Gold trading platform to be launched before Feb 10 to help stabilise market
VOV.VN - Vietnam plans to put a gold trading platform into operation before February 10 as part of broader efforts to stabilise the gold market and maintain macroeconomic stability, a government official said on February 4.
The move comes as gold prices have seen sharp fluctuations in recent years, adding pressure to inflation control and financial market management.
Minister and Head of the Government Office Tran Van Son said the government would closely monitor developments in the gold market and stand ready to intervene when necessary.
“Before February 10, we aim to put the gold trading platform into operation, pilot a digital asset trading exchange and establish trading centres for real estate and land-use rights, ensuring safety, transparency and sound operation,” Son told a regular government press briefing in Hanoi.
He said the initiatives are part of measures to keep macroeconomic conditions stable, control inflation and support economic growth, amid a volatile global environment and rising risks.
The government will continue to manage interest rates, exchange rates and foreign exchange in a flexible manner to safeguard the value of the Vietnamese dong, while directing credit towards production, priority sectors, growth drivers and social housing.
Authorities will also tighten supervision of lending to sectors with higher risk profiles.
Some economists say the effectiveness of a gold trading platform will depend not only on its establishment but also on clearly defining the scope of gold transactions subject to regulation.
Others argue that to reduce systemic risks, Vietnam should gradually disclose data on gold holdings in the economy and end gold-based borrowing and lending practices, which can create financial instability.
On January 24, Prime Minister Pham Minh Chinh ordered the State Bank of Vietnam to urgently complete studies and submit proposals on establishing a national gold exchange or trading platform to the government.
Lawmakers have also repeatedly called on the government to outline a clear roadmap for stabilising the gold market.
Officials say launching the platform as early as February is expected to improve transparency, curb speculation and manipulation, and help channel idle gold resources into the formal economy.
Gold prices plunge after record surge, peak buyers face heavy losses
VOV.VN - Vietnam’s domestic gold prices have tumbled sharply after a brief but dramatic rally to record highs, mirroring a steep fall in global prices and leaving many buyers who rushed in at peak levels facing heavy losses.
