To strengthen inspection and market control of gold trading businesses in Vietnam

To strengthen inspection and market control of gold trading businesses in Vietnam

Specifically, in recent times, the global and domestic gold markets have been experiencing complex fluctuations, with significant and rapid price changes. This has had negative impacts on the safety of the financial market, currency, and social psychology. In order to stabilize and develop a safe, healthy, efficient, and sustainable gold market, the Prime Minister has requested the following:

- The State Bank of Vietnam should strengthen the inspection, control, supervision, and monitoring of the gold market, as well as the activities of gold trading businesses, stores, distributors, and buyers/sellers of gold bullions, and other entities participating in the market. Timely detect any vulnerabilities or shortcomings for proactive, efficient handling within their authority, and report any issues beyond their authority to propose appropriate measures for enforcement, in accordance with regulations. Strictly handle any violations of the law, especially smuggling, speculation, manipulation, and exploitation of price-pushing policies by organizations and individuals that disrupt the stability and safety of the gold market. In cases where violations of the law are detected in gold trading activities, promptly transfer the relevant documents and records to the competent authorities for strict, transparent, and public handling in accordance with the law.

- Relevant functional agencies, inspection and control bodies, and law enforcement agencies should urgently coordinate with the State Bank of Vietnam to implement measures to promptly and strictly handle any violations of the law related to the gold market and gold trading activities, especially smuggling, manipulation, speculation, and exploitation, ensuring that the gold market operates in a stable, transparent, safe, healthy, and efficient manner.

- The Ministries of Public Security, Industry and Trade, Finance, Justice, Information and Communications, and other relevant agencies, as well as local authorities, based on their functions and tasks, should proactively and closely coordinate with the State Bank of Vietnam in managing the gold market, timely share and provide information, and proactively handle tasks and duties within their authority. Timely report to the competent authorities any issues that arise beyond their authority.

- The Office of the Government should monitor and urge the implementation of tasks and duties assigned based on their functions and authority, and report to the Prime Minister any issues that arise beyond their authority.

More details can be found in Official Dispatch 1426/CD-TTg issued on December 27, 2023.

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