The State Bank is completing its inspection of the gold market.

The State Bank of Vietnam (SBV) is coordinating and focusing resources to complete inspections of 2 credit institutions and 4 gold trading enterprises as planned.

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.

After the 7th session of the 15th National Assembly , the State Bank of Vietnam said it continued to receive a series of questions from voters in many provinces and cities related to gold market management.

The results of the gold market inspection, as well as the progress of the proposed amendments to Decree 24/2012/ND-CP on market management, are always of public interest. In response to questions from voters in Thai Nguyen and An Giang , a representative of the State Bank of Vietnam said: In the coming time, the gold market will continue to be inspected and a report is being completed to propose amendments to Decree 24.

Recently, the world gold price has continuously increased, reaching a historical peak on September 26, at 2,700 USD/ounce. The domestic gold bar price has increased and the difference is high compared to the international gold price. From the difference of about 3 million VND/tael in the period 2014 - 2021; from the end of 2021 to mid-2024, the difference in domestic price compared to the world price 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.

In particular, the State Bank has directed local State Bank branches to coordinate with relevant agencies to strengthen the situation monitoring, inspection and supervision of gold trading activities in the locality. Credit institutions and enterprises licensed to buy and sell gold bars are required to strictly comply with the provisions of law on gold trading activities; and implement the invoice and document regime in accordance with the provisions of law.

The State Bank also requested the Ministry of Public Security, the Ministry of Industry and Trade, and the Ministry of Finance to strengthen inspection, supervision, and monitoring work according to their assigned functions, tasks, and powers; strictly handle violations of the law such as gold smuggling across the border, manipulation, profiteering, etc., causing instability in the gold market.

In particular, the State Bank has organized auctions and direct sales of gold bars to supplement the supply of SJC gold bars to the market...

“With the synchronous solutions of the State Bank and the effective coordination of functional agencies, the difference between the domestic price of SJC gold bars and the converted world gold price has decreased significantly (on September 25, the difference was about 4 million VND/tael),” said a representative of the State Bank.

In the coming time, the State Bank will continue to implement necessary measures as prescribed to control the difference in 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, the activities of gold trading enterprises, stores, agents distributing and trading gold bars.

In particular, focus resources to complete the inspection of 2 credit institutions and 4 gold trading enterprises according to plan. Resolutely fight to clarify, handle and propose to competent authorities to strictly handle violations, including violations of criminal law (if any).

At the same time, the State Bank is currently completing 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, in accordance with the practical situation on the basis of selectively absorbing international experience in managing the gold market, especially from countries with similar business environments and political institutions.

Previously, in May 2024, the State Bank of Vietnam announced Regulation No. 324/QD on compliance with policies and laws in gold trading activities. The inspection team included representatives of the Government Inspectorate, the Ministry of Public Security, the Ministry of Finance, and the Ministry of Industry and Trade.

The inspection subjects include Tien Phong Commercial Joint Stock Bank (TPBank), Vietnam Export Import Commercial Joint Stock Bank (Eximbank), Saigon Jewelry Company Limited (SJC), DOJI Jewelry Group Joint Stock Company, Phu Nhuan Jewelry Company Limited (PNJ), and Bao Tin Minh Chau Company Limited.

Recently, the Banking Inspection and Supervision Agency issued a decision to handle administrative violations in the monetary and banking sector against PNJ with a fine of VND 1.34 billion. Accordingly, PNJ committed many violations in gold trading activities such as: issuing internal regulations, customer classification practices according to risk, reporting large value transactions and internal auditing were not strict enough and did not fully meet the provisions of the law on anti-money laundering; and there were some errors and incomplete data in the process of reporting and providing information to management agencies.

On October 11, the price of SJC gold bars listed by businesses was VND82.5 million/tael for buying and VND84.5 million/tael for selling, stable compared to the previous trading session. The world spot gold price was at USD2,634.9/ounce, converted to the bank USD price at nearly VND80.3 million/tael, including taxes and fees, about VND4.2 million/tael lower than the domestic gold price.

The price of 24K gold rings and jewelry gold of all kinds is traded around 81.5 million VND/tael for buying, 82.8 million VND/tael for selling, unchanged in buying direction but increased by 100,000 VND per tael for selling. Although fluctuating within a narrow range, the price of SJC gold bars is at its highest level in many months; while gold rings are at their highest level ever.

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