Prime Minister Pham Minh Chinh has just signed Official Dispatch No. 64/CD-TTg on implementing effective measures to manage the gold market.
The Official Dispatch clearly states that, in the past, the Government has issued resolutions and the Prime Minister has directed in a timely, drastic, and effective manner on solutions to manage the gold market through official dispatches and directives.
These documents requested that the State Bank of Vietnam closely monitor the gold market , deploy solutions to stabilize the market according to legal regulations, and promptly build and submit to competent authorities a decree amending and supplementing Decree No. 24/2012 on gold business management.
Prime Minister Pham Minh Chinh has just signed Official Dispatch No. 64 on May 13 on implementing effective measures to manage the gold market. Illustrative image.
With synchronous solutions, by early April 2025, the difference between domestic and international gold prices had been controlled and maintained at an appropriate margin, with a time of only about 1-2%.
However, along with the internal shortcomings that have not been thoroughly overcome, the abnormal and unprecedented developments in the world’s geopolitical situation from the beginning of 2025 to now have pushed international gold prices to continuously increase. This has caused domestic gold prices to fluctuate strongly, and the gap between domestic and international gold prices has widened.
To ensure the effectiveness and efficiency of state management and the goal of developing an effective, sustainable gold market, without letting gold price fluctuations affect the stability and safety of the financial and monetary market, the Prime Minister requested that the State Bank of Vietnam take the lead in coordinating with relevant agencies to seriously, fully, effectively, and promptly implement the tasks and solutions assigned by the Government and the Prime Minister to stabilize the gold market.
The State Bank needs to closely monitor domestic and international gold price movements and urgently implement solutions according to its competence when necessary to stabilize and stabilize the gold market. Especially, do not let gold prices negatively affect exchange rates, interest rates, the monetary and foreign exchange market, and the safety and security of the national finance and currency; Report to the Prime Minister on the implementation results in May 2025.
Early issuance of inspection conclusions of gold trading enterprises
According to the Official Dispatch, the Prime Minister requested to promptly issue inspection conclusions for enterprises and credit institutions trading in gold according to Decision No. 324/QD-TTGSNH2 of the State Bank of Vietnam in 2024.
In addition, the agency is requested to take the lead in coordinating with the Ministry of Justice and relevant ministries and branches to promptly complete the proposal to amend and supplement Decree 24/2012 on gold business management, supplement and strengthen regulations to enhance the effectiveness of state management tools, develop a transparent, healthy, effective, and sustainable market, and contribute to promoting socio-economic development and stabilizing the macro-economy; Report to the Government in a shortened procedure in June 2025…
By Official Dispatch, the Prime Minister assigned the Ministry of Public Security to take the lead in coordinating with the State Bank of Vietnam and inspection and legal enforcement agencies… promptly implement measures according to regulations to strictly handle violations of the law related to the gold market and gold trading activities, especially acts of smuggling, speculation, illegal business, and market manipulation.
The Ministries of Public Security, Industry and Trade, Science and Technology, Finance, Justice, Culture, Sports and Tourism, and relevant branches and localities shall proactively coordinate closely with the State Bank of Vietnam in managing the gold market; timely share and provide information and proactively handle work and tasks within their competence; promptly report to competent authorities issues beyond their competence.
The Government Office is assigned to monitor, urge, and perform its functions, tasks, and competence; Report to the Prime Minister on issues beyond its competence.
The Prime Minister’s Urgent Directive on the Gold Market
The Prime Minister has instructed the State Bank of Vietnam to promptly issue inspection conclusions regarding enterprises and credit institutions trading in gold. The Bank is to strictly handle any violations of the law and report the implementation results to the Prime Minister by the end of May.
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