On the evening of May 27, the State Bank of Vietnam (SBV) issued a statement announcing that it would adjust its plan to stabilize the gold market. SBV said that the adjustment aims to continue to effectively implement the directions of the Government and the Prime Minister on handling the high difference between the domestic and world prices of SJC gold bars.
Accordingly, the State Bank will stop auctioning gold bars and will implement an alternative stabilization plan as soon as possible, expected to start from June 3, 2024.
Previously, the State Bank of Vietnam had auctioned SJC gold bars 9 times, each time 16,800 taels. Of which, 6 auctions were successful with a total of 48,500 taels of SJC gold bars supplied to the market.
At the latest gold auction on the morning of May 23, 11 members won 34 lots, equivalent to a total winning bid volume of 13,400 taels of gold. The lowest winning bid price was VND88.72 million and the highest winning bid price was VND88.73 million. This was also the session with the highest winning bid volume out of the 6 successful sessions of the State Bank.
Also on May 23, the State Bank announced an inspection of compliance with policies and laws in gold trading activities.
The inspection team includes representatives of the Government Inspectorate, the Ministry of Public Security , the Ministry of Finance, and the Ministry of Industry and Trade. The inspection period is 45 days.
The inspection subjects include: Tien Phong Commercial Joint Stock Bank (TPBank), Vietnam Export Import Commercial Joint Stock Bank (Eximbank), Saigon Jewelry Company Limited (SJC), Doji Jewelry Group Joint Stock Company, Phu Nhuan Jewelry Company Limited (PNJ), Bao Tin Minh Chau Company Limited.
The inspection team will conduct inspections in accordance with the provisions of the Inspection Law and related regulations, focusing on the following contents: Inspection of compliance with legal provisions on gold trading activities; Inspection of compliance with legal provisions on anti-money laundering;
Inspect compliance with legal regulations on accounting regime, preparation and use of invoices and vouchers; on declaration and performance of tax obligations.
The inspection period is from January 1, 2020 to May 15, 2024. If necessary, the inspection can be conducted before or after the above period .
Source: https://www.nguoiduatin.vn/ngan-hang-nha-nuoc-dung-dau-thau-vang-mieng-a665582.html
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