Gold supply shortage
Nguoi Dua Tin (NDT): In the face of the continuous increase in gold prices in recent times, the State Bank has conducted many gold auctions but has not yet stabilized the situation due to many reasons. From an expert's perspective, do you think the auctions can resolve this situation?
Dr. Tran Nguyen Dan : Gold prices have been fluctuating and increasing recently. The State Bank has intervened in this matter. The State Bank has organized gold auctions, but in reality, domestic gold prices are still much higher than world gold prices.
Regarding the root cause of the above situation, I think this phenomenon shows that we lack gold supply.
For many years, the State Bank has not granted licenses to private entities to import gold, so the supply is scarce. The demand for gold is increasing because SJC - a state-owned unit - has recognized that gold is no longer gold but a special currency.
In fact, the price of gold from PNJ, SPJ or other units is close to the world gold price, but SJC is significantly higher than the world price, from 15 to 20 million VND.
I think that the State Bank's gold auction to increase market supply is also an understandable measure to control gold prices recently.
However, the State Bank auctioning the minimum gold price at the market price in Vietnam does not reduce the gold price in the market, because that price is very different from the world gold price.
Gold prices have fluctuated continuously over time.
Investor: In your opinion, what are the solutions to limit the gold monopoly and bring the gold price back to the market price?
Dr. Tran Nguyen Dan : In my opinion, the bidding basically does not solve the problem. We see that the root of the problem is that the price of SJC gold is quite high. We must consider the issue of the State Bank's monopoly on gold bar import?
The State Bank (SBV) should not play the role of a buyer or seller and should only play the role of state control and management of the gold market.
Of course, the State Bank must control quality with the Ministry of Industry and Trade and the Market Management Department to ensure that everything is transparent and no one is disadvantaged. This is in line with the market economy orientation in which the market self-regulates all parties.
Usually, gold trading units have independent legal entities. Thus, when buying and selling goods, they must comply with the laws on business, taxes, etc.
When doing business in buying and selling gold, you have to issue invoices to customers. When customers buy gold without invoices, there is no basis to prove the origin of their assets. That is very difficult for customers in the future.
Similarly, it is required that all goods must have an invoice to prove their origin, otherwise they are considered smuggled goods.
Dr. Tran Nguyen Dan.
For gold today, the quality control of gold is almost left to chance. Therefore, there is a situation of local separatism. Each locality has a large gold shop that will buy their gold. Is it time for us to unify the quality control of gold nationwide, to help limit the gold monopoly, and bring the price of gold back to the market price?
And, in my personal opinion, the auction does not solve many of the problems of the current fluctuating gold price.
Investor: If a customer comes to buy gold and transfers money to the gold shop owner for an amount of over 20 million, but the gold shop owner still allows the customer to transfer money to his personal account (not the account number the gold shop owner registered for business), does not issue an invoice, and does not have any related documents, is that legal? How can you warn customers about the risks?
Dr. Tran Nguyen Dan: It is necessary to resolutely and strictly implement regulations on electronic invoices in gold trading activities. By June 15, any unit that does not implement electronic invoices connected to the tax authority in gold trading will have its license revoked.
However, as I said, when trading gold, the shop owner has an independent legal entity, and the amount of money over 20 million must be transferred to that legal entity's account. If the gold shop owner uses another account for customers to transfer, there is a sign of tax evasion.
If customers buy gold without a receipt, they may encounter many risks such as floating goods, counterfeit goods, etc., so they need to be careful before buying and selling.
Thanks for the chat, Dr.!
Nguyen Lanh
Source: https://www.nguoiduatin.vn/bai-toan-nguon-cung-va-gia-vang-duoi-goc-nhin-chuyen-gia-kinh-te-a664636.html
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