Urgent request to amend or replace Decree 24 on gold market management

The Government requests to amend or replace the Decree on gold market management.

After the regular Government meeting in March 2024 and the Government's online conference with localities, the Government issued Resolution No. 44/NQ-CP.

In this Resolution, the Government requests the State Bank to seriously, fully, effectively and promptly implement tasks and solutions to stabilize the gold market, handle the difference in domestic and international gold prices according to the direction of the Government and the Prime Minister; promptly review and develop a Decree amending, supplementing or replacing Decree 24 on gold market management to develop a stable, healthy, transparent, effective and sustainable gold market, and prevent the economy from being gold-ized.

Urgently complete the valuation of compulsory banks and the plan for compulsory transfer of weak banks, submit to the Government for consideration and decision according to the direction in Resolution No. 28/NQ-CP dated March 5, 2024; develop and submit to competent authorities a handling plan for Saigon Commercial Joint Stock Bank (SCB).

At the same time, direct credit institutions to urgently and thoroughly review and comprehensively inspect information technology systems, payment systems, e-banking, etc. to promptly fix loopholes and vulnerabilities in the information system, ensuring security and safety.

Also in the above Resolution, the Government requested the State Bank to preside over and coordinate with agencies and localities: Closely follow the developments of the world and domestic economy to operate monetary policy proactively, flexibly, promptly and effectively; firmly and consistently prioritize promoting growth associated with macroeconomic stability, controlling inflation, ensuring major balances of the economy, safe banking operations and the system of credit institutions. Harmoniously and reasonably operate interest rates and exchange rates in accordance with the market situation, macroeconomic developments and monetary policy objectives.

Closely monitor the situation and credit granting results of the credit institution system for the economy, the credit granting results of each credit institution and commercial bank to proactively take measures to manage credit growth effectively, feasiblely, promptly within authority and in accordance with regulations, ensuring the implementation of the credit growth targets set for 2024, fully meeting the credit capital needs of the economy.

At the same time, publicly announce the lending interest rate before April 10, 2024, implement credit packages, research a roadmap to gradually remove credit limits and control with appropriate and effective measures according to international practices, in line with Vietnamese practice and ensure system safety; ensure publicity, transparency and operation according to market mechanisms. Strengthen inspection, examination and supervision, especially ensuring the use of loans for the right purposes, control bad debt risks and have effective solutions to promptly handle bad debts of the credit institution system.

Continue to drastically and synchronously implement solutions to increase access to credit capital; direct credit capital to production and business sectors, priority sectors, growth drivers, digital transformation, green transformation, response to climate change, circular economy, science, technology and innovation, etc.; strictly control credit in potentially risky sectors, ensuring safe and effective credit activities.

Actively promote the disbursement of the VND 120 trillion credit package for investors and home buyers of social housing projects, worker housing projects, and projects to renovate and rebuild old apartment buildings. Direct major state-owned commercial banks to research, develop and provide credit packages for social housing buyers with loan terms of 10 to 15 years, with preferential interest rates 3-5% lower than normal commercial loans so that low-income people and industrial park workers have the opportunity and motivation to buy houses according to the Prime Minister's direction in Notice No. 123/TB-VPCP dated March 27, 2024 of the Government Office.

Gold prices fluctuate constantly, reversing rapidly

Updated early afternoon, at 1:00 p.m., SJC gold price was at VND84.4 million/tael. Ring gold price continued to increase to VND84.4 million/tael.

At Saigon Jewelry, SJC gold price is at 82.4-84.4 million VND/tael, ring gold price is 74.9-76.7 million VND/tael.

At DOJI, SJC gold price is at 82.3-84.3 million VND/tael, ring gold price is 76.6-78.4 million VND/tael.

Meanwhile, in this morning's session, recorded at 9:00 a.m. , the price of SJC gold was listed by Saigon Jewelry Company at 82-84 million VND/tael, down 400,000 VND/tael for buying and 700,000 VND/tael for selling compared to yesterday.

The price of plain gold rings here is at a record high, currently listed at 74.3-75.8 million VND/tael.

Notably, DOJI Group listed the price of 24k (9999) round plain gold rings at 76.2-78 million VND/tael, an increase of about 300 thousand VND/tael compared to the end of yesterday.

Yesterday (April 9), DOJI gold ring price also increased by 3 million VND per tael. SJC gold price at DOJI suddenly decreased by 700 thousand VND/tael to 81.9-83.9 million VND/tael.

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