This directive follows reports of individuals being hired to purchase gold with the intent of artificially inflating prices.

In an urgent communication signed by Deputy Governor Pham Quang Dung, the SBV expressed concerns over misinformation and market manipulation. Accordingly, collaborating with various ministries, agencies, and local authorities, the SBV is striving to stabilize the gold market. Strategies include directly selling gold bars to four state-owned commercial banks and the Saigon Jewelry Company Limited (SJC) for public supply.

While the SBV's initiatives have begun to narrow the disparity between domestic and global gold prices, reports suggest a shortage of gold available for sale. Allegations have surfaced of individuals hiring proxies to queue at gold selling points, artificially driving up prices and destabilizing the market.

Consequently, the SBV has implored the Ministry of Public Security to supervise and address instances of disseminating false information, engaging in speculation, profiteering, and market manipulation. This entails collaborating with local law enforcement to safeguard gold selling points and thwart disruptive activities.

Earlier, on June 5, 2024, the SBV issued Official Dispatch No. 4695/NHNN-QLNH to the Ministry of Public Security, the Ministry of Finance, and the Ministry of Industry and Trade. This dispatch underscored the necessity for stringent enforcement against legal breaches in foreign exchange and gold trading. It particularly emphasized regulating foreign currency exchange, thwarting illicit money transfers, and curbing unauthorized gold bar trading.

Furthermore, the SBV mandated that gold trading entities, particularly those dealing in gold bars, implement electronic invoicing to enhance transparency and bolster supervisory efficacy. This measure aims to ensure the secure and efficient operation of the gold market.

Additionally, the SBV urged concerted efforts in reporting instances of smuggling and illicit transportation of foreign currency and gold across borders. Such information is pivotal for the SBV to formulate effective management strategies for the foreign exchange and gold markets.

Tuan Nguyen