Prime Minister requests to submit new regulations on gold management before July 15

In the telegram on increasing the effectiveness of monetary and fiscal policy management, Prime Minister Pham Minh Chinh requested the State Bank to preside over and coordinate with relevant agencies to strengthen appropriate and effective gold market management measures.

Illustration photo.

The agency is seeking comments on a draft decree amending Decree 24/2014 on gold trading management. Government leaders have asked them to submit the draft decree before July 15.

In 2014, Decree 24 was issued by the authorities with the aim of preventing the goldization of the economy . Since then, SJC has been considered the national gold bar brand. The State Bank does not import gold to produce gold bars, causing the gold supply to decrease. This leads to the fact that the market is often unbalanced in supply and demand, with world prices increasing little while domestic prices have risen very high.

At the meeting on gold market management on May 24, in addition to the difference in domestic and international prices, the Prime Minister commented that the gold market has recently been complicated by manipulation, hoarding, and smuggling. Therefore, he requested to amend Decree 24 in a shortened form, and to build a database on the gold market.

According to the draft revised decree, the monopoly mechanism for gold bar production is removed. Instead, the management agency will control the market by granting import limits and licenses to credit institutions and qualified businesses. Businesses wishing to be licensed to produce gold bars must have a minimum charter capital of VND1,000 billion, and banks must have VND50,000 billion.

Also in the dispatch, the Prime Minister requested the State Bank and relevant parties to submit a draft Resolution on piloting the crypto asset market before July 15.

Regarding monetary policy, the management agencies need to closely monitor the developments and the economic situation in the world and in the country to manage proactively, flexibly, promptly and effectively. They also need to direct credit institutions to continue reducing costs to lower the lending interest rate level, supporting production and business.

The Prime Minister reiterated the request to promote credit programs for people under 35 years old to buy or rent social housing. Last week, the State Bank announced the fourth interest rate reduction for this group, down to 5.9% per year. This rate will be applied until the end of 2025.

Regarding fiscal policy, the Ministry of Finance is assigned to work with other agencies to review and evaluate the impact of the US's reciprocal tax policy on Vietnam, and report to the Government before July 15. This is to help the operator have timely policies to support businesses and people in affected areas.

According to VnExpress

Source: https://baobacninhtv.vn/thu-tuong-yeu-cau-trinh-quy-dinh-moi-ve-quan-ly-vang-truoc-ngay-15-7-postid421415.bbg