Government urged to narrow domestic, global gold price gap

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.

Domestic gold prices have surged, even topping 90 million VND (over 3,500 USD) per tael. (Photo: tapchicongthuong.vn)
Domestic gold prices have surged, even topping 90 million VND (over 3,500 USD) per tael. (Photo: tapchicongthuong.vn)

Hanoi (VNA) – 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.

Gold market management was among the socio-economic issues discussed by the NA Standing Committee at its ongoing 33rd session that opened earlier the same day.

Members of the committee held that there remain many problems in gold market management, and Le Thi Nga, Chairwoman of the NA’s Committee for Judicial Affairs, said the gap between domestic and global prices is too wide, adding they have never been so high.

She pointed out that the Government and its leaders have ordered the banking sector to take measures for managing the market while the State Bank of Vietnam (SBV) has also held several gold auctions, but prices are still shooting up. Therefore, strict management of and State intervention in this market are required.

For her part, Nguyen Thi Thanh, head of the NA Standing Committee’s board for deputies’ affairs, said it is necessary to thoroughly analyse the situation and devise solutions to such problems as private investment staying low but the money flow into gold rising.

33rd session of National Assembly Standing Committee.jpg
Permanent Vice Chairman of the NA Tran Thanh Man (standing) speaks at the 33rd session of the NA Standing Committee on May 13. (Photo: VNA)

Man said he worries that surging gold prices, even topping 90 million VND (over 3,500 USD) per tael, may lead to higher import expenses, material prices, and interest rates of businesses’ foreign borrowings, subsequently adversely impacting the domestic market.

He asked the Government to take flexible and timely measures to balance the targets of growth promotion and inflation control in the face of fluctuations in the domestic gold market. It needs to quickly and comprehensively review results of the market management measures implemented so far and narrow the wide gap.

Elaborating this issue, SBV Deputy Governor Pham Thanh Ha said international gold prices have risen sharply over the past few years due to global economic recession and high inflation caused by the COVID-19 pandemic’s impacts, as well as escalating geopolitical tensions among countries, resulting in high domestic prices.

In particular, since 2022, the gap between domestic SJC-branded gold bar prices and international ones has continually remained wide, he said, noting that global prices on May 13 have increased about 14% compared to the start of 2024. As domestic prices are dependent on global prices, they have also gone up accordingly.

Besides, limited domestic supply is another factor contributing to the gap, he added.

Mentioning some solutions, Ha said the central bank will continue increasing the supply for the market by organising more auctions to stabilise prices and narrow the gap.

It will also direct its branches to enhance market management, step up inspecting the businesses and credit institutions trading gold bars, and demand gold trading firms seriously comply with legal regulations in this regard, according to the official./.

VNA

See more

Vice Chairman of the Bac Giang People's Committee Mai Son (Photo: bacgiang.gov.vn)

Bac Giang speeds up non-state budget investment projects

In the coming period, the northern province of Bac Giang will focus on addressing challenges to non-state budget investment projects and expediting their progress, affirmed Vice Chairman of the provincial People's Committee Mai Son.

Representatives from industry associations share insights on Vietnam’s market trends. (Photo: VNA)

Vietnam, Thailand boost industrial trade exchange

Trade between Vietnam and Thailand reached 20.18 billion USD in 2024, up 6.4% year-on-year. Thailand remained Vietnam’s top ASEAN trade partner, accounting for 24% of its total trade with the bloc.

Representatives from Lao and Vietnamese agencies at the signing ceremony. (Photo: VNA)

Vietnam, Laos strengthen energy cooperation

A 1,200 MW wind power plant in Nong district, Laos’ Savannakhet province is expected to export 1,526 kWh to Vietnam annually once its first phase completes by the end of 2027, and additionally 1,112 million kWh per year after its second phase becomes operational in 2030./

A view of the Hanoi skyline. While rental properties continue to be in demand, there has also been a notable rise in the number of foreigners looking to buy houses. (Photo: VNA)

Housing demand from foreigners in Hanoi rises

Over several years, Hanoi has increasingly become an attractive destination for foreign workers, with approximately 10,000 new foreign workers are granted licences to work in the city each year.

A high-tech corn, sorghum and grass farm in Nghe An province (Photo: VNA)

Realising circular economy to achieve sustainable development goals

Developing a circular economy has been recognised as one of the priority directions to achieve overarching goals such as waste management, efficient resources utilisation, environmental protection, disaster prevention, and climate change adaptation in the country's next development phase.