Government mandates tight regulations on gold transactions

The State Bank is obligated to have solutions in place to manage and strictly control activities and transactions in the gold market. The Government assessed that the current management of the gold market has been inadequate, leading to high domestic and international prices that are impacting growth, inflation control, and macroeconomic stability. As a result, the Government has directed the State Bank to promptly implement management solutions and strictly control market transactions to address issues such as the high price gap between domestic and international markets, smuggling, speculation, and price manipulation.

This directive from the Government and Prime Minister to the banking industry has been reiterated multiple times due to the surge in precious metals prices despite efforts to increase supply to the market. The price of SJC gold bars has reached a record high of 92 million VND per tael, with a significant difference between buying and selling prices. The gap between domestic and international prices has also widened, posing challenges for market stability.

To address these issues, the Government also called on ministries and localities to closely monitor both domestic and international developments and develop policy responses to support businesses and the public. Additionally, government-managed goods such as electricity, gasoline, and medical services need to be carefully assessed to mitigate any adverse impacts and implement appropriate adjustments in a timely manner.

Overall, the goal is to manage and stabilize the gold market to ensure economic stability and protect consumers from undue price fluctuations.