On April 12, 2024, answering questions from the news correspondents, Deputy Governor Pham Thanh Ha of the State Bank of Vietnam (SBV) shared that the SBV is ready with different options to intervene and stabilize the gold market.
In the recent days, the complicated developments in the international gold market have caused a sharp increase in the domestic gold price, much higher than the international gold price. In this regard, the SBV has developed a report on reviewing and suggesting possible amendments and supplementations to Decree No. 24/2012/ND-CP on the management of the gold market operations in order to develop a stable, healthy, transparent and sustainable gold market, preventing the “goldization” of the economy.
Continuing to implement the Prime Minister’s directions at the Announcement of Conclusions dated April 11, 2024, the SBV would immediately conduct measures to stabilize the gold market, specifically as follows:
Firstly, for the gold bullion market, the SBV would intervene to increase the supply to narrow the gap between the domestic gold price and the international gold price.
Secondly, for the gold jewelry and handicraft market, the SBV would continue to create favorable conditions to ensure enough materials for production activities in support of the exports.
Thirdly, the SBV would coordinate with the relevant Ministries and agencies to supervise and inspect the operations of the gold trading companies; requiring the companies to use e-invoices for all gold transactions in order to improve the transparency and the effectiveness; penalizing strictly all gold smuggling across the border, the speculation, hoarding or manipulation of the gold price.
For the inspections particularly, the SBV and the relevant Ministries and agencies have already established an inspection mission, and the mission would be deployed in this month (April 2024).
Le Hang