The State Bank of Vietnam (SBV) has just sent a report to the National Assembly on the implementation of Resolution No. 62/2022/QH15 on questioning activities at the 13th Session of the 15th National Assembly (banking sector).

In which, the State Bank reported and evaluated the implementation of Decree 24 on the management of gold trading activities.

Previously, this agency submitted to the Prime Minister Submission No. 28 dated March 20, 2024 on the summary report and assessment of the implementation of Decree 24. In which, it proposed 4 groups of solutions and 2 groups of recommendations to perform the function of managing the gold market in the coming time.

The State Bank has coordinated with ministries, sectors and localities to comprehensively deploy solutions to handle the high gold price difference, stabilize the gold market, and contribute to stabilizing the macro-economy; directed the State Bank of localities to coordinate with competent agencies to strengthen the work of monitoring the situation, checking and inspecting gold trading activities in the localities.

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The gap between world gold prices and domestic gold prices has decreased significantly, from a peak of nearly 20 million VND to only 3-4 million VND. Illustration: Minh Hien

In addition, the State Bank has requested credit institutions and businesses licensed to trade in gold bars to strictly comply with legal regulations on gold trading activities; implement the invoice and voucher regime according to legal regulations;

Propose that the Ministry of Public Security, the Ministry of Industry and Trade, and the Ministry of Finance strengthen inspection, supervision, and monitoring 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.

Specifically, in 2024, the State Bank coordinated with the Ministry of Public Security, the Government Inspectorate, the Ministry of Industry and Trade, and the Ministry of Finance to organize an interdisciplinary inspection team on compliance with policies and laws in gold trading activities according to Decision 324 dated May 17, 2024. To date, the direct inspection has ended and is in the process of drafting a conclusion report.

In addition, based on current legal regulations, the State Bank has organized direct gold bar auctions to supplement the supply of SJC gold bars to the market. Coordinate with ministries, branches, especially the Ministry of Public Security and local authorities, to ensure security and order, and ensure the effectiveness of intervention plans.

With the synchronous solutions of the State Bank and the effective coordination of functional agencies, the difference between domestic gold prices and world gold prices has been controlled and maintained within a suitable range.

According to the State Bank of Vietnam, the domestic gold price is currently 5-7% higher than the world gold price. The gold market has stabilized, contributing to actively supporting the foreign exchange market, exchange rates and the management of macroeconomic policies.

State Bank continues to control gold price difference

State Bank continues to control gold price difference

The State Bank of Vietnam sold SJC gold bars through 4 banks, reducing the difference between domestic and international gold prices to only 4-5 million VND/tael. The State Bank of Vietnam will continue to implement necessary measures to control the difference in gold prices at an appropriate level.
Banks sell gold directly to people: Narrowing the gold price gap within reach?

Banks sell gold directly to people: Narrowing the gold price gap within reach?

With the State Bank assigning 4 state-owned banks to directly sell SJC gold bars, the supply of gold bars will go directly to consumers without being hoarded or speculated. The price will also be more reasonable and transactions will be public.
Handling the price difference of SJC gold: Allow more imports or remove monopoly?

Handling the price difference of SJC gold: Allow more imports or remove monopoly?

The price difference between SJC gold and world gold remains high at over 16 million VND/tael. The Prime Minister has directed that measures must be taken to immediately resolve the price difference between domestic and world gold bars.