In Official Dispatch 159 on the direction and management of fiscal and monetary policies, Prime Minister Pham Minh Chinh requested the State Bank to closely monitor the developments in world and domestic gold prices and promptly implement necessary solutions and tools.
This is to stabilize the gold market, narrow the gap between international and domestic prices, and avoid negative impacts on the currency market (exchange rates, interest rates, foreign exchange) and the macro economy .
According to the dispatch, the State Bank must increase inspections to detect and strictly handle violations, especially manipulation, hoarding, illegal trading... causing instability in the gold market.
Previously, at the Government meeting on September 6, Deputy Governor of the State Bank Doan Thai Son explained the price increase was due to the escalation of world gold prices. At the same time, the expectation and market sentiment that the price of precious metals would continue to increase caused people's demand to increase very high.
Another reason pointed out is the scarce domestic supply due to the State Bank stopping the sale of SJC gold bars to the market in the context of transition to a new management mechanism.
Prime Minister Pham Minh Chinh (Photo: VGP).
In the telegram, the Prime Minister also requested the State Bank to closely follow market developments and the domestic and international economic situation to proactively manage monetary policy. Monetary policy must be synchronized with fiscal and macroeconomic policies to prioritize promoting growth associated with macroeconomic stability, controlling inflation, and ensuring major balances of the economy.
The State Bank must direct credit institutions to continue to reduce costs, simplify procedures, increase digital transformation... to have room to reduce lending interest rates, and at the same time direct credit to production and business sectors. Thereby, effectively implementing credit programs for social housing loans, infrastructure investment, digital technology, supporting linkages in production, processing and consumption of high-quality rice products.
In addition, the banking industry needs to handle bad debts, strictly control credit flows to potentially risky areas, and strictly handle violations in banking activities such as manipulation, cross-ownership, and granting credit to "backyard" businesses... The entire system must complete digital transformation to control risks and cash flows into and out of banks using technology in the fourth quarter of 2025.
The head of the Government also reiterated the request to develop a roadmap and pilot the removal of the measure of assigning credit growth targets (credit room) to be implemented from 2026, promote non-cash payments, strictly manage the foreign exchange market and stabilize the value of Vietnam's currency.
On the side of the Ministry of Finance, the Prime Minister directed to urgently preside over and coordinate with relevant agencies to complete the report to the Politburo on the activities of Steering Committee 751 and propose solutions to remove difficulties for long-standing and stuck projects, and report to the Standing Committee of the Government Party Committee before September 10.
The Ministry of Finance needs to drastically implement solutions to develop the stock market and corporate bond market in a stable, safe and healthy manner, becoming an effective medium and long-term capital mobilization channel for the economy, contributing to supporting monetary policy. Urgently complete the prescribed criteria to meet the upgrading of the stock market from a frontier market to an emerging market.
Source: https://dantri.com.vn/kinh-doanh/cong-dien-cua-thu-tuong-xu-nghiem-cac-hanh-vi-gay-bat-on-thi-truong-vang-20250908095848346.htm
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