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Shops to be banned from selling gold bullion
Vietnam is considering banning trade in gold bullion on the free market, the central government says in its Resolution number 11/NQ-CP issued Thursday.
The Vietnamese government has asked the State Bank of Vietnam to submit to it proposals regarding the regulation of gold trading with the view towards abolishing bullion trade on the free market.
This means that gold bullion is only to be traded at shops designated by the State Bank of Vietnam. Private shops would only sell gold in the form of jewelries.
Those wanting to sell bullion can only do so at central bank-approved outlets.
The State Bank last year shut down gold trading floors and gold exchange operations, and at the same time limited deposits and lending in gold by financial institutions.
The resolution includes solutions to stabilizing macro-economy, containing inflation, and ensuring social welfare.
The government will accordingly tighten its monetary policies; cut down on public investment and budget deficit; boost production and export; reduce import; save energy; adjust power and fuel prices; better the social welfare system; and improve the availability of information.
The Southeast Asian nation now places much more emphasis on a stable macro-economy after last year’s focus on economic growth, but it is struggling with rising prices that cause worries over high inflation.
Local businesses have also complained high interest rates are currently a major obstacle to domestic production.
Vietnam has set its inflation target for this year at 7 percent or less from an 11.75 percent rate last year.
Local experts have said inefficient public investment and budget deficit are the two most important factors that may raise inflation.
The country two weeks ago devalued its currency by 8.5 percent and thus gave the dollar a 9.3 percent boost against the dong in a bid to bridge a gap between official and unofficial exchange rates between the two currencies.
It then hiked average power prices by 15.28 percent, effective on 1 March, and fuel prices by up to 24 percent.
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