In response to the delegation from Ho Chi Minh City’s National Assembly, the list of inspected units includes: Tien Phong Commercial Joint Stock Bank (TPBank), Vietnam Export Import Commercial Joint Stock Bank (Eximbank), Saigon Jewelry Company Limited (SJC), Doji Gold and Gems Group Joint Stock Company, Phu Nhuan Jewelry Joint Stock Company (PNJ), and Bao Tin Minh Chau Limited Company.
According to Decision No. 324, dated May 17, 2024, the inspection covers compliance with legal provisions on gold business operations, anti-money laundering measures, accounting practices, invoice and voucher issuance and utilization, tax declaration, and tax obligation fulfillment. The inspection period is from January 1, 2020, to May 15, 2024.
While the inspection was planned to last 45 days, the results of the inspection of the above-mentioned six units have not been announced yet.
The State Bank of Vietnam is still inspecting gold business units.
Additionally, the State Bank of Vietnam affirmed that it would continue to implement other solutions to stabilize the gold market. Accordingly, the bank will continue to take necessary measures, as per regulations, to control the gap between domestic and global gold prices, following the directions of the competent authorities.
The State Bank of Vietnam is coordinating with relevant ministries and sectors to vigorously conduct inspections and examinations of the gold market, gold business activities, gold bar distribution shops and agencies, and gold buying and selling activities.
Moving forward, the State Bank of Vietnam will organize a summary and propose early amendments to Decree No. 24/2012, including content on gold bar production management, to perfect the legal framework for managing gold business activities.
During the period from late 2023 to mid-2024, domestic gold prices underwent significant fluctuations, with SJC gold even surpassing the 90 million VND/tael mark and reaching a difference of nearly 20 million VND/tael compared to global gold prices. In response, the State Bank of Vietnam implemented numerous measures to stabilize the gold market, notably organizing gold bar auctions and selling SJC gold bars at stabilized prices through four state-owned banks and SJC Company.
Currently, SJC gold bar prices have stabilized, without the shocking increases seen previously. The gap between global and domestic gold prices has also narrowed significantly, standing at approximately 4.32 million VND/tael.
Breakfast in Hanoi, Lunch in Ho Chi Minh City: A $70 Billion Dream for a 350km/h Railway
“The time is ripe for high-speed rail investment, given Vietnam’s current standing and potential,” asserted Nguyen Danh Huy, Deputy Minister of Transport.
Rearing in Revenue: The Ministry’s Mandate?
The Vietnamese government has made significant strides in reforming state capital investment management. One notable change is the decision to no longer manage second-tier enterprises and reduce the number of enterprises requiring the Prime Minister’s approval for leadership appointments. These moves signify a shift towards greater autonomy for businesses and a streamlined decision-making process. However, a point of contention remains: how should state-owned enterprises distribute profits when the state does not hold a substantial amount of capital in these businesses? This question sparks an important debate, highlighting the need to balance state involvement and enterprise independence.
The Ultimate Guide to the Upcoming Car Plate Number Auction: Over 388,000 Options Available for Bidding, Starting September 5th.
The Ministry of Public Security is gearing up for its 5th auction of prestigious vehicle license plates. This time, a whopping 388,389 license plates are up for grabs, including over 56,000 plates from Hanoi and almost 54,000 from Ho Chi Minh City. Mark your calendars and get ready to bid for your chance to secure one of these exclusive license plates!
