Gold market management must embrace the principles of openness, transparency and equality, experts said at a seminar in Hanoi on June 9.

At the seminar on the impacts of the gold market on financial markets, held by Vietnam’s National Financial Supervisory Committee (NFSC), experts said that openness and transparency will help to increase investor confidence in policies and enable them to engage confidently in long-term investment strategies, helping to avoiding turmoil in the market.

NFSC Vice Chairman Le Xuan Nghia said the principles and standards of supervision activities should be made in conformity with international regulations and Vietnam’s circumstances.

Gold import and export quotas should be removed to avoid creating differences in domestic and international prices, he said, adding that import and export tariffs should not exceed one percent, since gold is a valuable product.

According to the NFSC, 31.33 percent of surveyed household families have gold reserves and 92 percent said they wanted to hold gold reserves to resist inflationary pressures./.