The information was announced by the State Bank on the evening of May 27. The new market stabilization plan has not been disclosed by the authorities.
Since the end of 2023, gold prices have continuously set new peaks. SJC gold bars reached VND85 million per tael in April, before reaching a record of over VND92 million in May. The gap with world prices remained high, at times exceeding VND20 million per tael.
To increase supply to stabilize the market, the State Bank began calling for bids for SJC gold bars from April 22. After 9 bidding sessions, 6 were successful, with more than 48,000 taels of gold bars released into the market by the operator.
The volume of successful gold auctions has increased over time. In the most recent session held on May 23, 11 banks and businesses bought 13,400 taels, accounting for nearly 80% of the total bid.
However, according to many National Assembly deputies, this solution is not effective. Mr. Tran Van Lam, Standing Member of the Finance and Budget Committee, said that the method of implementing the recent gold auctions did not have a clear target. According to him, the floor price - the level announced by the authorities for businesses to bid - was high, so winning units had difficulty selling at a lower price.
To bring domestic gold prices closer to international prices, he said that authorities need to accurately and fully calculate domestic production costs, plus import costs and other costs to make the starting price for bidding.
In a recent report, experts from the Vietnam Institute for Economic and Policy Research (VEPR) and Think Future Consultancy also said that administrative measures, such as market inspections, electronic invoices, or investigations into price manipulation, will bring immediate results in stabilizing the gold market, instead of sacrificing foreign currency to massively import gold to stabilize prices.
At the end of May, the State Bank announced that it would inspect the gold trading of four large enterprises, SJC, DOJI, PNJ, Bao Tin Minh Chau, and two banks, TPBank and EximBank. These units will be inspected for compliance with the law on gold trading; anti-money laundering; preparation and use of invoices, documents and tax obligations. The inspection period is from 2020 to mid-May 2024.
TH (according to VnExpress)Source
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