To promote the implementation of solutions to manage the gold market in the upcoming time in Vietnam

To promote the implementation of solutions to manage the gold market in the upcoming time in Vietnam (Internet image)

Regarding this matter, LawNet would like to answer as follows: 

On May 10, 2024, the Government Office of Vietnam issued Notification 213/TB-VPCP on the conclusions of Deputy Prime Minister Le Minh Khai at the meeting on solutions to manage the gold market in the upcoming time.

To promote the implementation of solutions to manage the gold market in the upcoming time in Vietnam

After hearing Report 141/BC-NHNN on May 8, 2024, from the State Bank of Vietnam regarding solutions to manage the gold market in the upcoming time and the opinions of the delegates attending the meeting, Deputy Prime Minister Le Minh Khai has concluded the following:

The State Bank of Vietnam, based on its functions, tasks, and authority, has implemented solutions to manage the gold market, however, there have not been many changes in the situation. The domestic gold price continues to rise, and the high difference between the domestic gold price and the international gold price has not been resolved. To enhance the effectiveness of solutions to manage the gold market in the upcoming time, the State Bank of Vietnam, as well as relevant ministries and agencies based on their functions, tasks, and authority, are required to continue to rigorously, seriously, fully, and effectively implement the tasks and solutions to manage the gold market, both in the short term and long term, according to the guidance of the Government, the Prime Minister, and the leadership of the Government stated in resolutions, official telegrams, directives, and related documents, especially Notification 160/TB-VPCP on April 11, 2024 from the Government Office. The focus should be on implementing the following tasks and solutions:

- The State Bank of Vietnam shall lead and coordinate with relevant agencies to study and absorb the opinions of the delegates attending the meeting:

+ Urgently review and comprehensively assess the results of implementing the solutions to manage the gold market by the State Bank of Vietnam in the past period and the market situation both domestically and internationally to, based on its authority, promptly consider and implement more timely and effective solutions and tools according to the legal provisions to stabilize and balance the gold market according to the set objectives, ensuring effectiveness, and being aligned with the practical operation of the gold market; immediately address the situation of the high difference between the domestic gold price and the international gold price, ensuring the stable, effective, healthy, transparent, and lawful operation of the gold market, preventing the monetization of the economy and affecting macroeconomic stability and financial and monetary security of the country.

+ Urgently conduct specialized inspections and examinations of the gold market, the activities of gold production and business enterprises, gold shops, distributors, and buyers and sellers of gold; of the compliance with regulations related to production and business activities as stipulated in Decree 24/NĐ-CP on April 3, 2012, laws on competition, and related laws. Report the results to the Prime Minister in May 2024, without further delay.

+ Strengthen state management of the gold market in accordance with legal provisions. Strictly manage the production and business activities of gold, promptly rectify and strictly handle violations in gold production and business, especially violations of laws such as smuggling, exploiting, speculating, manipulating, inflating prices, and illegal competition....; in cases where there are signs of violations, promptly transfer the case files to the Ministry of Public Security and other competent authorities for handling according to regulations.

+ Continuously review, assess, and summarize the implementation of Decree 24/ND-CP on April 3, 2012, in order to study and propose appropriate solutions and policies for managing the gold market in accordance with practical requirements, legal provisions, effective control and management tools for the gold market, and strict sanctions for violations of laws in gold business activities.

- The Ministry of Finance shall lead and coordinate with the State Bank of Vietnam and relevant agencies based on their assigned functions and tasks to urgently implement resolutely, synchronously, and effectively solutions, requiring businesses and units conducting gold trading to strictly comply with regulations on e-invoices in their business activities of gold trading, on a transaction-by-transaction basis; resolutely avoid delays; and complete this task no later than the second quarter of 2024.

- Ministries and agencies: Ministry of Public Security, Ministry of Finance, Ministry of Industry and Trade, Ministry of Planning and Investment, Ministry of Information and Communications, Ministry of Science and Technology, Ministry of Justice, Government Inspectorate, Border Guard Force, Tax Department, Customs Department, Market Management Department, relevant agencies responsible for state management of competition and other related agencies according to their assigned functions and tasks shall proactively implement appropriate and effective tasks and solutions according to their authority and legal provisions; closely coordinate with the State Bank of Vietnam in managing and stabilizing the gold market, ensuring that gold production and business activities are conducted in accordance with the regulations stipulated in Decree 24/2012/ND-CP dated April 3, 2012, and other relevant regulations; timely report any issues beyond their authority or arising during the implementation process to the competent authorities.

- The Office of the Government shall monitor and urge the implementation according to its assigned functions and tasks.

Nguyen Ngoc Que Anh

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