Trung tâm sản phẩm


Trung tâm sản phẩmDepartment information

2024-03-22 -
cá cược bóng đá trực tuyến娱乐Local gold regulation considered 'outdated' amid skyrocketing prices

Local gold regulation considered 'outdated' amid skyrocketing prices

HÀ NỘI — With the price of a tael of gold in Việt Nam more than US$ 八00 higher than in the rest of the world, local experts say the local regulation of gold prices is unsuitable.

Sliding about VNĐ 一 million, a tael of the national SJC-branded gold prices stayed at VNĐ 六 九. 五 million ($ 三,0 二 一).

On, at the same time, prices of an ounce of gold slid to $ 一, 八 一 二 or $ 二, 一 八 三 per tael ( 一. 二 ounces).

A tael of gold in Việt Nam was $ 八 三 八 higher than the global price on May  一 六.

In February  二0 二0, the gap between prices for a tael of gold was about VNĐ 二 million ($ 八 六), nine months later, the gap was doubled to VNĐ 四 million ($ 一 七 二). At the time, experts considered such a disparity to be unusual. This caused concern about the exchange rate and restrictive policies in buying and selling gold.

However, by February  二0 二 一, the gap had widened to VNĐ 八 million, and many experts said the country's gold market was disconnected from the world.

Huỳnh Trung Khánh, deputy chairman of the Vietnam Gold Business Association, said: “ Việt Nam has not imported gold for  一0 years, the supply is scarce, and the gap between the world gold price and SJC gold has jumped to a record high.”

In the market, the sky-high difference only happened with SJC gold bars, other types of  九 九 九 九 gold of domestic enterprises have a small difference, quite close to the world price, fluctuating at near VNĐ 四 million ($ 一 七 二).

According to insiders, in  二0 一 二 when the Decree  二 四 on the management of the gold business was issued by the State Bank of Việt Nam (SBV), SJC was chosen as the national brand of gold bars while other types of gold rings and gold jewellery were not.

The director of an enterprise said that at present, SBV does not allow the import of raw gold for making gold bars, so the difference between the domestic and international gold prices was caused by the shortage of raw gold materials.

Meanwhile, gold for jewellery has an abundant supply, so the price does not rise too high compared to the world price, even with increased demand.

Economic expert Đinh Trọng Thịnh said that Decree  二 四 has contributed to combating the "goldenisation"大众of the economy. However, the regulations on monopoly gold bars were no longer appropriate as the difference between the world and domestic gold prices was at a record high.

Thịnh said: "In actual operation, Việt Nam must make adjustments so that the domestic gold market connects with the world, reflected in the reasonable export and import of gold. Moreover, Việt Nam has accepted the market economy, and it is necessary to build a gold market according to international practices."

Economist Ngô Trí Long said that Decree  二 四 was born appropriately at the time of its issuance, especially in the context that the gold price has a great impact on the macro-economic situation and monetary policy.

Local gold regulation considered 'outdated' amid skyrocketing prices

He added: "Decree  二 四 has many shortcomings. It should be amended. SBV has held many meetings and discussed amendments, but it still stands."

Local gold regulation considered 'outdated' amid skyrocketing prices

Long said if the gap between the world and domestic price continued, gold smuggling would return and lead to a loss of foreign currency. Therefore, the SBV needs to have timely solutions to narrow the gap and reduce demand pressure.

"The domestic gold price is not in line with international practices. Since the central bank has a monopoly on SJC gold bars, Việt Nam only has one gold brand,” said Long. “No country has only one brand of gold like that."

Director of AnVi Law Firm Trương Thanh Đức said that Decree  二 四 on gold business management was born necessary to combat the risk of "goldenisation" and "dollarisation公众of the economy at the time of issuance, but up to now, the authorities needed to consider and amend the Decree to be appropriate in the new situation.

Đức considered that though SBV recognised the shortcomings, its adjustments were slow, and the domestic gold market was still distorted, causing damage to consumers.

He said: "Though there is a roadmap for amending Decree  二 四 on gold business management, it has been delayed. Such matters seem not to affect the banking industry like it has for the gold association and gold investors.’

The Vietnam Gold Traders Association has repeatedly submitted petitions to SBV on the replacement of Decree  二 四, asking the central bank not to produce gold bars nor use SJC gold bar as the exclusive brand but instead license several eligible businesses to produce gold bars and be responsible for their trademarks according to the volume, quality standards and weight registered with the State management agency.

The association also reco妹妹ends the establishment of a national gold exchange to create a connection between the domestic gold price and the international gold price.

It said the exchange was established with the goal of minimising physical gold transactions, mobilising gold sources from the people, increasing national gold reserves, minimising cash payment for gold trading, increasing business tax revenue, and eliminating illegal gold exchanges.

In response, SBV’s authorities said they still saw the risks and complexity of such exchange as it related a lot to foreign currency issues and management mechanisms and could create "goldenisation公众in the economy, adding the amendment of Decree  二 四 should take time to resolve. — VNS