The State does not encourage the trading of gold bars, protect their prices, nor accept too large differences between domestic and global gold prices, and between SJC and other types of gold bars, said Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu.
Hanoi (VNA) - The State does not encourage the trading of gold bars,protect their prices, nor accept too large differences between domestic and globalgold prices, and between SJC and other types of gold bars, said DeputyGovernor of the State Bank of Vietnam (SBV) Dao Minh Tu.
Speaking at a press conference on January3, Tu said that all of these issues will be considered in the upcomingamendments to Decree 24/2012/ND-CP issued in 2012 on the management of goldbusiness activities that the central bank will seek public comments in the comingtime.
Regarding a proposal to abolish themonopoly on SJC gold bars according to the provisions of Decree 24, he saidthat whether the SJC or many other gold brands exist, the ultimate goal is tostabilise the gold bar market, and ensure the interests of the country's 100 million people.
Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu speaks at the press conference. (Photo: VNA)
The interests of gold tradingenterprises are very small, he said, adding that the State does not protect the prices of gold bars,but always respects people's right to buy, sell, preserve and store gold.
At the end of 2023, the domestic gold pricefluctuated abnormally. Sometime, the domestic price was nearly 20 millionVND (820 USD) a tael higher than the world price, and thedifference between buying and selling prices was extended to 3 million VND a tael.
Therefore, on December 27, Prime MinisterPham Minh Chinh issued an official dispatch asking for measures to strengthenthe management of the domestic gold market.
In order to develop the market in a safe,healthy, effective and sustainable manner, the PM urged the SBV to keep a closeeye on the developments of the world and domestic gold prices, and promptlydeploy solutions to stabilise the market.
The Government leader also stressed theneed to take effective measures to manage and regulate the prices of gold barsfollowing market principles, and narrow down the gap in global and domestic goldprices./.
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.
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Gold bars (Photo: VNA) 
Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu speaks at the press conference. (Photo: VNA) 
