money laundering and capital flow control," the lawyer suggested.
In addition to eliminating the monopoly on gold bar production and increasing the supply of raw gold for jewelry production, Mr. Dao Xuan Tuan said that the State Bank will implement many solutions to effectively manage and sustainably develop the gold market. The draft Decree amending Decree 24 has clearly added the responsibility for coordination between the State Bank and ministries, branches and localities in establishing the State Bank system.
In the coming time, the State Bank will continue to implement a flexible monetary policy to stabilize the macro- economy , and will urgently research and refer to international experience to propose the establishment of a National Gold Exchange; or allow gold to be traded on the Commodity Exchange... In addition, the authorities will consider developing alternative investment channels, mobilizing gold resources from the people and building appropriate tax policies to improve management efficiency and market transparency.
Previously, General Secretary To Lam had a working session with the Central Policy and Strategy Committee on mechanisms and policies for effective management of the gold market in the coming time. Here, the General Secretary emphasized that the mechanisms and policies for managing the gold market in Vietnam in recent years have been positively adjusted and improved. However, it is also necessary to frankly acknowledge 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.
Regarding tasks and solutions, the General Secretary stated that it is necessary to complete the legal framework, promptly amend Decree 24/2012/ND-CP in the direction of marketization with a roadmap and strict control; create 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 the production of gold bars, but can license many qualified enterprises to participate in the production of gold bars to create an equal competitive environment, thereby helping to diversify supply sources and stabilize prices.
The General Secretary proposed expanding the right to control imports to increase gold supply, contributing to reducing the gap between domestic and world gold prices, while limiting gold smuggling across the border; encouraging 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 products with added value...
According to Baotintuc.vn
Source: https://baohoabinh.com.vn/12/201928/Xoa-doc-quyen-vang-mieng-Buoc-ngoat-tr111ng-quan-ly-thi-truong-vang.htm
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