On July 9, Nghe An Provincial People's Committee said that it had issued Official Dispatch No. 8187 on strengthening the management of gold business activities in the area.
This move was made according to the gold market management orientation of the Government Office and the proposal of the State Bank of Vietnam Branch Region 8.
Accordingly, the People's Committee of Nghe An province requested the State Bank of Vietnam Branch Region 8 to preside over and coordinate with the State Bank of Vietnam and relevant units to strengthen inspection and supervision of law compliance of gold business establishments.
This unit is also assigned to urge and guide credit institutions and gold trading enterprises to strictly implement regulations on account payments; promptly report suspicious transactions to prevent and combat money laundering.
The Provincial People's Committee assigned the Provincial Police to preside over and coordinate in grasping the situation, investigating and strictly handling acts of smuggling, illegal transportation of gold across borders, illegal business, speculation, and manipulation of the gold market.
The Provincial Police also closely coordinate with the Customs and Banking forces to prevent and handle signs of crime in this field.
Provincial tax authorities are required to focus on strictly managing the issuance and use of electronic invoices and documents in gold trading activities; reviewing and inspecting tax declarations of businesses and business households, and strictly handling acts of tax evasion and tax fraud.
The Department of Industry and Trade directs the Market Management Sub-Department to strengthen inspection of circulation activities in the market; promptly detect and handle cases of gold of unknown origin, violating regulations on price listing or showing signs of trade fraud.
Sub-Department of Customs of Region XI is assigned to strictly control at border gates, in order to prevent the situation of false declarations about the quantity, quality, and origin of gold; resolutely combat gold smuggling across borders.
The Department of Science and Technology coordinates to inspect the compliance with regulations on standards, measurement, quality and industrial ownership at gold trading establishments.
The People's Committee of Nghe An province also assigned the Provincial Inspectorate to coordinate the organization of inter-sectoral inspection teams, and at the same time urge the implementation of previous inspection conclusions related to the gold market.
People's Committees of communes and wards are required to promote propaganda to raise awareness among people and businesses, not to participate in illegal gold trading activities; closely monitor the area, promptly reflect and provide information about signs of violations to functional agencies for handling.
Tightening management of gold business activities is expected to contribute to stabilizing the market, improving the efficiency of state management, and preventing acts of smuggling, tax fraud, money laundering and gold price manipulation.
