Deputy Prime Minister Le Minh Khai Chairs Price Steering Committee Meeting
Deputy Prime Minister Le Minh Khai chaired the Price Steering Committee meeting to review price management and regulation in the first quarter of 2024 and provide guidance for the remaining months of the year. Photo: VGP/Tran Manh
On April 24, Deputy Prime Minister Le Minh Khai chaired the Price Steering Committee meeting to review price management and regulation in the first quarter of 2024 and provide guidance for the remaining months of the year.
Speaking at the meeting, Deputy Prime Minister Le Minh Khai requested members to discuss and clarify the causes of obstacles and shortcomings in price management and regulation, especially for essential goods, special goods (gold bars, apartment prices), as well as fiscal and monetary policies. He also asked for an assessment of the market situation and supply and demand of goods domestically and internationally to prepare scenarios with proactive, timely, and effective management solutions.
Regarding gold prices, especially gold bars, Deputy Prime Minister Le Minh Khai requested the State Bank of Vietnam to strictly implement the government’s and Prime Minister’s directives on gold management. In the immediate term, it is necessary to ensure supply and demand at reasonable prices. At the same time, the State Bank should study and propose long-term solutions for gold management that both ensure state management requirements and meet the legitimate needs of the people.
Deputy Prime Minister Le Minh Khai requested ministries and agencies to continue strengthening information and propaganda activities to ensure timely, public, transparent, and accurate information about prices and the government’s price regulation activities, especially price developments of important materials and essential goods related to production and people’s lives.
“All efforts must be directed toward the common interests and benefits of the people. We must resolutely combat price gouging, fight against vested interests, curb inflationary expectations, and stabilize the psychology of consumers and businesses,” Deputy Prime Minister Le Minh Khai emphasized.
In the context of rising domestic gold prices in recent months, creating a significant difference between domestic and world gold prices, the State Bank of Vietnam has resumed the auction of SJC gold bars.
The first auction was held on April 22 but was canceled due to an insufficient number of members registering for the auction and making security deposits as required.
In yesterday’s auction (April 23), only two members won with a total volume of 34 lots (equivalent to 3,400 taels of gold) out of the 16,800 taels offered for sale. The highest winning price was 81.33 million VND/tael, and the lowest was 81.32 million VND/tael. This price is lower than the selling price of SJC gold but higher than the buying price at gold shops.
The State Bank of Vietnam has temporarily suspended gold bar auctions today and will continue to auction gold bars tomorrow morning, April 25, 2024. The total volume of gold bars expected to be auctioned will remain at 16,800 taels. The deposit rate is 10%. The minimum bidding volume for one member is 1,400 taels, and the maximum bidding volume for one member is 2,000 taels.
The State Bank of Vietnam stated that the auction of gold bars is in line with the Prime Minister’s directive to immediately implement solutions to stabilize the gold market and address the high difference between domestic and international gold prices.
