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SBV told to announce gold market inspection decision

By Truc Dao

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HCMC – Deputy Prime Minister Le Minh Khai has ordered the State Bank of Vietnam (SBV) to announce a decision to inspect the gold market by May 17, according to an announcement of the Government Office.

The announcement makes clear the conclusions Deputy PM Khai made at his recent meeting with the SBV over how to deal with the volatile gold market.

The Deputy PM asked the SBV to work with relevant ministries to formulate plans to address the huge gap between domestic and international gold prices and to propose solutions for any issues that are beyond their control.

The inspection will affect gold shops, distributors, and other participants in the market. It is aimed at addressing violations in gold production and trading and forward those violations to the Ministry of Public Security for investigation. Inspection results must be reported to the PM by the end of May.

The Ministry of Finance, in collaboration with the SBV and other agencies, is tasked with overseeing the enforcement of regulations concerning electronic invoicing for gold transactions. A comprehensive report on these efforts is due by the end of the second quarter of 2024, and strict penalties are anticipated for any violations.

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