In recent times, many other investment channels have not been really attractive, making gold a haven for idle money. According to experts, a gold exchange should be established so that people can reduce their physical gold holdings and better mobilize gold from the people.
At the National Assembly, Governor Bank State Nguyen Thi Hong affirms the viewpoint of State Bank is anti-goldenization, the solutions proposed will make gold not become an attractive commodity causing increased speculation.
According to the Governor of the State Bank, when people hold gold, that money becomes "dead money", but if converted to VND, there will be opportunities for business and investment.
Many experts expressed their opinions, Yellow is a special commodity, directly affecting exchange rates and inflation, so it cannot be managed like normal goods. In other words, it is impossible to liberalize the market. Yellow but need the intervention of the State Bank, otherwise it will cause macroeconomic instability.
Talk to PV Tien Phong , Ngo Tri Long - former Director of the Institute for Price Market Research - Ministry of Finance said, in Decree 24 Regarding gold trading, the main thing mentioned is physical gold including: Gold bars, gold jewelry and raw gold. The Decree does not regulate gold accounts or gold certificates (in other words, “paper gold”). “Paper gold” is gold purchased on account, traded through gold floor and not physical gold.
However, in Vietnam there is currently no gold exchange. Therefore, according to Mr. Long, when amending Decree 24, it is necessary to consider opening a gold exchange.
“Currently, in Vietnam, there is no centralized market, no centralized gold trading place. Gold prices fluctuate according to world prices, but when world prices increase by 1, domestic gold prices increase by 2 and decrease similarly. Currently, gold prices are unclear, there are many small retail stores, which shows fragmentation and the market is not transparent. An opaque market will easily lead to price fixing, manipulation, speculation, etc. Therefore, I think opening a gold exchange is necessary to create a centralized, transparent market,” said Mr. Long.
Mr. Nguyen Quang Huy - expert of the Faculty of Finance - Banking, Nguyen Trai University - analyzed that one of the main goals of Decree 24 is to prevent gold-ization. The main reason is that investing in gold does not create added value or GDP for the economy.
According to Mr. Huy, the The development of the gold market will affect economic growth on the one hand, because Vietnam is still a developing country and lacks investment and production capital. On the other hand, when speculative gold buying and selling transactions reach a large scale, managing interest rates and exchange rates will be more difficult, as money flows are always circulating between markets.
“I think that anti-goldenization should still be considered the main viewpoint in gold market management. Therefore, the State's policy should not encourage the development of the gold market, but should direct capital flows into the production and business sectors that create GDP. The State Bank should still have a monopoly on importing raw gold and producing gold bars. SJC In order to limit rampant imports, the regulator will only intervene when the difference between domestic and world gold prices is high," said Mr. Huy.
According to experts from Nguyen Trai University, trading non-physical gold through accounts at gold trading floors is a form of business that is in line with international trends, reducing the need to trade physical gold and creating an effective circulation channel between the domestic market and the world market. Conducting gold transactions through a centralized mechanism will make the gold market more open, transparent and efficient, while facilitating State management.
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