The following is a brief review of the day’s events as reported by the Vietnam News Agency.

Gold prices surged significantly, exceeding the threshold of 90 million VND (3,550 USD) per tael at the opening session of the God of Wealth Day on February 7 (the 10th day of the first lunar month).

The view that it is necessary to tax gold purchases so that people 'love' gold less, according to experts, needs to be done in a calculated way, not to tax arbitrarily, to avoid a tax on tax.

Permanent Vice Chairman of the National Assembly (NA) Tran Thanh Man on May 13 voiced concern over skyrocketing gold prices, asking the Government to quickly review market management measures to narrow the wide gap between domestic and global prices.

The consumer price index (CPI) in April inched up 0.07% from the previous month and 4.4% year on year, mainly fueled by a petroleum price hike, the General Statistics Office (GSO) said on April 29.

The State Bank of Vietnam (SBV) will resume gold bar bidding after 11 years, aiming to increase the supply of gold to the market, promptly and immediately settle the high difference in domestic and international gold prices, thus ensuring the gold market operates in a safe and stable, healthy, open, transparent and effective manner in accordance with the Prime Minister's direction.

The State Bank of Vietnam (SBV) must join hands with competent agencies to fully and effectively implement timely measures to stabilise the gold market under a recent dispatch by Prime Minister Pham Minh Chinh.

Domestic gold prices increased on March 7 morning to a new record at 81.25 VND (3,290 USD) million per tael (one tael is equivalent to 1.33 ounces) for SJC gold bars and 68,8 million VND for gold rings, after global prices hit an all-time high of 2,152.09 USD per ounce a day earlier.

The consumer price index (CPI) in February rose 1.04% against January and 3.98% year-on-year, fueled by high consumer demand for Tet (Lunar New Year) holiday and a surge in rice prices, the General Statistics Office said on February 29.

Vietnam saw a year-on-year rise of 3.37% in January’s consumer price index (CPI), according to the General Statistics Office (GSO).

The slowdown in global economic recovery, rice export restrictions, and COP28’s historic deal to phase out fossil fuels are among the most notable events of the world’s economy in 2023 as selected by the Economic News Department of the Vietnam News Agency.

Experts have predicted that gold prices, which reached a record high last week, may continue to rise in the short term, but the upward trend would be hard to sustain in the medium and long term.

Unlike previous months, Ho Chi Minh City recorded a month-on-month decline of 0.07% in its December consumer price index (CPI), the municipal Statistics Office said on December 30.

Vietnam recorded year-on-year growth of 3.15% in the 2022 consumer price index (CPI) while core inflation increased 2.59%, the General Statistics Office (GSO) said on December 29.

Consumer demand for gold in Vietnam amounted to 14 tonnes in the second quarter of this year, posting a year-on-year rise of 11%.

Vietnam’s gold prices saw a historic one-day fall on July 18, going down by 4 million VND (170 USD) a tael.

Consumer price index (CPI) of Ho Chi Minh City in November decreased 0.17 percent over October, but rose 1.83 percent compared to the same time last year.

Ho Chi Minh City’s consumer price index (CPI) in October went down 0.41 percent month-on-month and moved up 2.02 percent year-on-year, reported the municipal Statistics Office on October 29.

With gold no longer being a speculative asset class or cash substitute, the Government should have a more reasonable policy for managing it, according to experts.

Investors are pinning their hopes on different investment channels this year despite the many difficulties and risks brought about by COVID-19, analysts have said.