Amid recent fluctuations in gold prices, voters from various provinces and cities, including Ho Chi Minh City, Hanoi, Binh Thuan, Hung Yen, Quang Nam, Tay Ninh, and Thai Binh, have submitted proposals to the SBV, requesting solutions to stabilize the domestic gold market.

Voters urged the government to assign the SBV to work with relevant ministries, sectors, and localities to stabilize the domestic gold market.

They also suggested that the SBV and related management agencies announce a roadmap for tightening market management, providing a reasonable and feasible timeline for businesses to implement the necessary regulations without causing difficulties.

Additionally, voters called for transparency in inspections of the gold market. In the case of sudden inspections, it is crucial to ensure compliance with regulations, and that inspectors are authorized by management agencies, to avoid arbitrary actions that could harm businesses or open opportunities for fraud.

Voters also highlighted a significant challenge faced by gold trading enterprises: proving the origin of their goods.

They proposed that businesses be allowed to declare their inventory as of a specific date set by the government, and that this declaration be used as the basis for determining the origin of their current stock.

After this date, companies would be required to strictly adhere to all management regulations concerning future gold transactions, helping to alleviate existing challenges for both businesses and regulatory agencies.

As of 2024, the SBV will cease supplying SJC gold bars, as gold is no longer classified as a price-stabilized commodity or service. Foreign currency reserves will be prioritized for essential national needs.

The rise in domestic gold prices is largely attributed to global gold price increases. At certain times, the domestic-international gold price gap has reached as high as 18 million VND per tael.

However, the SBV, in collaboration with relevant ministries, sectors, and localities, has implemented a series of measures to address this wide disparity, stabilize the gold market, and contribute to macroeconomic stability.

One immediate solution has been the sale of SJC gold bars to the public through four state-owned commercial banks, which has brought the domestic-international gold price gap down to around 4-5 million VND per tael.

The SBV has affirmed that it will continue to take necessary actions, as directed by authorities, to manage the domestic-international gold price disparity at a reasonable level.

The agency is also working closely with related ministries and sectors to conduct thorough inspections of the gold market, including businesses engaged in gold trading, retail stores, distributors, and agents.

The SBV has also proposed amending Decree 24/2012/ND-CP, including provisions on managing gold bar production, to further strengthen the legal framework for regulating gold trading activities in line with current market conditions.

Tuan Nguyen