Ho Chi Minh City: Requires gold bar trading locations to strictly control buying and selling activities.

The State Bank recommends that businesses increase cashless payments in gold transactions - Photo: Le Toan

On April 21, the State Bank of Vietnam, Region 2 Branch (formerly known as the State Bank of Vietnam, Ho Chi Minh City Branch) sent a document to the general directors and directors of enterprises and credit institutions licensed to trade in gold bars in the area.

Accordingly, these units must implement and comply with the provisions of Decree 24/2012/ND-CP dated April 3, 2012 of the Government on the management of gold trading activities, circulars guiding this Decree and relevant legal documents when the units conduct gold bar trading activities.

According to the State Bank of Vietnam, Region 2 Branch, in the context of the continuous increase in domestic gold bar prices produced by SJC Company, which poses many potential risks to the market, businesses and credit institutions should strengthen internal inspection and control of gold bar trading activities, promptly detect and handle violations.

At the same time, business units must take measures to manage, monitor and strictly prohibit all forms of distortion such as speculation, price manipulation, profiteering, influencing the market and violating legal regulations in the business of buying and selling gold bars and affecting the effectiveness of macroeconomic stabilization policies.

The monetary authority in Ho Chi Minh City also requires gold bar trading locations to provide transparent and accurate information on gold price fluctuations to customers. Publicly post the buying and selling prices of gold bars at the transaction location and comply with relevant regulations.

In particular, gold bar trading units are increasing the application of non-cash payment methods (bank card payment, QR code payment, etc.) in gold bar buying and selling activities.

Non-cash payments ensure transparency, minimize the risk of distortion, and cause market instability. Thereby, comply with regulations on accounting regimes, creating and using invoices and documents; fully implement regulations on anti-money laundering in the business of buying and selling gold bars.

To create market psychology, gold trading units coordinate communication during times of complex market developments, especially when world gold prices fluctuate strongly.

From there, inform and disseminate to people not to participate in gold bar transactions in unofficial markets, units not permitted to trade in buying and selling gold bars, to avoid legal risks and buying gold that does not guarantee quality.

In case of difficulties, enterprises and credit institutions that buy and sell gold bars must promptly report to the State Bank of Vietnam and the State Bank Branch in Region 2 about problems arising in the business of buying and selling gold bars for timely handling and direction.

Source: https://thoibaonganhang.vn/tp-ho-chi-minh-yeu-cau-cac-diem-kinh-doanh-vang-mieng-kiem-soat-chat-hoat-dong-mua-ban-163111.html