VINACHEM

Prime Minister Pham Minh Chinh has tasked the State Bank of Vietnam with intervening quickly and narrowing the gap between domestic and global gold prices.

Bullion prices in Vietnam are higher than global prices by VND13 million (US$520.31) per tael of 37.5 grams while the gap is VND5.5-6.5 million for pure gold rings.

Relevant government agencies need to come up with practical measures to manage the gold market, the PM said.

To increase transparency, agencies should ensure businesses issue electronic invoices for all gold transactions, he said.

He tasked relevant agencies with keeping gold supply in line with market developments to avoid affecting exchange rates and foreign reserves and fueling speculative practices and price manipulation.

He called on them to crack down hard on offenses such as gold smuggling, profiteering, speculation, and price manipulation.

Gold prices have soared over the past week, with both bullion and ring having hit historic highs of VND85 million and VND78 million per tael.