State Bank of Vietnam requests Ministry of Public Security to coordinate in organizing gold bar auction

The State Bank of Vietnam has just sent a document to relevant ministries and branches requesting coordination in implementing the Prime Minister's direction in managing the gold market, and at the same time issued a document directing the State Bank branches in provinces and centrally run cities, credit institutions, and enterprises licensed to buy and sell gold bars to perform their tasks.

Specifically, the State Bank of Vietnam requested the Ministry of Finance to require gold trading organizations, especially gold bullion trading organizations, to strictly apply electronic invoices in gold trading transactions; and strictly handle enterprises that do not comply with this regulation.

Continue to provide information on incidents, smuggling, and illegal transportation of gold across the border so that the State Bank can promptly grasp market information in order to develop effective gold market management plans. Support the State Bank in carrying out customs clearance procedures for imported gold for bidding purposes.

The State Bank of Vietnam requests the Ministry of Public Security to preside over and coordinate with the State Bank of Vietnam and relevant inspection, examination, law enforcement agencies and competent authorities to promptly implement measures as prescribed to strictly handle violations of the law related to the gold market and gold trading activities, especially acts of smuggling, manipulation, speculation, and pushing up the price of gold bars...

Coordinate with the State Bank in organizing SJC gold bar auctions to ensure safe and effective auctions.

Finance - Banking - State Bank of Vietnam proposes that the Ministry of Public Security coordinate in organizing gold bar auctions

The State Bank of Vietnam requested the Ministry of Industry and Trade to direct functional units to strengthen market management; promptly detect acts with signs of violations and provide information to competent authorities for strict handling in accordance with the law.

On the same day, the State Bank directed credit institutions and enterprises licensed to buy and sell gold bars to strictly comply with regulations on gold trading management in Decree No. 24 dated April 3, 2012 of the Government on gold trading management, and Circulars guiding Decree 24;

Relevant legal regulations and instructions of the Prime Minister to ensure the gold market operates safely, effectively, in accordance with legal regulations, without profiteering, speculation, manipulation, or price hikes.

Comply with the invoice and document regime as prescribed by the Ministry of Finance; apply electronic invoices in gold purchase and sale transactions. Comply with the law on anti-money laundering and anti-terrorist financing.

The State Bank branches in provinces and centrally run cities urgently coordinate with local authorities (Market Management Department, Department of Science and Technology, Police, etc.) to strengthen supervision, inspection and examination of gold trading activities of units; promptly handle violations of gold trading activities within their authority .

Source