Amidst the gold price "fever", PNJ General Director proposes solutions to overcome difficulties for the gold industry

On March 20, at the seminar "Solutions to promote private economic development" organized by Nguoi Lao Dong Newspaper, related to the gold jewelry industry, Mr. Le Tri Thong, General Director of PNJ, analyzed the situation: "Currently, pressure from exchange rates forces the state to limit gold imports. However, if gold jewelry is considered a normal consumer product, it is necessary to allow gold trading enterprises to import raw gold to produce gold jewelry. The amount of foreign currency spent on importing raw gold to produce gold jewelry is only about 1-2 billion USD/year, compared to the amount of foreign currency spent on importing cosmetics, phones, branded bags, etc., it is not worth much."

According to Mr. Le Tri Thong, due to not being able to import raw gold for many years, despite having great potential, Vietnam's gold jewelry industry is facing many difficulties.

PNJ has been awarded the top jewelry manufacturing award in Asia. To build a team of skilled artisans with over 5 years of experience, PNJ has invested a long time in training. However, the reality is that many highly skilled workers in the industry are moving to other fields. This is a cause for concern, because the potential of the skilled labor force in the jewelry industry in Vietnam is not inferior to that of Thailand or Indonesia. Vietnam is fully capable of developing the jewelry industry into a strong export industry.

Therefore, businesses recommend that the government should have policies to support the gold jewelry industry, avoiding the grouping of raw gold and gold bars into one group, causing difficulties for businesses. At the same time, it is necessary to create conditions for exporting gold jewelry products, earning foreign currency for the country.

In the domestic market, each tael of gold on the afternoon of March 20 reversed and decreased by more than half a million VND compared to the morning trading session of the same day, falling back to around 100 million VND. Specifically, SJC gold bars decreased by 800,000 VND for buying and 600,000 VND for selling compared to this morning, down to 97.8 - 99.8 million VND. For plain gold rings, SJC decreased by 600,000 VND per tael to 97.7 - 99.7 million VND/tael. PNJ reduced the price of gold rings to 98.1 - 99.9 million.

This move took place after the precious metal in the international market left the peak of 3,055 USD to 2,040 USD/ounce.

Domestic gold prices continue to have trading sessions higher than the world price. The gap between the two markets has now widened to nearly VND6 million/tael, while a month ago it was only less than VND3 million/tael.

In the international market, the precious metal continued its upward trend, setting a record of more than 3,050 USD/ounce. Converted according to Vietcombank's selling rate, the world gold price is currently equivalent to 94.6 million VND/tael.

In recent days, transactions in the domestic market have become more active as gold prices have continuously reached new peaks. Currently, major brands are also selling limited quantities of gold to people. Gold bars are limited to about 1-2 taels per purchase and plain rings are limited from half a tael to 2 taels per purchase depending on the time.