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Central bank takes bold actions to stablise gold market
The State Bank of Việt Nam (SBV) is working closely with ministries and local authorities to implement comprehensive strategies to address significant price disparities and stabilise the gold market.
A customer buys gold at Bảo Tín Minh Châu Gold Firm in Hà Nội. — VNA/VNS Photo
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Local branches of the SBV have been instructed to collaborate with relevant authorities to monitor, inspect and supervise gold trading activities in their regions.
The central bank has also required licensed credit institutions and businesses to strictly comply with legal regulations regarding gold trading activities, particularly concerning invoicing and record-keeping.
Additionally, the Ministry of Public Security, the Ministry of Industry and Trade, and the Ministry of Finance have been asked to enhance inspections and impose strict penalties on illegal activities, including gold smuggling, market manipulation and profiteering, which destabilise the gold market.
Notably, the SBV has organised auctions of gold bars and directly sold gold to four State-owned commercial banks and SJC (Saigon Jewelry Company) to meet demand from individuals.
It has also worked with ministries, especially the Ministry of Public Security, and local governments to maintain public order and ensure the effectiveness of intervention measures.
“Thanks to synchronised measures implemented by the State Bank and effective coordination with relevant authorities, the disparity between domestic SJC gold bar and international gold prices has significantly narrowed, resulting in a stabilised gold market,” SBV stated.
The SBV has also strengthened inspections and monitoring of gold trading businesses to address legal violations and ensure strict adherence to electronic invoicing regulations.
Moreover, it has reviewed and improved the legal framework and policies related to market management and gold trading activities. Measures to combat illegal gold smuggling and trading have been intensified.
According to the SBV, recent inspection activities have strictly followed legal guidelines, ensuring transparency without negatively affecting business operations.
The SBV has issued Inspection Decision No. 324/QĐ-TTGSNH2 to audit compliance with gold trading laws among six licensed credit institutions and gold trading companies, which account for over 92 per cent of the gold bar trading market.
Furthermore, according to the SBV, the Ministry of Planning and Investment is responsible for regulating and guiding the issuance of business registration certificates for gold trading enterprises.
These companies must declare their capital upon establishment and comply with accounting and invoicing regulations following Decree 24, guided by the Ministry of Finance.
Under the decree, enterprises must prove the origin of their gold in order to prevent fraud and legalise unofficial gold sources.
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