Coordinate gold market management

The State Bank will continue to organize gold bar auctions with appropriate volume and frequency.

On May 12, the State Bank of Vietnam worked with the People's Committee of Ho Chi Minh City to implement the Prime Minister's direction on coordinating gold market management.

Attending the meeting were Deputy Governor of the State Bank of Vietnam Pham Thanh Ha and leaders of several units under the State Bank of Vietnam. On the side of the Ho Chi Minh City People's Committee, there were Vice Chairman of the City People's Committee Nguyen Van Dung and several units such as: City Police, Market Management Department, Department of Information and Communications, etc.

To enhance the effectiveness of gold market management solutions in the coming time, at the meeting, the leaders of the State Bank of Vietnam and the People's Committee of Ho Chi Minh City agreed: Coordinate with the State Bank of Vietnam and relevant agencies to promptly implement measures and tools in accordance with legal regulations, especially Decree 24/2012/ND-CP dated April 3, 2012 of the Government to strictly and effectively manage and operate the gold market, to prevent profiteering, speculation, manipulation, price hikes, etc.

The two sides also agreed to apply information technology and digital transformation in monitoring, managing and operating the gold market, and have electronic invoices in gold buying and selling transactions, requiring gold businesses and trading units to strictly implement regulations on electronic invoices in gold trading, buying and selling activities;...

For Saigon Jewelry Company - SJC, the leaders of the Ho Chi Minh City People's Committee directed to continue to immediately carry out market stabilization work, carry out political tasks to stabilize the gold market. Coordinate and implement the direction of competent authorities to have solutions to ensure security, order and safety of the gold market; strictly implement regulations on management of gold trading activities, document regime, electronic invoices, anti-money laundering reports, statistics on gold buying and selling transactions.

The leaders of the State Bank of Vietnam also affirmed that they will continue to organize auctions to sell gold bars to the market with volume and frequency appropriate to market demand.

“Given the fluctuations in gold prices in the international market and the upcoming moves to manage and control the gold market, people need to be cautious when participating in gold transactions to minimize risks,” a representative of the State Bank of Vietnam recommended.

Source