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Tuesday, June 25, 2024

Central bank told to get gold market inspection done by May

The Saigon Times

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HCMC – The State Bank of Vietnam (SBV), the country’s central bank, has been instructed to complete an inspection of gold businesses by the end of May, according to a Government announcement issued on May 19.

Document No. 231 from Prime Minister Pham Minh Chinh aims to prevent manipulation in the trading of gold and SJC gold bars, as stated on the Government’s news website at baochinhphu.vn.

The PM has ordered the SBV to lead efforts to ensure market stability.

The central bank will collaborate with businesses and commercial banks involved in gold trading to enforce regulations. Any violations should be promptly addressed, with serious cases referred to the Ministry of Public Security.

The SBV is also tasked with narrowing the gap between domestic and international gold prices using existing regulations.

The Ministry of Finance, alongside the SBV and other relevant agencies, will monitor compliance with electronic invoicing regulations in the gold trade.

This inspection must be completed by June 15. Businesses that fail to comply with electronic invoicing requirements may face penalties, including the revocation of business licenses.

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