The Government Office has just issued Notice No. 160/TB-VPCP dated April 11, 2024, concluding the Prime Minister's conclusion at the meeting on solutions to manage the gold market in the coming time.
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. 24/2012/ND-CP dated April 3, 2012 of the Government (Decree 24), including closely monitoring the developments of world and domestic gold prices and, according to the assigned functions, tasks and authority, with available tools and conditions, proactively and promptly and effectively implementing solutions and tools to manage the gold market according to regulations to promptly intervene and immediately handle the situation of high differences between domestic and international gold prices, ensuring the gold market operates stably, healthily, openly, transparently and effectively; putting the common interests of the nation and people first and foremost; encouraging the production and export of gold jewelry and fine art, creating jobs and livelihoods for workers.
The State Bank of Vietnam shall preside over and coordinate with relevant agencies to promptly implement measures and tools in accordance with legal regulations, especially Decree 24, to strictly, effectively and promptly manage and operate the supply for the production of gold bars and gold jewelry, in accordance with market developments, ensuring that activities and transactions in the market are strictly managed and controlled with existing tools, without affecting exchange rates and state foreign exchange reserves, and without allowing profiteering, speculation, manipulation, and price hikes to occur.
Resolutely must have electronic invoices in gold buying and selling transactions
The Prime Minister requested the State Bank of Vietnam to preside over and coordinate with relevant agencies to strengthen the application of information technology and digital transformation in the supervision, management and operation of the gold market, especially the determination to have electronic invoices in gold buying and selling transactions to enhance transparency, improve the effectiveness of supervision and operation, ensure the gold market operates safely, effectively, publicly and transparently; and immediately revoke the operating licenses of enterprises that do not strictly comply with the provisions of law.
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 line with the practical situation and economic developments in the country, the region and the world, preventing the goldification of the economy, not allowing the impact of gold price fluctuations on exchange rates, inflation and macroeconomic stability, enhancing the State's role in managing and regulating the gold market in accordance with regulations, ensuring economic security, national financial and monetary security and social order and safety.
Strictly handle acts that cause instability and insecurity in the gold market.
The Prime Minister also requested the State Bank of Vietnam, 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 grasping 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, taking advantage of the policy of hoarding goods to push up prices by related organizations and individuals, causing instability and insecurity in the gold market.
The State Bank of Vietnam and relevant ministries and agencies shall urgently, seriously, fully, effectively and promptly implement the tasks and solutions to stabilize and manage the gold market assigned in Resolution No. 20/NQ-CP dated February 5, 2024 and Resolution No. 44/NQ-CP dated April 5, 2024 of the Government, Official Dispatch No. 1426/CD-TTg dated December 27, 2023, Official Dispatch No. 23/CD-TTg dated March 20, 2024 of the Prime Minister, Directive No. 06/CT-TTg dated February 15, 2024 of the Prime Minister and the Prime Minister's instructions in relevant documents, especially in this Conclusion; promptly report to competent authorities on issues arising beyond their authority.
The Prime Minister assigned Deputy Prime Minister Le Minh Khai to direct the State Bank of Vietnam and relevant agencies to effectively and promptly implement the assigned tasks and solutions.
The Government Office monitors and urges according to assigned functions and tasks./.
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