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Saturday, May 25, 2024

Deputy PM calls for swift actions to stabilize volatile gold market

The Saigon Times

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HCMC – In a decisive move to address the volatile gold market, Deputy Prime Minister Le Minh Khai has told the central bank to swiftly inspect businesses involved in gold production, trading, and retail.

The Government Office has released a statement following Deputy Prime Minister Le Minh Khai’s conclusions at a recent meeting on how to cope with the wild gold price spikes.

Despite efforts by the State Bank of Vietnam (SBV) to stabilize prices, domestic gold prices have shot up, with significant premiums on international prices.

The Deputy PM directed the SBV and other relevant ministries and agencies to enhance their oversight and continue to implement both short-term and long-term regulatory measures.

He emphasized the need for immediate inspections into gold business, including production and trading companies, distribution agents, and retail outlets, and submit a report on these inspections to the Government this month.

The SBV has been tasked to lead these efforts in collaboration with other agencies, ensuring strict adherence to legal standards in the production and trade of gold. This includes addressing issues such as smuggling, illegal trading, speculative practices, price manipulation, and unfair competition.

Deputy PM Khai urged the Ministry of Finance to work closely with the SBV and other relevant agencies to quickly put into place measures for better market oversight. This includes enforcing regulations concerning electronic invoicing among businesses dealing in gold.

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