New regulation on management of gold bar production issued
The State Bank of Vietnam (SBV) has issued a new regulation on management of gold bar production to stabilise the gold market.
Under Decision 02/QĐ-NHNN, which has taken effect since January 2, 2024, the SBV’s Governor Nguyen Thi Hong authorised head of the SBV’s Internal Audit Department to establish a SBV team to supervise the processing of SJC gold bars from raw gold.
The department must perform tasks according to the current legal regulations on supervising the processing of SJC gold bars from raw gold.
It is also responsible for developing and submitting to the Governor a regulation on supervising the processing of SJC gold bars from raw gold for approval.
After many days under strong fluctuation, domestic gold prices have become more stable after the issuance of the SBV’s Decision 02/QĐ-NHNN.
At the Saigon Jewelry Company (SJC)’s shops, the price of gold bars was listed at VND72-75 million per tael for buying and selling on January 5, remaining the same compared to the previous session. However, the gap between buying and selling prices is still kept at a high level of VND3 million per tael.
The gap between domestic and world gold prices is currently narrowed to more than VND13 million per tael.
Meanwhile, the price of 9999 gold rings on January 5 increased by VND50,000 per tael to VND61.85 million per tael for buying and VND63 million for selling.
At the end of last year, domestic gold prices saw strong adjustment with large amplitudes in a day by gold trading companies. The gap between each adjustment was from VND1-2 million per tael.
According to SBV deputy governor Dao Minh Tu, the State does not accept too large differences between domestic and global gold prices, and between SJC and other types of gold bars. All of the issues will be considered in the upcoming amendments to Decree 24/2012/NĐ-CP issued in 2012 on the management of gold business activities that the SBV will seek public comments in the coming time.
Regarding a proposal to abolish the monopoly on SJC gold bars according to the provisions of Decree 24, Tu said whether the SJC or many other gold brands exist, the ultimate goal would be to stabilise the gold bar market, and ensure the interests of the country's 100 million people.
