At a government meeting on 6/9, prime minister Pham Minh Chinh instructed deputy prime ministers and agencies to assess the situation and develop appropriate, timely policy responses for market management, specifically addressing the gold, real estate, and stock markets.
The prime minister described the gold price fluctuations as "very noteworthy." He confirmed that he has directed relevant agencies to prevent market manipulation, hoarding, and price gouging in the gold market.
Regarding the stock market, the prime minister stated that the flow of capital into production and business is positive. To control this, he requested relevant parties to carefully evaluate recent developments and determine whether there has been any price inflation or market manipulation.
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Prime minister Pham Minh Chinh speaking at the government meeting on 6/9. Photo: VGP |
Prime minister Pham Minh Chinh speaking at the government meeting on 6/9. Photo: VGP
Gold prices have been rising continuously for the past two weeks. Each tael of gold has increased by approximately 10 million dong, equivalent to a rise of nearly 8%. This morning, the price of a tael of gold increased by another 1 million dong, reaching a new record high of 135 million dong and maintaining a 20 million dong difference compared to the global price.
According to the General Statistics Office, the gold price index in August increased by 1.2% compared to the previous month and by 48.62% compared to the same period last year. On average, over the first 8 months, the gold price index increased by 40.25% compared to the same period last year.
The government issued Decree 232, granting gold bar import and production rights to certain qualified banks and businesses. Approximately 8 banks and 3 businesses, including PNJ, DOJI, and SJC, are expected to meet the charter capital requirements for gold bar production.
Experts believe that in the medium and long term, the new regulations will bring domestic gold prices closer to global prices. The difference is expected to fluctuate around a few percent, approximately 4-5 million dong, instead of the current near 20 million dong difference. However, the effects of the new regulations on domestic gold prices will take time and won't be immediate.
In addition to the gold market developments, the prime minister noted that the socio-economic situation continues to improve, with each month performing better than the last, and the first 8 months outperforming the same period in 2024. Macroeconomic stability has been maintained, inflation is under control, growth is being promoted, and major balances are ensured.
He asked government members to analyze the increasing pressures of inflation, exchange rates, and interest rates, while domestic consumption, exports, and public investment are showing signs of slowing down.
The prime minister reiterated the growth target of 8.3-8.5% for this year, acknowledging its difficulty but emphasizing its importance. He urged continued revitalization of traditional growth drivers while promoting new drivers for comprehensive development. Ministries and sectors should strive to reduce administrative procedures' time, quantity, and costs by 30% and resolve backlogged projects, considering this a crucial solution to unlock development resources.
Phuong Dung
