On May 12, 2024, the State Bank of Vietnam (SBV) had a meeting with Ho Chi Minh City (HCMC) People's Committee on the implementation of the Prime Minister's directions on the coordinated management of the gold market. Attending the meeting, on the SBV aside, there was Mr. Pham Thanh Ha, Deputy Governor, and leaders of several entities under the SBV. On the side of Ho Chi Minh City People's Committee, there was Mr. Nguyen Van Dung, Vice Chairman of the People's Committee, and leaders of a number of units, such as the Police Department, the Market Surveillance Authority, the Department of Information and Communications, etc.
To enhance the effectiveness of the solutions for the gold market management in the coming time, at the meeting, the leaders of the SBV and HCMC People's Committee agreed on the following measures: HCMC People’s Committee will coordinate with the SBV and the relevant agencies to urgently implement the measures and tools in accordance with the laws, especially Decree No. 24/2012/ND-CP to manage the gold market strictly and effectively, preventing the speculation, hoarding or manipulation of the gold prices; Strengthening the application of information technology, the digital transformation in the monitoring and the management of the gold market, requiring e-invoices for all gold transactions, requiring gold trading businesses to strictly implement the regulations on e-invoices in gold trading activities; Continuing to strictly implement the inspection, control, and supervision, etc."
For Saigon Jewelry Company Ltd. (SJC), as a 100% state-owned enterprise under HCMC People's Committee, the leaders of HCMC People's Committeedirected the SJC to immediately conduct measures and perform the political tasks to stabilize the gold market; implement strictly the directions of the authorities to conduct solutions for ensuring the security and safety of the gold market; Strictly implement the regulations on the gold trading operations, the e-invoices, reporting requirements on anti-money laundering, etc.
The SBV will continue to organize auctions to sell gold bullions to the market with the volumes and frequencies aligned with the market demands. In light of the fluctuations of the gold prices in the international gold markets and the actions to enhance the domestic gold market management in the coming time, the people need to raise their cautions when participating in gold transactions to reduce risks.
HY