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Thursday, July 25, 2024

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State Bank of Vietnam

Curbing gold smuggling is a solution

The Government has sufficient resources to stabilize the volatile gold market. Measured import of gold can help ease the imbalance between supply and demand in the country, Dinh The Hien, a financial-banking expert, says in an interview with The Saigon Times. Time to end the monopoly on gold bullion The Saigon Times: In a meeting on March 20, 2024, the State Bank of Vietnam (SBV) proposed abolishing State monopoly on the production of SJC gold bars by granting licenses for gold bar production to qualified enterprises. At the same time, the SBV will impose gold bar production quotas in a given period to suit monetary policy objectives and macroeconomic stability. What is your assessment of this solution? Dinh The Hien: Before May 2012 (when Decree 24/2012 on the management of gold business activities took effect), gold bar transactions were very convenient. In the market, besides the familiar SJC brand, there were also PNJ gold bars (Phu Nhuan Jewelry Company), Rong Thang Long (Bao Tin Minh Chau), ACB (Asia Commercial Bank)… At the end of 2012, the price difference between domestic and world gold prices was less than VND2 million per tael only. In addition, the price difference between buying and […]
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