The State Bank of Vietnam has just issued a document responding to voters' opinions sent by some provinces before the 9th Session of the National Assembly.
Accordingly, voters in Lam Dong province believe that gold prices are currently increasing sharply, sometimes domestic gold prices have a fairly high difference compared to world gold prices. On this issue, voters recommend a policy to stabilize domestic gold prices.
Responding to the above content, the State Bank stated that for gold price management, Vietnam is not a gold mining country, so domestic gold consumption is mainly from imported sources.
Therefore, domestic gold prices depend on world gold price developments. Recently, world gold prices have fluctuated continuously, mainly following an upward trend due to many reasons.
Typically, geopolitical and diplomatic tensions, armed conflicts in many countries around the world have escalated, causing the demand for physical gold consumption in some countries and gold reserves of many central banks to increase sharply...
Thus, gold prices have increased globally, not only in Vietnam.
The State Bank clearly stated that according to the 2012 Price Law and the 2023 amended Price Law, gold is not an essential commodity, not on the list of goods and services for price stabilization.
The buying and selling prices of gold bars are proactively listed by credit institutions and businesses buying and selling gold bars according to regulations.
The State Bank only intervenes and stabilizes the gold market in cases where unfavorable fluctuations in gold prices affect the foreign exchange market, exchange rates, and monetary policy.
Regarding the mechanism and policy for managing the gold market, implementing the National Assembly's resolutions on questioning activities at the sessions, including reviewing, amending and perfecting the legal framework on gold trading activities.
From 2023 to present, the State Bank has chaired and coordinated with ministries, branches and relevant agencies to deploy the summary report and assessment of Decree 24 2012 of the Government on management of gold trading activities.
Accordingly, the State Bank has submitted to the Prime Minister reports summarizing and evaluating Decree 24 and proposed orientations for gold market management to effectively and sustainably manage the gold market in the coming time.
Following the direction of General Secretary To Lam on the viewpoints and goals of state management of the gold market, the instructions of the Government and the Prime Minister, the State Bank has prepared a draft decree to amend and supplement a number of articles of Decree 24.
The draft is currently in the process of being appraised by the Ministry of Justice.
Meanwhile, voters in Can Tho City proposed that the banking sector prioritize the early completion of digital transformation of the gold, silver, precious stone trading sectors...
Responding to this content, the State Bank said that in the past time, the Bank has presided over and coordinated with relevant ministries, branches and agencies to summarize and evaluate the implementation of Decree 24/2012.
At the same time, propose solutions and amendments to effectively and sustainably manage the gold market in the coming time.
The State Bank has consulted relevant ministries and branches and widely consulted on the draft decree amending and supplementing a number of articles of Decree 24.
Accordingly, the draft decree supplements regulations on the responsibility of enterprises and commercial banks to build an information system to ensure adequate and accurate storage of data on gold production, export and import.
When the decree is issued, it will ensure publicity and transparency of information about the gold market to help management agencies assess the impact on the market and have appropriate management policies.
