In order to implement the policy on narrowing the gap between the domestic and the international gold prices, the State Bank of Vietnam (SBV) has been conducting synchronous measures aimed at stabilizing the market and has achieved some initial results.
Currently, there are baseless rumors that the SBV does not have enough gold for sale. At a number of gold selling locations, many people have been hired to queue and buy gold for hoarding, in order to push the gold price up and benefit from the differences, causing instabilities in the market and damaging the economy.
The SBV has been coordinating with the police to verify and strictly penalize the acts of gold hoarding and market manipulation. In addition to maintaining the supply of the SJC-branded gold bullions to meet the legitimate demands of the people, the SBV would proactively conduct solutions to strongly combat speculation and gold hoarding.
Moreover, the inspections with the aim of clarifying any violations of the credit institutions and the enterprises with gold trading activities are also being urgently and drastically implemented, especially in Hanoi and Ho Chi Minh City.
The SBV asserts that it has sufficient resources and determination to stabilize the market and control the gap between the domestic and the international gold prices at an appropriate level. The people should raise their cautiousness, avoiding to be affected and taken advantage of by people with bad intentions.