Faced with recent developments in gold prices, voters in many provinces and cities such as Ho Chi Minh City, Hanoi, Binh Thuan, Hung Yen, Quang Nam, Tay Ninh, Thai Binh... sent petitions to the State Bank of Vietnam (SBV) proposing many solutions to stabilize the gold market.

In particular, voters recommended that the Government assign the State Bank to preside over and coordinate with ministries, branches and localities to find solutions to stabilize the domestic gold market. At the same time, direct the State Bank and relevant management agencies to announce a management roadmap and tighten management. Suggest that there be a reasonable and feasible time for businesses to implement, reducing obstacles and difficulties for businesses and management agencies.

Announce the plan to inspect and examine the gold market. In case of surprise inspection, it is necessary to ensure transparency; compliance with regulations; especially the inspector must be identified as performing the requirements of the management agency to avoid arbitrary actions, causing difficulties for businesses; there may even be subjects who commit acts of impersonation and fraud.

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SJC gold bars are sold through 4 commercial banks and SJC from June 3. Photo: Minh Hien

Notably, voters stated that the biggest difficulty for gold trading enterprises is proving the origin of goods. Therefore, voters proposed allowing enterprises to self-declare their inventory, according to a time specified by the state. This declaration is considered the basis for determining the origin of the existing gold.

After that time, all imported and exported goods, enterprises will have to comply with relevant management regulations. From there, it will remove current difficulties and obstacles for enterprises and management agencies...

From 2024, the State Bank will not supply more SJC gold bars because gold is not on the list of goods and services with price stabilization. Foreign currency must be prioritized for the country's essential needs.

The main reason for the increase in domestic gold prices is the increase in world gold prices. However, at times, the difference between domestic and world gold bar prices was up to 18 million VND/tael.

However, the State Bank has coordinated with ministries, sectors and localities to implement a series of solutions to handle the high gold price difference, stabilize the gold market, and contribute to stabilizing the macro economy.

The immediate solution is for the State Bank to sell SJC gold bars to the public through four state-owned commercial banks. Currently, the difference in domestic gold prices is only about 4-5 million VND/tael.

The State Bank of Vietnam said it will continue to implement necessary measures as prescribed to control the difference between domestic and international gold prices at an appropriate level under the direction of competent authorities.

This agency also coordinates 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.

The State Bank also proposed to soon amend Decree 24/2012/ND-CP, which includes 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.