The State Bank of Vietnam (SBV) has just issued a document responding to the petition of voters in Thai Nguyen province after the 7th Session of the 15th National Assembly on strengthening measures to manage and develop the gold market in a safe, healthy, effective and sustainable manner.
According to the State Bank of Vietnam, the world gold price has been continuously increasing recently. The domestic gold bar price has increased and the difference is high compared to the international gold price since 2021.
From a difference of around 3 million VND/tael in the period 2014-2021, from the end of 2021 until now, the price difference compared to the world has increased and at times reached 18 million VND/tael (about 25%). This risks affecting social psychology regarding macroeconomic and monetary stability.
Implementing the directions of the Government and the Prime Minister, based on current legal regulations, the State Bank has coordinated with ministries, branches and localities to comprehensively deploy solutions to handle the high gold price difference, stabilize the gold market, and contribute to stabilizing the macro economy.
After a series of synchronous solutions by the State Bank and effective coordination by functional agencies, the difference between the domestic SJC gold bar price and the converted world gold price has decreased significantly (on September 25, the difference was about 4 million VND/tael).
In the coming time, the State Bank will continue to implement necessary measures according to regulations to control the difference between domestic and international gold prices at an appropriate level under the direction of competent authorities.
Coordinate with relevant ministries and branches to resolutely carry out inspections and examinations of the gold market, activities of gold trading enterprises, stores, agents distributing and trading gold bars.
In particular, focus resources to complete the inspection according to Decision No. 324/2024 for 2 credit institutions and 4 gold trading enterprises as planned. Resolutely fight to clarify, handle and propose to competent authorities to strictly handle violations, including violations of criminal law (if any).
Currently, the State Bank of Vietnam is finalizing a report proposing amendments to Decree 24/2012/ND-CP, including the content on the management of gold bar production, to complete the legal framework for the management of gold trading activities, ensuring adherence to the Party's policies and guidelines, the Government's and the Prime Minister's instructions on the management of the gold market, in accordance with the practical situation on the basis of selectively absorbing international experience in the management of the gold market, especially from countries with similar business environments and political institutions.
Previously, on May 23, the State Bank announced its decision to inspect compliance with policies and laws in gold trading activities.
The inspection team includes the State Bank, the Government Inspectorate, and the ministries of Public Security, Finance, and Industry and Trade.
The inspection team will work with the following inspection subjects: Vietnam Export Import Commercial Joint Stock Bank (EximBank), Tien Phong Commercial Joint Stock Bank (TPBank), and the following companies: Saigon Jewelry (SJC), Phu Nhuan Jewelry (PNJ), Doji and Bao Tin Minh Chau.
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