Diversify gold products
According to the plan to amend Decree 24 on gold trading management, the management agency is considering adding many new products including:
Gold futures
Gold Certificate
Savings and loans in gold
Gold price hedging tools
Credit institutions and businesses also proposed being allowed to use derivative instruments to buy gold futures from abroad, in order to better manage the risk of price fluctuations.
Open the door for banks to participate in gold bar production
A highlight of the draft is allowing qualified commercial banks to participate in the production of gold bars, according to Article 114 of the Law on Credit Institutions amended in 2024, to eliminate the production monopoly mechanism, increase supply and promote competition, but still under the close supervision of the State Bank.
The draft also sets strict conditions on financial capacity, legal compliance and gold trading experience for participating organizations.
Towards a Centralized Gold Exchange
The State Bank's long-term strategy is to establish a centralized gold exchange in Vietnam, and at the same time study the inclusion of gold in the list of commodities allowed to be traded at existing commodity exchanges.
Gold is expected to be added to the list of commodities traded at commodity exchanges under Decree 158/2006, creating a platform for gold account and derivative trading.
Currently, the draft revised Decree 24 is being widely consulted, promising to bring a stable, transparent and internationally integrated gold market.
Source: https://baonghean.vn/ngan-hang-nha-nuoc-day-manh-co-che-phap-ly-cho-vang-tai-khoan-va-so-giao-dich-vang-tap-trung-10302331.html
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