On the evening of May 24, Prime Minister Pham Minh Chinh chaired a meeting of the Government’s Regular Members on gold market management. Deputy Prime Ministers, ministers, leaders of ministries, branches, representatives of some businesses, and experts attended the meeting.
At the meeting, the Prime Minister pointed out some issues that have arisen in the gold market recently, such as the gap between domestic and world gold prices, and the manipulative actions of some gold businesses, including hoarding and price gouging. In addition, smuggling remains complex, and management has been lax at times and in certain places, inconsistent with the market economy, reality, and developments.
Therefore, in the future, the Prime Minister emphasized the goal of effectively managing the gold market to contribute to macroeconomic stability, curbing inflation, and promoting growth. He also stressed the need for policies to mobilize gold resources from the people to participate in socio-economic development and prevent market manipulation and gold smuggling.
Prime Minister chairs the meeting on gold market management. Photo: VGP
As an immediate solution, the Prime Minister asked the State Bank to strengthen state management and quickly narrow the gap between domestic and world gold prices to around 1-2%, not allowing the gap to exceed 10% as it has in the past.
In addition, the Prime Minister requested solutions to increase supply, such as having more enterprises involved in the gold business and reducing demand. He also emphasized the need for tight management, inspection, and supervision, along with strict handling of smuggling and manipulative actions that disrupt the market.
Especially, the Prime Minister requested to amend Decree 24/2012/ND-CP on gold trading in a simplified manner, suitable for the current situation, and complete it in June 2025. He also asked to review and build a database on the gold market, completing it in June 2025.
Study on establishing a gold exchange in Vietnam
Governor of the State Bank of Vietnam, Nguyen Thi Hong, speaks at the meeting. Photo: VGP
As a long-term solution, the Prime Minister assigned the State Bank, the Ministry of Finance, and relevant agencies to continue improving the business environment to ensure safety, convenience, and attractiveness, encouraging people to focus on production, business, and start-ups instead of gold hoarding.
Notably, the Prime Minister assigned the State Bank, the Ministry of Finance, and relevant agencies to study the formation of a gold exchange, allowing people to freely trade and buy gold, while separating state management from gold production and business activities. He also emphasized promoting gold jewelry manufacturing to create more jobs and enhancing communication and propaganda to ease people’s psychology of gold hoarding. Furthermore, he suggested researching and investing in a system to generate electronic invoices from cash registers in gold trading.
World gold prices have risen sharply
World gold prices rose sharply on May 24. Photo: Kitco
On May 24, world gold prices rebounded sharply amid escalating trade tensions between the US and the EU, with the US facing inflationary pressures and economic uncertainties. In the domestic market, the SJC gold price reached VND 120 million/tael.
Notably, on the same day, the US stock market plunged after a few posts on social media by President Trump. This also added momentum to gold prices.
Specifically, one of Trump’s posts mentioned a 25% tariff on Apple’s iPhone if it is not made in the US. Another post indicated that trade negotiations between the US and the European Union (EU) were at a stalemate. Moreover, the US plans to impose a 50% tariff on EU imports starting June 1.
According to experts’ forecasts, world gold prices remain at historical highs. This reflects investors’ growing interest in gold as a safe haven and an inflation hedge amid a volatile global economy.
Reviewing Gold Sales Invoicing
The Regional Tax Department has issued a directive to focus on scrutinizing the issuance of invoices for the sale of goods by enterprises in select sectors, with a particular emphasis on the gold and silver industries.
“Gold Bar Buying and Selling: Clear Signage for Easy Identification”
The authorized shops and bank branches dealing in gold bullion trading must display a signboard with the information “Licensed Location for Gold Bullion Trading” to ensure easy recognition by the public.
The Great Gold Rush: Uncovering the Truth Behind the Speculative ‘Price Inflation’
The domestic gold price is currently trading at a premium of over 16 million VND per tael compared to international prices, returning to levels seen before the State Bank intervened in the gold market in 2024. The State Bank attributed the surge in domestic gold prices to various factors, including speculation and price manipulation by certain businesses and individuals taking advantage of market volatility.
Why Has SJC Company Temporarily Halted the Purchase of One Tael Gold Bars?
“SJC Company is temporarily halting the purchase of certain types of SJC gold bars. Specifically, the company is no longer accepting purchases of bent or deformed SJC gold bars, as well as SJC gold bars with only one word imprinted on them.”
The Latest Move by SJC: Refusing to Buy ‘Single-Word’ Gold
“After a period of refusing to repurchase SJC gold bars with a single-word label, SJC Company will resume the repurchase of these gold bars, as well as deformed gold bars, starting next week.”
