The Prime Minister’s Urgent Directive on the Gold Market

Prime Minister Pham Minh Chinh has just signed Official Dispatch No. 64 dated May 13, 2025, on implementing effective measures to manage the gold market.

The Official Dispatch states that, in the past, the Government has issued many resolutions, and the Prime Minister has continuously issued Official Dispatches and Directives to direct timely, drastic, and effective solutions for managing the gold market.

Accordingly, the State Bank of Vietnam (SBV) was assigned to closely monitor the gold market, deploy measures to stabilize the market, and promptly build and submit to competent authorities a Decree amending and supplementing Decree No. 24/2012/ND-CP on gold business management.

With synchronous solutions, by the beginning of April 2025, the difference between domestic and world gold prices had been controlled and maintained at an appropriate level, with a gap of only about 1-2% at some points.

However, the inherent shortcomings have not been thoroughly overcome, and the complex geopolitical situation in the world since the beginning of 2025 has caused international gold prices to continuously increase, affecting domestic gold prices and widening the gap between domestic and world gold prices.

To ensure the effectiveness of state management and the safe, healthy, and sustainable development of the gold market, the Prime Minister requested the SBV to take the prime responsibility and coordinate with relevant agencies to continue to seriously implement the tasks and solutions to stabilize the gold market that have been assigned.

At the same time, the SBV must closely monitor world and domestic gold price movements and promptly deploy solutions to stabilize the market to prevent negative impacts on exchange rates, interest rates, the monetary market, and national financial security.

Notably, the Prime Minister requested the SBV to promptly issue inspection conclusions for enterprises and credit institutions trading in gold according to Inspection Decision No. 324/QD-TTGSNH2 dated May 17, 2024, strictly handle violations of the law and report the results to the Prime Minister in May.

Along with that, the SBV will coordinate with the Ministry of Justice and relevant ministries and branches to promptly complete the proposal to amend and supplement Decree 24/2012/ND-CP on gold business management to improve the effectiveness of state management of this market. Regarding this task, the Prime Minister requested the State Bank to report to the Government following the abridged procedure in June.

The Prime Minister also assigned the Ministry of Public Security to coordinate with the State Bank and relevant agencies to strictly handle violations of the law in gold trading activities, especially smuggling, speculation, illegal business, and market manipulation.