To establish a gold trading floor, the State Bank will work with ministries and branches to research, assess the impact, advise and propose to the Government at the appropriate time.
On the morning of November 11, many National Assembly deputies questioned State Bank Governor Nguyen Thi Hong about the issue of operating and managing gold market business activities.
Delegate Do Huynh Khanh (Dong Nai) pointed out that many countries in the world currently allow the establishment of gold trading floors, attracting gold resources and bringing many opportunities to domestic investors. The delegate asked the Governor to inform the State Bank of Vietnam's viewpoint and whether there is any plan to propose to the Government on the establishment of trading floors or not.
State Bank Governor Nguyen Thi Hong said that some countries in the world have established gold exchanges, such as China has a gold exchange in Shanghai, one of the largest in the world. However, in the region there are countries that have not established gold exchanges.
According to the Governor, the establishment of a gold exchange has positive aspects such as transparent transactions, making it easier for people and businesses to buy and sell. However, to establish a gold exchange, investment in infrastructure is needed. Vietnam is not a gold producing country like China.
Therefore, to have enough gold for transactions between entities in the market, Vietnam must import from the international market.
"The establishment of a gold exchange requires the State Bank to coordinate with ministries and branches to research and assess the impact very carefully to advise and propose to the Government at a time suitable to the context and conditions of Vietnam," Ms. Hong analyzed.
Gold shops have difficulty proving origin
Delegate Tran Huu Hau stated that Tay Ninh voters reflected that the difficulty of many gold trading enterprises is proving the origin and provenance of goods. Enterprises must self-declare their inventory, this declaration is considered the basis for determining the origin.
According to Decree 24, gold trading enterprises must comply with legal regulations on accounting, preparation and use of documents.
Mr. Hau said that most gold businesses today are private, upgraded from gold shops, the registration procedure is very simple, just fill in information on a form and they are responsible for all their assets. Due to sensitivity, they did not previously record all their assets and were not required to. Therefore, many types of gold, especially those left by their ancestors, cannot be proven in origin.
Businesses are also established from family-style stores, so they follow inherent habits and have errors in books and documents.
With the spirit of proactively removing institutional bottlenecks and not criminalizing economic relations, delegates suggested that the Governor could advise the Prime Minister to direct ministries and branches to remove these difficulties.
The Governor said that Decree 24 clearly stipulates the functions of ministries and branches in managing gold trading activities, accounting and document issues are the responsibility of the Ministry of Finance. The State Bank acknowledged the question of delegate Hau and will continue to participate with ministries and branches to consider and evaluate.
Chairing the question-and-answer session, National Assembly Chairman Tran Thanh Man said that delegate Tran Huu Hau's question related to many ministries, sectors and policies. He asked the Governor to respond in writing.
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Source: https://vietnamnet.vn/thong-doc-se-lap-san-giao-dich-vang-vao-thoi-diem-phu-hop-2340787.html
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