State Bank announces new information on gold price management solutions in the coming time

ngân hàng - Ảnh 1. — Governor Nguyen Thi Hong - Photo: GIA HAN

The State Bank of Vietnam has responded to voters' opinions from several provinces sent before the 9th session of the National Assembly.

Accordingly, Lam Dong province voters believe that the current gold price is increasing sharply, sometimes the domestic gold price is quite different from the world gold price. From there, they propose a policy to stabilize the domestic gold price.

Gold buying and selling prices are proactively listed by credit institutions and businesses.

Responding to this content, the State Bank clearly stated that regarding gold price management, Vietnam is not a gold mining country, so gold consumed domestically is mainly from imported sources.

Therefore, the domestic gold price depends on the world gold price movement. Recently, the world gold price has been constantly fluctuating, mainly in an upward trend due to many reasons.

Geopolitical tensions, diplomacy, and armed conflicts in many countries around the world have escalated, causing the demand for physical gold consumption in some countries and the gold reserves of many central banks to increase sharply...

Thus, gold prices are increasing all over the world, not just in Vietnam.

The State Bank pointed out that according to the 2012 Law on Prices and the 2023 amended Law on Prices, gold is not an essential commodity and is not on the list of goods and services subject to price stabilization.

Gold buying and selling prices are actively listed by credit institutions and businesses buying and selling gold bars according to regulations.

The State Bank only intervenes and stabilizes the gold market in cases where gold prices fluctuate unfavorably, affecting the foreign exchange market, exchange rates, and monetary policy.

Regarding the policy mechanism for managing the gold market, implementing the National Assembly's resolutions on questioning activities at meetings, including reviewing, amending and perfecting the legal corridor on gold trading activities, from 2023 to present, the State Bank has presided over and coordinated with relevant ministries, branches and agencies to deploy the summary report and assessment of Decree 24/2012 of the Government on management of gold trading activities.

Accordingly, the State Bank has submitted to the Prime Minister reports summarizing and evaluating Decree 24 and proposing directions for gold market management to effectively and sustainably manage the gold market in the coming time.

Following the direction of General Secretary To Lam on the viewpoints and goals of state management of the gold market, the directions of the Government, the Prime Minister, and the State Bank, the draft decree amending and supplementing a number of articles of Decree 24 has been prepared.

The draft is currently under review by the Ministry of Justice.

Enterprises and banks will have to build information systems on gold production, export and import.

Voters in Can Tho City also proposed that the banking sector prioritize the early completion of digital transformation in the gold, silver, and gemstone business sectors.

This is to help the business market in this field become more transparent, fair, safe, effective and modern in the future.

Responding to this content, the State Bank said that in the direction of General Secretary To Lam, it clearly stated the need to soon build an information and data system on the gold market to increase publicity and transparency, to collect taxes, manage, and assess the impact on the gold market, foreign exchange, exchange rates, and other investment channels.

In recent times, the Bank has coordinated with relevant ministries, branches and agencies to summarize and evaluate the implementation of Decree 24/2012, and at the same time proposed solutions and amendments and supplements to effectively and sustainably manage the gold market in the coming time.

The State Bank has consulted relevant ministries and branches and widely consulted on the draft decree amending and supplementing a number of articles of Decree 24.

Accordingly, the draft decree adds regulations on the responsibilities of enterprises and commercial banks to build information systems to ensure complete and accurate storage of data on gold production, export and import.

Basically, the information system will include basic information and data on gold trading activities of enterprises and commercial banks.

The connection to provide information to competent authorities is carried out in accordance with relevant legal regulations.

When the decree is issued, it will ensure public and transparent information about the gold market, helping management agencies assess the impact on the market and have appropriate management policies.

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Source: https://tuoitre.vn/ngan-hang-nha-nuoc-thong-tin-moi-ve-giai-phap-quan-ly-gia-vang-thoi-gian-toi-20250730101008792.htm