Recently, world and domestic gold prices have fluctuated strongly, continuously increasing.
In response to this development, in order to strengthen the management of the gold market, while limiting and eliminating non-market factors affecting the effectiveness of the State's gold market stabilization solutions, the State Bank of Vietnam, Region 2 Branch, has issued a document requesting units and organizations to coordinate to effectively implement information and propaganda work so that people and businesses clearly understand and properly understand legal regulations on gold trading activities; regulations on buying and selling gold bars, in order to both comply with legal regulations and limit risks and prevent violations of the law.
People are only allowed to buy and sell SJC gold bars at credit institutions and enterprises licensed by the State Bank to buy and sell gold bars.
Enterprises that only trade in gold jewelry and fine arts and are not licensed to trade in gold bars will not be allowed to buy or sell gold bars to individuals or organizations.
The business of buying and selling gold bars without a license or done at unlicensed organizations and enterprises will be punished according to the provisions of Decree No. 88/2019/ND-CP dated November 4, 2019.
In addition, enterprises operating in this field (production of gold jewelry, fine arts; trading in gold jewelry, fine arts; trading in gold bars) must strictly comply with legal regulations on business licenses; Certificate of eligibility for gold jewelry production, fine arts; Invoices, documents valid, safe, product origin; Product quality and publicity, price listing.
Compliant business activities and transparency in public disclosure are not only the responsibility of organizations and individuals but also contribute to preventing and limiting risks from violations related to the crimes of counterfeit, counterfeit, smuggling and tax evasion.
Gold is a highly volatile financial asset, affected by many market factors. Therefore, people need to consider and be cautious when buying gold or investing in gold to avoid risks due to fluctuations in gold prices.
At the same time, it is necessary to properly implement regulations on gold trading and trading; spread awareness of law compliance to the community and work with the banking industry to effectively implement legal regulations. Strict compliance by businesses and people will contribute significantly to stabilizing the market, limiting speculation, price manipulation and negative psychological impacts affecting the common economic benefits.
