Do not allow profiteering, speculation, manipulation, or price hikes in gold in Ho Chi Minh City.

The Ho Chi Minh City People's Committee agreed to coordinate with the State Bank and relevant agencies to urgently implement measures and tools in accordance with legal regulations, especially Decree 24, to strictly and effectively manage and operate the gold market, preventing profiteering, speculation, manipulation, and price hikes.

On May 12, the State Bank of Vietnam (SBV) worked with the Ho Chi Minh City People's Committee on implementing the Prime Minister's direction on coordinating the management of the gold market.

Attending the meeting were Vice Chairman of Ho Chi Minh City People's Committee Nguyen Van Dung; Deputy Governor of the State Bank of Vietnam Pham Thanh Ha; representatives of Ho Chi Minh City Police and Ho Chi Minh City Market Management Department.

To enhance the effectiveness of gold market management solutions in the coming time, the State Bank and the Ho Chi Minh City People's Committee have agreed that the two sides will increase the application of information technology, digital transformation in monitoring, managing and operating the gold market, and have electronic invoices in gold buying and selling transactions. Enterprises and gold trading units must strictly implement regulations on electronic invoices in gold trading, buying and selling activities.

At the same time, these units continue to strictly implement the work of grasping the situation, inspecting, checking, supervising... according to their assigned functions, tasks and powers. Strictly handle violations of the law such as smuggling gold across the border, profiteering, speculation, manipulation, taking advantage of the policy of hoarding goods to push up prices by related organizations and individuals, causing instability and insecurity in the gold market...

Here, Vice Chairman of the Ho Chi Minh City People's Committee Nguyen Van Dung directed Saigon Jewelry Company (SJC) to continue to immediately carry out market stabilization work, carry out political tasks to stabilize the gold market. In addition, SJC Company must coordinate and implement the direction of competent agencies to have solutions to ensure security, order and safety of the gold market. SJC must also strictly implement regulations on management of gold trading activities, document regime, electronic invoices, anti-money laundering reports, statistics on gold buying and selling transactions.

The State Bank also said it will continue to organize auctions to sell gold bars to the market with volume and frequency appropriate to market demand.

"Given the fluctuations in gold prices in the international gold market and the management and control of the gold market in the coming time, people need to be cautious when participating in gold transactions to minimize risks," Deputy Governor of the State Bank of Vietnam Pham Thanh Ha warned.

Previously, reporting the general target of the 2024 business plan to the Ho Chi Minh City People's Committee, SJC Company expected revenue to decrease by 1% compared to 2023, down to VND 30,145 billion.

Specifically, SJC plans to target main output such as gold bars (processed and stamped with dented SJC) at 31,692 taels, and jewelry at 444,912 items.

The company's total revenue was VND30,145 billion, pre-tax profit was VND92.7 billion, after-tax profit was VND70.2 billion, taxes and other payables to the state were VND93.6 billion.

With this expected plan, the main output is lower than last year's plan at 36,158 taels of gold bars and 568,578 pieces of jewelry, the company's after-tax profit target increased by 9.27 billion VND.

According to the audited financial report, SJC Company's sales and service revenue in 2023 is more than VND 28,408 billion, net profit from business activities is VND 87.2 billion, total profit before tax is VND 87.5 billion and profit after tax is VND 60.9 billion.

Nhung Nguyen

Source: https://www.sggp.org.vn/khong-de-xay-ra-tinh-trang-truc-loi-dau-co-thao-tung-day-gia-vang-tai-tphcm-post739525.html