In Official Dispatch 165 issued on 16/9, Prime Minister Pham Minh Chinh tasked the State Bank of Vietnam with tightening control over the foreign exchange and gold markets and being prepared to intervene to maintain stability.

The State Bank must employ necessary tools and solutions to stabilize the gold market, narrowing the price difference between domestic and international markets. They also need to increase inspections and audits to detect and strictly handle violations related to the gold market, especially those involving exploiting policies, hoarding, price gouging, and smuggling.

The Prime Minister emphasized the need for the regulator to swiftly implement Decree 232, which abolishes the gold bar monopoly from 10/10, to foster a healthy and sustainable market operating under normal market principles.

Gold bars at SJC headquarters in District 3, 3/2025. Photo: Quynh Tran

Gold bars at SJC headquarters in District 3, 3/2025. Photo: Quynh Tran

In a meeting on the same day regarding monetary policy management, Deputy Prime Minister Ho Duc Phoc urged relevant authorities to focus on combating gold smuggling. The State Bank of Vietnam must immediately launch a website providing gold price information for transparency and explore the establishment of a gold exchange.

According to the State Bank, they have collaborated with the People's Committees of provinces and cities, police agencies, and tax authorities to conduct inspections and spot checks on compliance with regulations concerning gold trading activities, accounting practices, taxes, invoices, and anti-money laundering measures.

The agency is about to issue a Circular guiding the implementation of Decree 232 and the procedures for licensing gold bar imports and production. This will enable businesses and banks to participate in the gold market quickly.

Recently, the Government and the Prime Minister have issued numerous directives related to gold price and exchange rate management amidst ongoing market fluctuations. Over the past month, the price of gold peaked at nearly 136 million dong, a 20 million dong difference from the global price. Last week, the price of SJC gold bars consistently declined, dropping by 4 million dong per tael, but has risen again since the beginning of this week, closing at 132.3 million dong on 16/9.

Since 9/9, the Government Inspectorate, in coordination with the Ministries of Industry and Trade, Finance, Public Security, and the State Bank of Vietnam, has established an inspection team to examine the compliance of credit institutions and businesses with gold trading policies and other related matters.

Regarding monetary policy, in the official dispatch, the Prime Minister requested the State Bank to proactively and harmoniously manage monetary policy in conjunction with fiscal policy to stabilize the macroeconomy and control inflation.

Credit institutions need to continue reducing costs, lowering interest rates, and prioritizing capital for production, business, and social housing. The banking sector's regulatory body needs to control and strictly handle credit flows into high-risk areas, address bad debts, and increase inspection and supervision of unsound credit institutions.

This year, the Government aims for 8.3-8.5% growth, state budget revenue exceeding estimates by 25%, thorough savings in regular expenditures, while controlling public debt, government debt, and foreign debt.

The Prime Minister requested the Ministry of Finance to continue implementing measures to exempt, reduce, and extend deadlines for taxes, fees, land rents, and water surface rents to stimulate production and business, creating livelihoods for people. The ministry is also tasked with further improving the legal framework for developing the capital and stock markets, creating channels for mobilizing medium- and long-term capital for the economy.

Phuong Dung