The Government Office has just issued Notice No. 160 dated April 11, 2024, concluding the Prime Minister's conclusion at the meeting on solutions to manage the gold market in the coming time.
Accordingly, the Prime Minister requested the State Bank of Vietnam to preside over and coordinate with relevant agencies to strictly implement the provisions of Decree No. 24 dated April 3, 2012 of the Government (Decree 24), including closely monitoring the developments of world and domestic gold prices and according to assigned functions, tasks and authorities.
With the available tools and conditions, proactively and promptly implement solutions and tools to manage the gold market according to regulations to promptly intervene and immediately handle the situation of high difference in domestic gold bar prices and international gold prices, ensuring the gold market operates stably, healthily, openly, transparently and effectively;
Put the common interests of the nation and people first and foremost; encourage the production and export of gold jewelry and fine art, creating jobs and livelihoods for workers.
The Prime Minister requested the State Bank to preside over and coordinate with relevant agencies to enhance the application of information technology and digital transformation in the supervision, management and operation of the gold market.
In particular, it is imperative to have electronic invoices in gold buying and selling transactions to enhance transparency, improve the effectiveness of supervision and management, ensure the gold market operates safely, effectively, publicly and transparently; and immediately revoke operating licenses for businesses that do not strictly comply with legal regulations.
In addition, continue to research, review, carefully assess the impact, and fully summarize the implementation of Decree 24 to propose appropriate amendments and supplements, ensuring adherence to the Party's policies and guidelines, the Government's and the Prime Minister's directions in managing the gold market, in accordance with the practical situation and economic developments in the country, region, and internationally;
Prevent the goldification of the economy, avoid the impact of gold price fluctuations on exchange rates, inflation and macroeconomic stability, enhance the State's role in managing and regulating the gold market in accordance with regulations, ensure economic security, financial security, national currency and social order and safety.
The Prime Minister also requested the State Bank, the Ministry of Public Security, the Ministry of Finance, the Ministry of Industry and Trade, the Government Inspectorate and relevant agencies to continue to strictly implement the work of monitoring the situation, inspecting, examining, supervising... according to their assigned functions, tasks and powers;
Strictly handle violations of the law such as gold smuggling across the border, profiteering, speculation, manipulation, and taking advantage of hoarding policies to push up prices by related organizations and individuals, causing instability and insecurity in the gold market.
The Prime Minister assigned Deputy Prime Minister Le Minh Khai to direct the State Bank and relevant agencies to effectively and promptly implement the proposed tasks and solutions .
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