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Gov’t pushes for urgent action on wild gold price movements

The Saigon Times

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HCMC – Prime Minister Pham Minh Chinh chaired a high-level meeting on April 10 to address the volatility in Vietnam’s gold market and tackle discrepancies in gold prices.

The meeting, attended by Deputy Prime Minister Le Minh Khai and Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong, and representatives from various ministries and financial institutions, aimed to devise effective strategies to manage the gold market.

The Government issued a statement on April 11 calling upon the SBV and relevant agencies to implement Decree 24/2012. This decree focuses on closely monitoring global and domestic gold prices and swiftly taking measures to stabilize the market.

The SBV has been tasked with intervening promptly to address the widening gap between domestic and international gold prices, with the goal of ensuring stability and efficiency in the market.

To mitigate potential risks, Prime Minister Chinh directed gold suppliers to adjust their operations in line with market fluctuations, emphasizing stability and caution to prevent adverse effects on currency exchange rates and the state’s foreign exchange reserves.

To enhance transparency, the Government mandated electronic invoicing for all gold transactions, with strict penalties for non-compliance, including the revocation of operating licenses.

Relevant authorities have been instructed to intensify market inspections and crackdown on violations such as gold smuggling, speculation, manipulation, and exploitation of policies to artificially inflate prices.

The gold market has witnessed significant fluctuations in recent days. Discrepancies with international prices have also surged, with gold ring prices climbing by VND5.5-6.5 million per tael and gold bars showing variances of approximately VND13 million per tael. A tael equals 37.5 grams or 1.2 troy ounces.

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