Proposing stronger measures to control the gold and real estate markets

On the morning of October 21, during a group discussion at the 10th session of the 15th National Assembly on the socio -economic situation, many National Assembly deputies expressed concern about the complicated developments in the gold and real estate markets .

Delegate Nguyen Lam Thanh ( Thai Nguyen delegation) acknowledged that the real estate market and gold market are posing many challenges in management. Regarding the gold market, delegate Thanh was concerned that although the legal system has been basically promulgated, control and management are still ineffective and there are still bottlenecks.

Delegate Nguyen Lam Thanh (Thai Nguyen delegation)

PHOTO: PHAM THANG

"People say that it is difficult to buy wedding rings at the moment when gold prices are so high, whereas in the past this was not so difficult," said Mr. Thanh.

Emphasizing that the real estate market and the gold market are important "measures" of the economy, delegate Nguyen Lam Thanh recommended that the Government take stronger measures in control and management, both to ensure the gold market operates according to the laws of supply and demand and to keep the real estate market developing healthily.

According to the Thai Nguyen delegation, recently, the National Assembly has issued many important laws such as the Housing Law, the Real Estate Business Law, the Credit Institutions Law, etc., but the control of the real estate market has not kept up with reality, leading to a sharp increase in real estate prices, especially apartment prices in large cities.

He emphasized the shortcomings in the real estate market when prices are rising, making home ownership increasingly out of reach for low-income people, even those with average and good incomes have difficulty accessing housing.

Therefore, delegate Thanh recommended reviewing relevant legal regulations as well as managing macro policies to ensure stable and sustainable market development.

Delegate Pham Van Hoa (Dong Thap delegation) also said that, in the context of the continuous increase in world gold prices, domestic gold prices are also very hot. Especially the situation of the difference between domestic and world gold prices has widened to tens of millions of VND/tael.

According to Mr. Hoa, previously we controlled this difference to only 3 - 5 million VND/tael, but now the difference in domestic and world gold prices has increased, greatly affecting people's lives and affecting market prices.

The Government has amended Decree 24/2012 on gold market management, which includes regulations on licensing eligible businesses and banks to import gold, but so far no business has been licensed to import gold. Therefore, Mr. Hoa recommended that the Government pay attention to this issue to control gold prices and avoid affecting macroeconomic management.

Gold prices increase due to restrictions on gold imports

Also expressing concerns about the price of gold, delegate Nguyen Thi Phu Ha (Phu Tho delegation) said that since the beginning of the year, when the world gold price was only about 3,000 USD, experts predicted that it would reach 4,000 USD by the end of this year. However, Vietnam has policies that restrict the purchase of gold.

Delegate Nguyen Thi Phu Ha

PHOTO: PHAM THANG

"I see the whole world like China, India and other countries increasing their accumulation, increasing their gold reserves very high, and increasing very suddenly, including developed countries. In the past, there wasn't much, but now they increase their reserves to assets," Ms. Ha said, adding that if the import restriction policy is maintained, people's and businesses' assets will be lost.

"In the current trend, as predicted by experts, by 2026 gold will increase to 5,000 USD/ounce and by 2029 it will be 10,000 USD/ounce and maybe even higher. Meanwhile, we do not allow people to buy gold. People like retirees saved a little money at the beginning of the year, they bought one tael of gold, now the amount has doubled. Meanwhile, the savings interest rate is only 3-4%", said delegate Phu Ha and warned that if restrictions continue, people will eventually buy illegally, if not careful, the quality of gold will not be guaranteed, and when sold, it will not be able to be sold.

Source: https://thanhnien.vn/de-nghi-co-bien-phap-manh-me-hon-trong-kiem-soat-thi-truong-vang-bat-dong-san-185251021133952219.htm