On June 11, Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department (State Bank), informed the press about a number of new mechanisms being proposed in the draft decree amending Decree 24/2012/ND-CP on gold trading activities.
Accordingly, the gold bar market in Vietnam will have new brands produced by licensed businesses and banks, instead of only one national gold brand, SJC, as it is now.
The draft revised decree has been completed by the State Bank in the direction of marketization with a roadmap and strict control. One of the important contents is the proposal to eliminate the state monopoly in the production of gold bars, and the export and import of raw gold.
Instead, the State Bank will grant licenses to a number of businesses and banks that meet the conditions to be allowed to produce gold bars, as well as to import raw gold for the production of gold bars and fine art jewelry.
In the draft decree amending Decree 24, the market will have other gold bar brands. Currently, SJC gold bars are the only national gold brand in the country.
A representative of the State Bank said that the agency will base on macroeconomic developments, monetary policy and the gold market situation to decide on granting raw gold import quotas to qualified units. This is a solution to create competition in the market, while still ensuring strict control of gold production and import activities.
When more gold bar brands are licensed to circulate, people will have more options instead of just using SJC gold as at present. This promises to help the gold market become more competitive, limit the large gap between domestic and world gold prices, and minimize unreasonable price fluctuations between brands.
In addition, the draft decree also stipulates payment via accounts and the use of electronic invoices for gold bar transactions. These regulations are expected to increase transparency, contributing to more effective management of the gold market.
Not stopping there, in the coming time, the State Bank will continue to research and learn from international experience to propose the establishment of a National Gold Exchange or allow gold to be traded on the Commodity Exchange.
Along with that, relevant ministries and branches are also considering solutions to develop alternative investment channels to mobilize gold resources from people to serve the economy, while studying appropriate tax policies to enhance market transparency.
Meanwhile, according to the afternoon record of June 11, the price of SJC gold bars was commonly listed by businesses at 116.8 million VND/tael for buying and 118.8 million VND/tael for selling, remaining stable compared to the morning. This price is still higher than the converted world gold price by about 13-14 million VND per tael.
Source: https://nld.com.vn/sap-cap-phep-doanh-nghiep-ngan-hang-san-xuat-va-nhap-khau-vang-mieng-196250611155427914.htm
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