The draft amendment and supplement to Decree 24/2012/ND-CP on management of gold trading activities is receiving many comments from ministries, branches and experts.
Notable contents include recording the number of gold bar series in trading documents, regulations on non-cash payments of VND20 million or more and proposing to expand the role of commercial banks (CMs) in the import and production of gold bars.
The Ministry of Public Security believes that there are currently no specific regulations on the management of the number of gold bar series, from the number of newly produced gold bar series, the number of processed gold bar series for distorted foundations, the number of series in buying/selling transactions, the number of series of gold bars converted into raw gold...
Regarding the mandatory recording of information about the number of gold bar series in the above transactions can help limit risks in gold trading activities, verify the legality and origin of gold trading, help manage and control gold trading activities more closely and safely, while ensuring customer rights in gold bar trading.
Some individual investors have also expressed support for the proposal to require the recording of the number of gold bar Serie on trading documents. Mr. Nguyen Van Tuong (Tay Mo - Hanoi) said: "Currently, when buying gold bars, people have almost no way to accurately verify the origin of gold if they no longer have the original invoice. If there is a mechanism to clearly state the serial number on the document and connect it to the national database, it will be much more secure when transacting again".
Sharing the same view, Ms. Nguyen Phuong Anh (Cau Giay - Hanoi) said that managing serial numbers not only helps the market to be transparent but also protects consumers, limiting fraud and gold exchange in buying and selling. "I support this proposal. If approved, I think there should be specific and easy-to-understand instructions for people to grasp and implement" - Ms. Phuong Anh said.
Sharing with Lao Dong reporter, financial expert - Dr. Nguyen Tri Hieu said that the requirement to record the number of gold bar Serie in the invoices is necessary and reasonable.
However, he noted that management needs to be associated with the total amount of gold licensed by the State Bank to be put into the economy. For example, if the State Bank licenses the import of 10 tons of gold each year, the series management system also needs to closely follow this volume, clearly allocating it to each unit allowed to produce or import.
Receiving the proposed and contributed proposals, the State Bank said it will coordinate with the Ministry of Finance to specifically guide the recording of the number of gold bar Serie on the certificate, towards establishing a synchronous and modern management system.
In parallel with strengthening control of goods sold, the draft Decree also adds a provision requiring gold transactions with a total value of VND20 million or more in a day to be conducted through bank accounts. The goal is to authenticate customer information, increase transparency and limit money laundering. The draft also emphasizes the calculation of the value of 20 million VND according to the total daily transaction of each customer, in order to prevent the act of dividing transactions into smaller amounts to "circumvent the law".
The above comments show high consensus on the policy of managing gold bars, but also require the building of a strong enough legal and technical system to effectively implement, avoiding causing more cumbersome procedures for businesses. In the context of the gold market still facing many potential fluctuations and speculative risks, strict but flexible control is a necessary condition to stabilize the macro and protect the interests of the people.
