Deputy Prime Minister Ho Duc Phoc has urged the State Bank of Vietnam to immediately launch an electronic information portal on gold prices to ensure transparency. (Photo: Government News)
During the meeting, the State Bank of Vietnam presented a report on the management of the gold market over the past period.
Regarding inspections and market surveillance, the State Bank of Vietnam has directed its regional branches to collaborate with local authorities, police, and tax agencies in various provinces and cities. These joint efforts aim to conduct surprise inspections of businesses engaged in the buying and selling of gold bars and gold jewelry. The focus is on ensuring compliance with regulations related to business operations, accounting, taxation, invoicing, and anti-money laundering measures.
Additionally, the State Bank of Vietnam has formally requested the Ministry of Public Security, the Ministry of Finance, and local governments in several provinces and cities to enhance their inspection and oversight of gold trading activities. This collaborative approach seeks to promptly identify and rigorously address any violations that may disrupt market stability. Law enforcement and tax authorities in these regions are expected to assign personnel to participate in upcoming inter-agency inspection teams organized by regional State Bank branches.
The State Bank of Vietnam also announced plans to expedite the issuance of a Circular guiding the implementation of Decree No. 232/2025/NĐ-CP. This Circular will provide detailed instructions on the registration process for businesses and commercial banks seeking licenses for gold imports and gold bar production. The goal is to facilitate swift market entry for these entities and ensure the practical application of Decree No. 232/2025/NĐ-CP. Furthermore, the State Bank will work with relevant ministries, including the Ministry of Finance, to explore and propose additional synchronized policies that will foster the growth of the domestic gold market.
In terms of inspections and oversight, the State Bank of Vietnam will maintain close coordination with the Ministry of Public Security, the Government Inspectorate, local authorities, and other relevant agencies. These collaborative efforts aim to ensure a secure, healthy, and efficient gold market, preventing gold prices from destabilizing the financial and monetary markets and undermining macroeconomic stability.
Addressing the conference, Deputy Prime Minister Ho Duc Phoc called on competent authorities to intensify efforts to combat gold smuggling and prevent illegal gold imports. He emphasized the need to conduct inspections of gold trading activities in strict accordance with the Prime Minister’s directives.
The Deputy Prime Minister also urged the State Bank of Vietnam to promptly establish an electronic information portal on gold prices to enhance transparency. He further instructed the Bank to explore the establishment of a gold trading exchange and to issue a Circular guiding Decree No. 232/2025/NĐ-CP by September.
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