This directive, issued on 8/9 by the Government Office, conveys deputy prime minister Nguyen Hoa Binh’s concerns regarding the gold market.
The deputy prime minister has tasked the Government Inspectorate to lead the inspection team, collaborating with the ministries of Industry and Trade, Finance, Public Security, and the State Bank. The team is to be formed on 9/9.
The inspection will focus on compliance with gold trading policies, anti-money laundering measures, invoice and document usage, and other related issues. Any detected violations will be reported to the police for further action. The inspection team will submit its findings to the prime minister this month.
The State Bank has also been instructed to implement management solutions to ensure a secure and stable gold market. Weekly reports on market developments are required. The deputy prime minister stressed the importance of preventing gold price fluctuations from impacting the stability and security of the financial and monetary markets, and overall macroeconomic stability.
The Ministry of Public Security, in conjunction with the State Bank and other relevant agencies, has been directed to take immediate and decisive action against market violations such as speculation, smuggling, and market manipulation.
In a previous directive (159), prime minister Pham Minh Chinh also called for strict action against market manipulation and hoarding that drives up gold prices. This directive comes amid a period of continuous gold price increases over the past two weeks. Currently, the selling price of SJC gold bars is around 135.1 million VND per tael, a decrease of 300,000 VND compared to the previous weekend. Based on Vietcombank's exchange rate, this is still about 20 million VND higher than the global price.
At last weekend's government meeting, State Bank deputy governor Doan Thai Son attributed the price surge to rising global gold prices. He also noted that market anticipation and sentiment regarding further price increases have fueled high demand. Another contributing factor is the limited domestic supply due to the State Bank's halt on selling SJC gold bars as it transitions to a new management mechanism.
Phuong Dung
