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Tuesday, June 18, 2024

SJC proposes ending state monopoly on gold bar production

By Nguyen Tan

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HCMC – The Saigon Jewelry Company (SJC) has proposed the Government abolish state monopoly on gold bar production, allowing businesses to produce gold bars to boost supply.

SJC general director Le Thuy Hang made the proposal at a press conference held on May 16 by the HCMC government to brief on the city’s socio-economic performance, reported the Vietnam News Agency.

She said that Government Decree 24/2012/Nd-CP, introduced in 2012 to regulate gold trading and production, had helped stabilize the macroeconomy. Since then, SJC gold bars have been selected as the national brand, and enterprises have been disallowed to import or produce gold bars.

Hang added that lifting the monopoly would let enterprises manufacture gold bars, diversifying supply and enabling consumers to choose gold bars based on the reputation of producers.

The SJC general director also suggested that allowing gold imports would provide raw materials and reduce gold smuggling.

She called on regulatory bodies to conduct inspections to ensure a fair and healthy market and stressed the importance of mandatory invoicing for all gold sales to enhance market transparency.

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