The Government Office has just issued a Notice of Conclusion by Deputy Prime Minister Le Minh Khai at a meeting with the leadership of the State Bank of Vietnam on solutions to manage the gold market in the coming time.
The announcement stated that on May 14, 2024, at the Government Headquarters, Deputy Prime Minister Le Minh Khai chaired a meeting with the leadership of the State Bank of Vietnam on solutions to manage the gold market in the coming time.
Attending the meeting were the Governor of the State Bank of Vietnam, Deputy Governors of the State Bank of Vietnam; representatives of the leaders of the Ministries of Finance and Justice; representatives of the People's Committees of Hanoi and Ho Chi Minh City; representatives of the Ministries and agencies of National Defense, Public Security, Planning and Investment, Industry and Trade, Information and Communications, Science and Technology, Government Inspectorate; representatives of the leaders of Saigon Jewelry Company Limited - SJC.
After listening to the report of the State Bank of Vietnam on solutions to manage the gold market in the coming time in Report No. 146/BC-NHNN dated May 14, 2024 and the opinions of delegates attending the meeting, Deputy Prime Minister Le Minh Khai concluded as follows:
The State Bank of Vietnam and relevant ministries and agencies, according to their assigned functions, tasks and authorities, continue to resolutely, seriously, fully and effectively implement tasks and solutions to manage the gold market both in the short and long term according to the direction of the Government, the Prime Minister, and Government leaders in Resolutions, Official Dispatches, Directives and related documents, ensuring that the gold market operates stably, effectively, healthily, openly, transparently, in accordance with legal regulations, and does not goldify the economy and affect macroeconomic stability.
Pursuant to the functions, tasks and authority stipulated in Decree No. 24/2012/ND-CP dated April 3, 2012 of the Government on the management of gold trading activities and Article 18 of Decree No. 50/2014/ND-CP dated May 20, 2014 of the Government on the management of state foreign exchange reserves (which clearly stipulates that the Governor of the State Bank of Vietnam decides on specific intervention plans including: timing, volume, gold price, form of intervention...) and relevant legal provisions, the State Bank of Vietnam shall preside over and coordinate with relevant ministries, agencies and localities to urgently carry out the following tasks:
Proactively deploy tools and solutions to manage, operate and stabilize the gold market more appropriately, promptly and effectively, immediately overcome the high and unreasonable gap between domestic and world gold prices, ensure effectiveness, efficiency, closeness to practical situations, and compliance with legal regulations; promptly report and propose to competent authorities any issues arising beyond their authority.
Urgently complete the issuance of the inspection plan, no later than May 17, 2024, the inspection decision must be announced according to regulations to immediately conduct inspections and checks on the gold market, stores, distributors, gold bar buyers and sellers and other entities participating in the market, without further delay; strictly handle violations of legal regulations in gold production and trading, in case of signs of law violations, promptly transfer the file to the Ministry of Public Security and relevant authorities for strict handling according to regulations; report to the Prime Minister the inspection results in May 2024.
Closely coordinate with the Central Propaganda Department, the Ministry of Information and Communications and relevant agencies to effectively carry out information and communication work, promptly provide official and authentic information on macroeconomic management, monetary policy and gold market activities to stabilize people's psychology and ensure social order and safety.
Continue to thoroughly review, evaluate and summarize the implementation of Decree No. 24/2012/ND-CP dated April 3, 2012 of the Government on the management of gold trading activities, consult relevant ministries, branches, localities, and directly affected subjects according to regulations, consult experts, refer to international experience to assess the impact and propose competent authorities to consider amending and supplementing policies and regulations to enhance the effectiveness and efficiency of state management tools for the gold market and ensure the development goals of the gold market according to the Party's policies and relevant laws and policies.
The Ministry of Finance shall preside over and coordinate with the State Bank of Vietnam and relevant agencies to inspect, supervise, and strictly implement regulations on electronic invoices for each time in gold trading, buying and selling activities at enterprises and gold trading units, to be completed no later than the second quarter of 2024; and have sanctions to strictly handle violations.
Ministries and agencies: Public Security, National Defense, Finance, Industry and Trade, Government Inspectorate and relevant agencies resolutely direct functional units, border guards, tax, customs, market management... to immediately strengthen the implementation of timely and effective measures according to assigned functions and tasks to stabilize the gold market, put gold production and trading activities into operation in accordance with the provisions of Decree No. 24/2012/ND-CP dated April 3, 2012 of the Government and other relevant legal provisions; strengthen inspection, supervision and strictly handle violations according to regulations, especially smuggling, illegal import, profiteering, speculation, manipulation, price hike, illegal competition...
The Ho Chi Minh City People's Committee directed Saigon Jewelry Company Limited - SJC to strictly comply with legal regulations on gold trading activities and related laws, and proactively implement market stabilization measures under the direction of the State Bank of Vietnam.
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