Central bank taking bold steps to stabilise gold market: governor

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.

Nguyen Thi Hong.JPG
Governor of the State Bank of Vietnam Nguyen Thi Hong (Photo: VNA)

Hanoi (VNA) – 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 domestic-international gold price gap has narrowed from 15 – 18 million VND (593 – 711 USD) to just 3-4 million VND per tael, she said, attributing the achievements to auctions and direct sales through State-owned banks and the Sai Gon Jewelry Company Limited (JSC).

Hong said 22 banks and 16 businesses, with branches and trading locations established in many localities, have been actively trading gold bar and some traders’ reluctance to purchasing gold could be due to high volatility of the market.

The SBV will continue to keep close tabs on the market developments to outline policies aimed at stabilising the market, she stated, elaborating that as Vietnam is not a gold-producing country, the bank’s interventions entirely depend on imports.

Regarding the establishment of a gold exchange, Hong underscored the need for through assessment for the work. She said that while some countries, such as China with its prominent Shanghai Gold Exchange, have set up successful gold trading platforms, others in the region have opted not to.

Although a gold exchange could enhance market transparency and improve accessibility for individuals and businesses, the country's position as an importer requires careful consideration regarding infrastructure investment, she stated./.

VNA

See more

The Vietnamese section of the Monsoon – Thanh My 500kV transmission line project (Photo: VNA)

500kV transmission line from Laos energised

The Monsoon – Thanh My 500kV transmission line project is designed to import electricity from Laos’ Monsoon wind power plant to Vietnam, adding 600 MW to the national power grid during the 2024–2025 period.​

The entrance gate to Hanoi’s Ciputra Urban Area, where banks are selling apartments and villas. (Photo: cafef.vn)

Banks selling mortgaged assets to recover bad debts

The Viet Dragon Securities Company (VDSC) said that bad debts might continue to increase slightly this year, after a circular allowing banks to reschedule debt repayment periods and maintain the debt group for certain sectors expired at the end of 2024.

Vietnamese Ambassador to Argentina Bui Van Nghi (th fourth from the fright) in the meeting with Governor of Brazil's Espirito Santo state Renato Casagrande. (Photo: VNA)

Vietnam seeks to set up cooperation with Brazilian locality

In his meeting with Governor of Brazil's Espirito Santo Renato Casagrande, Ambassador to Argentina Bui Van Nghi Bui Van Nghi valued the potential for cooperation between the two sides, particularly in priority areas such as tourism, information technology, hi-tech agriculture, and seaport.

Remittances to Vietnam in 2024 are estimated at about 16 billion USD, maintaining the record-high levels seen in 2023. (Photo: VNA)

Remittances surge as Tet approaches

According to the State Bank of Vietnam’s Ho Chi Minh City branch, 9.6 billion USD, or 60% of the total remittances, flew through financial institutions, representing a 140 million USD increase from the previous year.

Bank lending in HCM City achieves high growth last year. (Photo courtesy of ABBANK)

Banks' credit up 11.3% in HCM City in 2024

Total outstanding loans of credit institutions in Ho Chi Minh City as of the end of last year were worth over 3.9 quadrillion VND (153.3 billion USD), a 11.3% increase for the year, according to the central bank.

Ho Chi Minh City received nearly 493 million USD in remittances in the first 20 days of this year. (Photo: https://doanhnhansaigon.vn)

Remittances to HCM City surge ahead of Tet

Ho Chi Minh City received nearly 493 million USD in remittances in the first 20 days of this year, according to Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam's HCM City branch.

Illustrative photo (Photo: VNA)

Retail petrol prices down in latest adjustment

The price of E5RON92 bio-fuel was priced at 20,592 VND (0.82 USD) per litre, representing a 158 VND decrease from the previous baseline, while RON95-III decreased to 21,142 VND per litre, down 78 VND.