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Tuesday, June 18, 2024

Lawmakers propose issuing gold certificates

By T. Dao

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HCMC – Vietnamese lawmakers have proposed issuing gold certificates as a measure to stabilize the recent sharp spikes in gold prices.

During the National Assembly’s (NA) session on May 23, discussions revolved around gold market volatility and rising air ticket prices. Deputies suggested that citizens could buy gold certificates at a reference price, with the gold stored at the State Bank of Vietnam, the nation’s central bank.

NA deputies voiced concerns over the recent fluctuations in gold prices and their potential impacts on the exchange rate, including the “goldization” of the economy, where individuals hoard gold and use it as a means of payment due to fears of national currency depreciation.

They noted that domestic gold prices typically rise in tandem with global prices, and emphasized the need to narrow the gap between domestic and international prices through regulatory measures.

Improved mechanisms for gold auctions were also recommended. They stressed the importance of amending Decree No. 24, which outlines the implementation of the Law on Bidding, to enhance market stability.

The session also addressed the surge in air ticket prices. NA deputy Bui Hoai Son from Hanoi called for urgent measures to mitigate the impact on travel demand, particularly tourism. He highlighted that ticket prices on equivalent routes in Thailand are significantly lower than in Vietnam.

Authorities need to identify the reasons behind the price hike, focusing on competition, maintenance costs, and aviation-tourism sector cooperation. Son proposed a support package for the aviation and tourism industries, including subsidies for airport service fees and investment in aircraft maintenance centers in Vietnam.

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