The State Bank of Vietnam (SBV) announced that it will continue to narrow and control the gap between domestic SJC gold bar prices and global prices to maintain an appropriate difference.
Regarding the gold market, the SBV also reported to the National Assembly on the implementation of Resolution No. 62/2022/QH15 on questioning at the 3rd session of the XV National Assembly. According to the SBV, on March 20, 2024, the SBV submitted to the Prime Minister Report No. 28 on the summary report evaluating the implementation of Decree 24/2012/ND-CP on gold market management. It proposed four groups of solutions and two groups of recommendations to perform the function of managing the gold market in the coming time.
Implementing the directions of the Government, the Prime Minister, as well as the current legal regulations, the State Bank has coordinated with ministries, branches, and localities to deploy a package of solutions to handle the high gold price difference and stabilize the gold market, contributing to stabilizing the macro-economy; directing the State Bank branches in localities to coordinate with functional agencies to strengthen the situation, inspection, and examination of gold business activities in the locality.
At the same time, requiring credit institutions and enterprises licensed to trade in gold bars to comply with the law’s regulations on gold business activities; implement the regime of invoices and vouchers according to the law’s regulations;
The SBV also requested the Ministry of Public Security, the Ministry of Industry and Trade, and the Ministry of Finance to strengthen inspection, examination, and supervision according to functions, tasks, and powers; strictly handle violations of the law such as gold smuggling across borders, manipulation, and profiteering… causing instability in the gold market.
In 2024, the State Bank coordinated with the Ministry of Public Security, the Government Inspectorate, the Ministry of Industry and Trade, and the Ministry of Finance to organize an inter-branch inspection delegation on the implementation of policies and laws in gold business activities under Decision 324 dated May 17, 2024. Up to now, the direct inspection has ended, and the draft conclusion report is being made.
Based on the current legal regulations, the State Bank has organized auctions of gold bars to supplement the source of SJC gold bars for the market. Coordinate with ministries, branches, especially the Ministry of Public Security and local governments, to ensure security and order and ensure the effectiveness of intervention plans.
According to the SBV’s assessment, with the above synchronous solutions and the effective coordination of functional agencies, the difference between domestic and world gold prices has been controlled and maintained at an appropriate margin (currently 5-7% higher than world gold prices)
“The gold market has stabilized, making a positive contribution to the foreign exchange market, exchange rates, and macroeconomic policy management,” the SBV assessed.
Regarding the orientation of managing and managing the gold market in the coming time, in a document responding to voters in some localities, the SBV said that it is completing the report proposing to amend Decree 24/2012/ND-CP, including content on gold bar management to perfect the legal framework for gold business management, ensuring that it closely follows the Party’s guidelines, the Government’s and the Prime Minister’s directions in managing the gold market, suitable to the practical situation on the basis of selectively learning from international experience in gold market management, especially from countries with similar business environments and political institutions.
The Golden Challenge: Navigating the Complex World of Buying and Selling Gold
The SJC gold bar and gold ring prices have reached new heights, yet very few jewelry stores are willing to buy.
Should You Buy Gold Now?
This morning (October 27th), gold ring prices continued to soar, reaching an all-time high of 89 million VND per tael. SJC gold bars also hit a four-month high. However, experts advise investors to exercise caution and refrain from succumbing to herd mentality.
“Governor: SBV wants to lower interest rates, provide sufficient credit, but the mission must contribute to controlling inflation and stabilizing the macro-economy.”
As per the Governor, the State Bank of Vietnam (SBV), as the monetary and credit organization manager, aims to lower interest rates and provide sufficient credit. However, the SBV’s primary mission is to contribute to controlling inflation and stabilizing the macro-economy, ultimately creating a favorable business environment for enterprises.
The Golden Opportunity: Can Jewelry Businesses Keep Up with Soaring Gold Prices?
The number of businesses registering for certification to produce artisanal gold jewelry has seen a recent surge in Ho Chi Minh City.
The Golden Surprise
As of the evening of September 27th, the SJC gold bar price was listed by the Saigon Jewelry Company (SJC) at 81.5 million VND per tael for buying and 83.5 million VND per tael for selling, maintaining the highest level in many months.
