Prime Minister requests to rectify the gold market

Prime Minister Pham Minh Chinh speaks at the Government meeting on September 6.

At the Government meeting on September 6, Prime Minister Pham Minh Chinh requested Deputy Prime Ministers and agencies to get involved to grasp the situation, propose appropriate solutions, and respond promptly to policies in the management field, including the gold, real estate, and securities markets.

The Prime Minister assessed the fluctuations in gold prices as "very noticeable". He said he had directed the relevant authorities to intervene to prevent market manipulation, hoarding, and price gouging in the gold market. The State Bank Inspectorate must also actively intervene, and if necessary, the Government Inspectorate must intervene to examine the phenomenon of hoarding, price gouging, and market manipulation.

Regarding the stock market, the Government leader said that if money flows into the production and business sectors, it would be very good. To control this, he asked relevant parties to accurately assess recent developments, to determine whether there is price inflation or market manipulation.

Gold prices have been rising continuously for the past two weeks. Within two weeks, each tael of gold has increased by about 10 million VND, equivalent to an increase of nearly 8%. This morning, each tael of gold bar increased by 1 million VND, setting a new record of over 135 million VND, maintaining a difference of 20 million VND compared to the world price.

According to the General Statistics Office, the gold price index in August increased by 1.2% compared to the previous month, and by 48.62% compared to the same period last year. On average, the gold price index increased by 40.25% over the same period last year in the first 8 months.

The Government has issued Decree 232, granting the right to import and produce gold bars to a number of banks and enterprises that meet the requirements. It is expected that about 8 banks and 3 enterprises including PNJ, DOJI and SJC will meet the charter capital requirements to produce gold bars.

Experts believe that in the medium and long term, the new regulations will certainly cause the price of gold bars to fall closer to the world price, the difference may fluctuate around a few percent, about 4-5 million VND, instead of being nearly 20 million more expensive than the world price as it is now. However, the effect of the new regulations on domestic gold prices needs to be delayed, it cannot have an immediate impact.

In addition to developments in the gold market, the Prime Minister said that the socio-economic situation continues to trend positively, with each month being better than the previous month, and the first eight months being better than the same period in 2024. Along with that, the macro economy is stable, inflation is controlled, growth is promoted, and major balances are ensured.

He asked Government members to clearly analyze the pressure of inflation, exchange rates, and rising interest rates, while domestic consumption, exports, and public investment show signs of slowing down.

The Prime Minister reiterated that the growth target of 8.3-8.5% this year is very difficult but "no matter how difficult it is, it must be done". He requested to continue to renew traditional growth drivers, while promoting new drivers for synchronous and comprehensive development. Ministries and sectors strive to reduce by 30% the time, quantity and cost of administrative procedures, and completely handle backlogged projects, considering this an important solution to unlock resources for development.

According to VnExpress

Source: https://baobacninhtv.vn/thu-tuong-yeu-cau-chan-chinh-thi-truong-vang-postid425830.bbg