To review the legal framework and policies related to gold market management in Vietnam

To review the legal framework and policies related to gold market management in Vietnam

To enhance the measures for safe, healthy, efficient, and sustainable development and management of the gold market, the Prime Minister of the Government of Vietnam requires the State Bank of Vietnam to preside and cooperate with relevant agencies to urgently, seriously, fully, effectively, and promptly implement the tasks and solutions for stabilizing the gold market as assigned in Resolution 20/NQ-CP dated February 05, 2024, Official Telegram 1426/CD-TTg dated December 27, 2023, Directive 06/CT-TTg dated February 15, 2024, and the directives of the leaders of the Government of Vietnam in Official Dispatch 1035/VPCP-KTTH dated February 17, 2024, Official Dispatch 1696/VPCP-KTTH dated March 15, 2024, and related documents.

Simultaneously, immediate inspections and audits must be conducted on the gold market, the activities of gold trading enterprises, shops, distributors, and bullion sales agents, and other entities participating in the market; promptly identify and address loopholes and inadequacies proactively, positively, and effectively within the scope of authority and report and propose appropriate solutions to the competent authorities for issues beyond the scope of authority; strictly handle legal violations, especially acts of gold smuggling across borders, profiteering, hoarding, manipulating, exploiting policies to push prices by organizations and individuals ... causing instability and insecurity in the gold market.

In case of detecting gold trading activities with signs of legal violations, promptly transfer documents and dossiers to the competent authorities for strict, public, and transparent handling according to legal regulations; report to the Prime Minister of the Government of Vietnam on the implementation results in March 2024.

More details can be found in Official Telegram 23/CD-TTg dated March 20, 2024.

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