VINACHEM

Prime Minister Phạm Minh Chính on Wednesday signed an official dispatch, asking relevant authorities to tighten management measures to stabilise the local gold market.

The move was put forward following complicated developments in global and domestic gold markets, causing strong fluctuations in domestic gold prices, which affects the stability and safety of financial and monetary markets and social life.

Prime Minister requested the State Bank of Việt Nam (SBV) coordinate with relevant agencies to closely monitor the world and domestic gold price developments and implement prompt and effective solutions to stabilise the gold market following market principles, paying attention to the high gap between domestic and international gold bar prices.

A report detailing the outcomes of these measures is to be submitted to the Prime Minister by the end of this month.

The PM also requested a comprehensive examination of the legal framework, mechanisms and policies related to gold market management and gold bar and gold jewellery business activities in the country. He tasked SBV with promptly reviewing the implementation of Decree No. 24/2012/ND-CP dated April 3, 2012 on the management of gold business activities and propose amendments to enhance the effectiveness of the State management and report to the Prime Minister before March 22.

The PM has instructed the Ministry of Public Security to collaborate with SBV, alongside other inspection agencies and relevant authorities to immediate inspection of gold trading of enterprises, stores, gold distribution and trading agents and other entities participating in the market. Particular emphasis should be placed on addressing acts such as smuggling, manipulation, speculative profiteering and price manipulation of gold bars.

Communications work must be given due attention so as to provide the public with official information as well as policies related to the management of the financial, monetary, foreign exchange and gold markets, helping stabilise the public sentiment. — VNS