Strict regulation of the gold market called for by Prime Minister
In a move to ensure market integrity and prevent price manipulation, Vietnam's Prime Minister, Phạm Minh Chính, has called upon relevant authorities to carefully evaluate recent developments in the stock market, with a particular focus on the gold market.
Over the past two weeks, the price of gold has been on a steady rise, and this morning, the price of each gold bar increased by VNĐ1 million, bringing the current price to above VNĐ135 million. This increase follows an approximately VNĐ10 million per tael rise over the same period.
The Prime Minister has expressed concerns about potential market manipulation, hoarding, and price gouging in the gold market. To address these issues, he has directed relevant agencies to propose appropriate solutions and timely policy responses.
Under Decree 232/2025, eight banks, including Vietcombank, BIDV, VietinBank, Agribank, VPBank, Techcombank, MB, and ACB, as well as three companies, Saigon Jewelry Company (SJC), Phu Nhuan Jewelry Joint Stock Company (PNJ), and Doji Jewelry Group, have been given the green light to import and produce gold bars. It is expected that these entities will soon start producing gold bars.
The Prime Minister also highlighted the positive impact that capital flowing into the production and business sectors could have on the economy.
Experts predict that the new regulations may bring domestic gold prices closer to global prices in the medium to long term. However, they also caution that the effects of these regulations on domestic gold prices would not be immediate, as it would take time for the market to adjust.
The gold price index increased by 48.62% year-on-year, and last month, it rose by 1.2% compared to the previous month. Despite this, the current VNĐ20 million difference between domestic and global gold prices is expected to decrease. The price gap may fluctuate around a few percent, approximately VNĐ4-5 million.
If necessary, the State Bank of Vietnam and the Government Inspectorate will be involved in the inspection of the gold market to ensure compliance with regulations and prevent any unfair practices.
In his efforts to maintain a stable and fair market, the Prime Minister has emphasised the importance of transparency and the rule of law in all economic activities.
Read also:
- Understanding Hemorrhagic Gastroenteritis: Key Facts
- Trump's Policies: Tariffs, AI, Surveillance, and Possible Martial Law
- Expanded Community Health Involvement by CK Birla Hospitals, Jaipur, Maintained Through Consistent Outreach Programs Across Rajasthan
- Abdominal Fat Accumulation: Causes and Strategies for Reduction
