More efforts required to effectively manage gold market

According to Official Dispatch 64/CD-TTg, the Government leader instructs the SBV to coordinate with relevant authorities in implementing assigned tasks and solutions. The SBV is required to closely monitor both global and domestic gold price fluctuations and promptly apply regulatory measures, when necessary, to stabilize the gold market. Such actions must aim to prevent adverse impacts on exchange rates, interest rates, monetary and foreign exchange markets, and to safeguard national financial and monetary stability and security. The SBV shall report implementation outcomes to the Prime Minister within May.

Additionally, the SBV is tasked to issue conclusions from inspections of enterprises and credit institutions engaged in gold trading, pursuant to Inspection Decision 324/QD-TTGSNH2 dated May 17, 2024. Violations must be promptly addressed, with reports submitted to competent authorities for strict enforcement, and results conveyed to the Prime Minister within May.

The central bank will also have to collaborate with the Ministry of Justice and other relevant ministries and sectors to urgently finalize a proposal to amend and supplement Decree 24/2012/NĐ-CP dated April 3, 2012, concerning the management of gold trading activities. This revision aims to enhance regulatory tools, promote a transparent, robust, and sustainable market, and contribute to macroeconomic stability and socio-economic development. The revised proposal must be submitted to the Government in June.

Furthermore, the Prime Minister directs the SBV to adopt a more proactive approach to public information and communication, ensuring timely, transparent, and accurate dissemination of policies and strategies relating to financial, monetary, foreign exchange, and gold market management. These efforts are intended to stabilize public sentiment and foster social consensus.

Meanwhile, the Ministry of Public Security is assigned to work with the SBV and other relevant authorities to inspect and rigorously address violations within the gold market, particularly acts of smuggling, speculation, illicit trading, and market manipulation.

The Ministries of Public Security; Industry and Trade; Science and Technology; Finance; Justice; and Culture, Sports and Tourism, along with other relevant agencies and local authorities, are directed to actively coordinate with the SBV in managing the gold market. They must promptly exchange information and report any issues exceeding their jurisdiction to competent authorities for resolution.

By VLLF