The Deputy Prime Minister made the request while chairing a meeting on the management of monetary policy and the regulation of the gold market after the Government abolished the State monopoly on gold bullion production.

Specifically, the State Bank of Viet Nam was tasked to manage deposits and loans judiciously and to maintain current lending interest rates.

The central bank is responsible for directing credit toward priority sectors, rigorously controlling the cash flow of commercial banks—particularly those with high real estate lending ratios—and intensifying inspections for signs of cross-ownership. Furthermore, the State Bank must prevent the excessive use of short-term funds for long-term loans.

Regarding the gold market, the Deputy Prime Minister called for strict measures to prevent gold smuggling and for thorough inspections of gold trading activities in compliance with the Prime Minister's directives.

The State Bank was assigned to immediately launch an online information portal for gold prices, conduct research into the feasibility of a gold exchange, and issue a circular in September to guide the implementation of Decree 232/2025/ND-CP on gold market management.

The Ministry of Finance was urged to strengthen invoice management for gold trading and studying tax policies related to gold transactions to curb speculative activities.

The Ministry is also responsible for promoting the development of a sustainable stock market, managing and inspecting margin lending, and strictly overseeing private corporate bond issuance. Additionally, it must urge enterprises to repay bonds upon maturity.

All ministries, agencies, and localities are required to study and implement measures to prevent and address price manipulation, speculation, and market manipulation within the real estate sector.

In a recent directive which was issued on the same day, Prime Minister Pham instructed the State Bank of Viet Nam to seek ways to bring down domestic gold prices to global levels. Over the past months, gold prices peaked at VND136 million (US$5,155) per tael of 37.5 grams, around 17 percent higher than the global rates.

In recent months, the Government has issued multiple directives on gold prices and exchange rate management amid high market volatility./.