Ministries, agencies asked to take measures to effectively manage gold market

Ministries, agencies asked to take measures to effectively manage gold market

However, along with pending internal shortcomings, the unusual and unprecedented developments in the world geopolitical situation since the beginning of 2025 have pushed international gold prices to continuously increase, resulting in strong fluctuations in domestic gold prices, and the growing gap between domestic and world gold prices.

Illustrative photo (Photo: VNA)

Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV), ministries and agencies to implement measures to effectively manage the gold market.

According to an official dispatch issued on May 13, in recent times, the Government has issued resolutions and the Prime Minister has issued official dispatches and directives with timely, drastic and effective directions on solutions to manage the gold market, requesting the SBV to closely monitor, deploy solutions to stabilise the gold market, and promptly develop and submit to competent authorities a Decree amending and supplementing Decree No. 24/2012/ND-CP dated April 3, 2012 on the management of gold trading activities.

With synchronous solutions, by early April 2025, the difference between domestic and world gold prices was controlled and maintained at a suitable range, at times only about 1 - 2%.

However, along with pending internal shortcomings, the unusual and unprecedented developments in the world geopolitical situation since the beginning of 2025 have pushed international gold prices to continuously increase, resulting in strong fluctuations in domestic gold prices, and the growing gap between domestic and world gold prices.

To ensure the effectiveness and efficiency of state management and the goal of developing a safe, healthy, effective and sustainable gold market, not allowing gold price fluctuations to affect the stability and safety of the financial and monetary markets, to stabilise the macro economy, control inflation, and promote economic growth and social psychology, PM Chinh requested the SBV to coordinate with relevant agencies in implementing the tasks and solutions.

Specifically, the SBV was asked to closely monitor the developments in world and domestic gold prices, promptly implement solutions according to regulations when necessary to stabilise the gold market; avoid negative impacts on exchange rates, interest rates, the money and foreign exchange markets, and national financial and monetary safety and security; and report the implementation results to the PM in May.

The SBV was requested to issue the inspection conclusion for enterprises and credit institutions trading in gold according to the SBV’s Inspection Decision No. 324/QD-TTGSNH2 dated May 17, 2024; proactively handle and report to competent authorities to strictly handle violations, and report the implementation results to the PM in May.

The central bank shall coordinate with the Ministry of Justice and relevant ministries and sectors to urgently complete the proposal to amend and supplement Decree 24/2012/ND-CP dated April 3, 2012 on the management of gold trading activities, supplement and consolidate regulations to enhance the effectiveness of state management tools, develop a transparent, healthy, effective and sustainable market, contribute to promoting socio-economic development, and stabilise the macro-economy; and report to the Government in June.

PM Chinh asked the SBV to be more proactive in information and communication work; promptly provide official, public and transparent information on policies and strategies for managing the financial, monetary, foreign exchange and gold markets; stabilise people's psychology and create social consensus.

The PM assigned the Ministry of Public Security to coordinate with the SBV and relevant agencies in inspecting and strictly strictly handle violations relating to the gold market and gold trading activities, especially acts of smuggling, speculation, illegal trading, or market manipulation.

The Ministries of Public Security; Industry and Trade; Science and Technology; Finance; Justice; and Culture, Sports and Tourism; relevant agencies and localities must proactively coordinate with the SBV on gold market management; promptly share and provide information, and report issues arising beyond their authority to competent authorities.

VIR