Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong highlighted significant progress the central bank has made in stabilising domestic gold prices, while responding to legislators’ questions on gold market management at the 15th National Assembly’s eighth session on November 11.
The State Bank of Vietnam (SBV) is working closely with ministries and local authorities to implement comprehensive strategies to address significant price disparities and stabilise the gold market.
Demand for gold in Thailand is on the rise despite the global trends of record high prices, according to the latest report released by the World Gold Council (WGC) on August 13.
Generation of e-invoices for all gold transaction will ensure transparency for the gold market, which has gone volatile over the past time, according to experts.
Prime Minister Pham Minh Chinh chaired a meeting in Hanoi on May 16 with ministries and agencies to discuss the coordination of fiscal and monetary policies aimed at maintaining macroeconomic stability, controlling inflation and promoting growth.
The State Bank of Vietnam (SBV) said that it has directed its branches in provinces and cities to closely monitor the developments of the local gold market, and at gold trading locations, and report to the central bank any case where people queue to buy gold.
Deputy Prime Minister Le Minh Khai requested relevant ministries and sectors assign officials to join a delegation for inspecting the gold market and gold trading activities, during a meeting discussing gold market management measures on May 14 in Hanoi.
Permanent Vice Chairman of the National Assembly (NA) Tran Thanh Man on May 13 voiced concern over skyrocketing gold prices, asking the Government to quickly review market management measures to narrow the wide gap between domestic and global prices.
The Government has requested an immediate inspection over gold bullion trading in an attempt to stabilise the domestic gold market that has witnessed a sudden price rise in recent days.
The State Bank of Vietnam (SBV) will resume gold bar bidding after 11 years, aiming to increase the supply of gold to the market, promptly and immediately settle the high difference in domestic and international gold prices, thus ensuring the gold market operates in a safe and stable, healthy, open, transparent and effective manner in accordance with the Prime Minister's direction.
Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV) to keep a close watch on international and domestic gold prices, and put in place measures and tools in a timely and effective way to regulate the gold market in line with regulations.
The State Bank of Vietnam (SBV) must join hands with competent agencies to fully and effectively implement timely measures to stabilise the gold market under a recent dispatch by Prime Minister Pham Minh Chinh.
In its recent report, the World Gold Council said demand for gold in Vietnam shrank 9% in the second quarter year on year due to the economic difficulties.
The gold market resumed stability shortly after a quick increase on March 16 after the US Federal Reserve (Fed) raised its interest rates, which experts described as going against common rule.
