On March 20, 2024, the Prime Minister signed Official Dispatch No. 22 requesting to strengthen measures to manage the gold market.
Recently, the Government and the Prime Minister have issued directives on the management and supervision of gold market activities; however, the world and domestic gold markets have been complicated, domestic gold prices have fluctuated strongly, affecting the stability and safety of the financial and monetary markets and social psychology.
To strengthen measures to manage and develop a safe, healthy, effective and sustainable gold market, the Prime Minister requested the State Bank of Vietnam to preside over and coordinate with relevant agencies to urgently, seriously, fully, effectively and promptly implement tasks and solutions to stabilize the gold market.
Continue to closely monitor the developments of world and domestic gold prices to promptly implement solutions according to regulations to stabilize the gold market.
The State Bank comprehensively evaluates, carefully analyzes and has effective, timely, and regulated solutions in accordance with market principles to immediately handle the high difference between domestic and international gold bar prices in recent times, to avoid the "goldenization" of the economy, to avoid negative impacts on exchange rates, interest rates, the money and foreign exchange markets, and the safety and security of national finance and currency.
The Prime Minister directed the State Bank to immediately conduct inspections and examinations of the gold market, the activities of gold trading enterprises, stores, gold bar distribution and trading agents, and other entities participating in the market.
Thereby, promptly detect loopholes and shortcomings to proactively, positively and effectively handle them according to authority and report to competent authorities to propose appropriate and proper handling measures for issues beyond authority.
The Ministry of Public Security shall 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, manipulation, speculation, and price inflation of gold bars...
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