With synchronous solutions, by early April 2025, the difference between domestic and world gold prices was controlled and maintained at a suitable range. — VNA/VNS
HANOI: Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV), ministries and agencies to implement measures to manage the gold market effectively.
According to an official dispatch issued on Tuesday, the government has recently 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.
These include requesting the SBV to closely monitor and 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% to 2%.
However, along with pending internal shortcomings, the unusual and unprecedented developments in the world geopolitical situation since the beginning of this year have pushed international gold prices to continuously increase
This resulted in strong fluctuations in domestic gold prices and the growing gap between domestic and world gold prices.
Chinh requested the SBV to co-ordinate with relevant agencies in implementing the tasks and solutions 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 macroeconomy, control inflation, and promote economic growth and social psychology.
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 prime minister in May.
It has been 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.
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. — Viet Nam News/ ANN
