Strengthening management of gold trading activities

In recent months, the world and domestic gold markets have had many complex fluctuations, and domestic gold prices have increased compared to previous years. In order to develop a safe, healthy, effective, and sustainable gold market, contributing to stabilizing the macro-economy and ensuring the rights of the people, the State Bank of Vietnam - Thanh Hoa Branch (SBV Thanh Hoa) has proactively coordinated with relevant departments and branches to strengthen inspection activities to ensure compliance with legal regulations on the management of gold production and trading activities in the area.

Strengthening management of gold trading activities Customers come to make transactions at Kim Chung Gold and Silver Company Limited, Le Hoan Street (Thanh Hoa City).

Monitoring the gold price on the afternoon of April 23 at some gold shops in Thanh Hoa city, SJC gold had a buying price of 79.86 million VND/tael, selling price of 82.36 million VND; 9999 gold had a buying price of 72.96 million VND, selling price of 74.76 million VND. This is a high price and has been maintained for nearly two months. Although the gold price has fluctuated a lot, the gold market in the province has not had a shortage or large fluctuations in transactions. Ms. Trinh Thu Huong, Dong Ve ward (Thanh Hoa city), said: "Although I do not do business but only save and accumulate, I still regularly monitor the gold price. I did not think the gold price would increase so much. I still choose to buy gold at this time because this is a form of saving with less risk than other forms of saving, not a profitable investment."

Currently, in the province, there are 9 units licensed by the Governor of the State Bank of Vietnam to trade in gold bars, which are the Thanh Hoa branches of the following joint stock commercial banks: Asia Commercial Bank, Techcombank, Phuong Dong Commercial Bank, Saigon Thuong Tin Commercial Bank, Tien Phong Commercial Bank, Saigon Commercial Bank and 3 economic organizations: Phu Do Joint Stock Company, Doji Gold and Gemstone Group Joint Stock Company - Thanh Hoa Branch, Phu Nhuan Gold and Gemstone Group Joint Stock Company - Thanh Hoa Branch. The average turnover of gold bars traded in the area is about 5,000 taels of gold per year, mainly from Saigon Thuong Tin Bank, Phu Do Joint Stock Company and Doji Gold and Gemstone Group Joint Stock Company - Thanh Hoa Branch. Regarding the production of gold jewelry, the whole province currently has 73 gold enterprises certified by the State Bank to be qualified to produce and trade gold jewelry. Most businesses only produce and process a small number of simple products and goods such as rings, bracelets, and earrings. The production volume is mainly in a few businesses in the center of Thanh Hoa City. The whole province also has more than 300 gold trading businesses. All businesses list the price of each type of gold according to regulations.

To strengthen the management of gold trading activities, the State Bank of Thanh Hoa has proactively inspected and examined inactive gold enterprises and enterprises that do not meet the conditions for producing gold jewelry and fine arts. At the same time, it has coordinated with functional agencies such as the Provincial Police, the Market Management Department, and the Department of Science and Technology to conduct inspections and examinations of gold bar trading and gold jewelry and fine arts production and trading activities in the province. Through the inspection and examination, 6 certificates of eligibility for gold jewelry and fine arts production have been revoked for enterprises that violated regulations on the management of gold production and trading activities, such as: not announcing standards; not labeling goods according to regulations; not publicly posting prices of gold bars, gold jewelry and fine arts; importing and exporting gold jewelry and fine arts, raw gold not in accordance with the business registration certificate or enterprise registration certificate...

In particular, recently, taking advantage of the high gold price, many people buy gold to store, so some organizations and individuals have mixed in and counterfeited famous brands for profit. Specifically, recently, Market Management Team No. 10 - Thanh Hoa Provincial Market Management Department coordinated with the Economic and Position Crime Investigation Police Team - Thanh Hoa City Police to suddenly inspect Ngoc Minh gold and silver trading establishment at 47 Cao Thang, Lam Son Ward, Thanh Hoa City. At the time of inspection, the inspection team discovered that the establishment was trading 27 gold and silver metal products with signs of counterfeiting the trademarks of some famous brands such as: Cartier, Hermes, Chanel, BVLGARI, Louis Vuitton. The total value of the goods according to the listed price is nearly 260 million VND. The inspection team temporarily detained all goods with signs of violations to verify and clarify according to regulations.

The State Bank of Thanh Hoa recommends that people need to monitor the fluctuations of the gold market in the world and in the country, be cautious when investing in gold, consider carefully, gold prices increase rapidly but can also decrease very quickly. The State Bank of Thanh Hoa continues to coordinate with departments, branches and sectors to grasp the situation and activities of units, enterprises, gold production and trading stores in the province, contributing to preventing gold speculation that affects financial security in the area. Thereby, gradually raising the awareness and responsibility of units and people in the area about gold management in particular and currency and foreign exchange management in general. The State Bank of Vietnam will continue to closely monitor developments in the gold market, prepare intervention plans to stabilize the gold market, contribute to stabilizing the macro economy, and ensure the rights of the people.

Article and photos: Khanh Phuong

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