The State Bank of Vietnam (SBV) has urged the Ministry of Public Security to investigate and tackle instances of gold market manipulation.

To address current market instabilities, experts suggest considering a tax on gold transactions as a regulatory measure.

The State Bank of Vietnam (SBV) on June 7 refuted rumours about gold shortages in the market, affirming there is a sufficient supply of gold for legitimate demand in an effort to stabilise the domestic gold market.

As gold prices in Vietnam are much higher than the world price, smugglers have been trying every possible way, by air and road, to bring gold over the border to Vietnam for sale.

Residents in large cities have been lining up to buy SJC gold bars at outlets set up by commercial banks since yesterday, with many saying they have not been able to finalise any purchases.

Bank representatives affirmed there is no shortage of the precious metal and that demand for gold will be met.

Analysts held that the continuous decrease in the price of SJC gold bullion after it is sold directly by the SBV over the past few days has kept the gap at a reasonable level.

SJC-branded gold bullion is sold at 77.98 million VND (3,069 USD) per tael on June 4 as approved by the Governor of the State Bank of Vietnam (SBV).

The State Bank of Vietnam (SBV) on June 3 sold SJC branded gold bars to four State commercial banks and a gold and gemstones company at a stable price in an effort to narrow the disparity between domestic and global gold bar prices.

This strategic move aims to promote market stability and ensure a balanced gold market, rather than pursue profit motives.

Some companies have been found having very high revenue but low profits, despite gold price fluctuations and a big gap between buy and sell prices.

Along with taking administrative measures, monetary tools such as interest rates also play an important role in preventing asset bubbles, including gold.

More administrative tools will be introduced next week to stablise the gold market and reduce the gap between domestic and global gold prices.

The State Bank of Vietnam (SBV) has announced that it will sell gold bars directly to four state-run commercial banks that will then retail the metal to the public, starting from June 3.

The State Bank of Vietnam (SBV) will directly sell gold to state-owned commercial banks starting June 3 and the banks will sell gold to the public, Deputy Governor Pham Quang Dung said in a recent meeting with the media.

According to SBV’s data, as of May 24, it sold a total of 48,500 taels of SJC gold with the winning bid price of VNĐ81.3-89.4 million per tael. It meant the estimated amount of money the SBV earned from the gold sales was about VNĐ4.2 trillion.

The State Bank of Vietnam (SBV) has halted its gold bullion auctions and will introduce a new strategy to stabilise gold prices as early as June 3.

Eleven bidders successfully bought a total of 13,400 taels of SJC-branded gold bullion that the State Bank of Vietnam (SBV) had put up to auction on May 23.

Many jewellery businesses do not issue invoices and customers pay directly in cash.