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Tuesday, June 18, 2024

How to regulate gold market

By Hoang Hanh

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According to Associate Professor Dr. Dinh Trong Thinh, a senior lecturer at the Academy of Finance, during discussions on Decree 24/2012, experts raised the issue of how to build and develop the gold market in line with a market economy under State management. It is high time now to find a suitable solution. Sticky issue in the gold market The Saigon Times: In his Directive 06 issued on February 15, 2024, the Prime Minister urged the State Bank of Vietnam (SBV) to promptly review the implementation of Decree 24/2012 on managing gold business activities and propose effective solutions for the gold market. The SBV itself in January 2024 also repeatedly mentioned these issues. How do you comment on these initiatives? What should be done when it comes to amending Decree 24? Assoc. Prof. Dr. Dinh Trong Thinh: Before Decree 24 came into effect on May 25, 2012, gold was unofficially considered a special currency. People used gold to buy everything valuable, from Japanese bicycles to televisions, motorbikes, especially real estate. Decree 24 has helped curb this phenomenon, and until now, as we can see, in ordinary transactions, no one uses gold as an exchange unit anymore. Clearly, Decree 24 has […]
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