Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV), ministries and agencies to implement measures to effectively manage the gold market.

The Government has called for stricter market management, intensified inspections and larger penalties for violations in response to the recent developments in domestic gold prices.

VOV.VN - Vietnam will set up a gold exchange at an appropriate time when it is able to meet all necessary conditions, said Nguyen Thi Hong, Governor of the State Bank of Vietnam (SBV), at the question-and-answer round of the National Assembly in Hanoi on November 11.

The State Bank of Vietnam (SBV) has announced that inspections on compliance with legal policies in gold trading activities of credit institutions and gold trading businesses have been completed and an inspection report is being compiled.

VOV.VN - A National Assembly deputy has proposed the establishment of an official gold trading exchange in an effort to manage and regulate the domestic gold market amid signs of a gold fever with significant price volatility occurring in recent times.

The State Bank of Vietnam (SBV) on May 17 issued a decision to inspect the compliance with policies and laws in gold trading activities of credit institutions and gold trading enterprises.

Deputy Prime Minister Le Minh Khai requested relevant ministries and sectors assign officials to join a delegation for inspecting the gold market and gold trading activities, during a meeting discussing gold market management measures on May 14 in Hanoi.

The central bank has warned people to take caution when trading gold amid the strong fluctuations of the precious metal.

VOV.VN - Both the global and domestic prices of gold continued to pick up during the first trading session of the week, with global rates remaining at VND15.86 million per tael lower than the selling price of Vietnam’s Saigon Gold and Jewelry Company (SJC) gold at the same time.

The Vietnam Gold Trading Association (VGTA) has proposed the establishment of a national gold exchange in Hanoi or Ho Chi Minh City.