The State Bank requests ministries and branches to coordinate in implementing tasks and solutions to stabilize and manage the gold market. Photo: ST

Specifically, in document No. 3102/NHNN-QLNH, SBV requested the Ministry of Finance to coordinate in implementing the functions, tasks and authority assigned in Decree No. 24/2012/ND-CP dated April 3, 2012 of the Government on the management of gold business activities; tasks and solutions to stabilize and manage the gold market that is assigned in the Prime Minister's guiding documents.

The Ministry of Finance coordinates to request organizations doing business in buying and selling gold, especially buying and selling gold bars, to strictly apply electronic invoices in gold buying and selling transactions to improve transparency, improve the effectiveness of supervision and administration, ensure the gold market operates safely, effectively, openly and transparently; strictly handle businesses that do not comply with this regulation.

At the same time, continue to provide information on cases of smuggling and illegal transportation of gold across the border so that the State Bank can promptly grasp market information to come up with an effective gold market management plan.

The State Bank also requested the Ministry of Finance to support the State Bank in carrying out clearance procedures for imported gold for bidding work.

Along with that, the State Bank has issued document No. 3003/NHNN-QLNH to the Ministry of Public Security requesting to coordinate with the State Bank and other inspection, supervision, law protection agencies and relevant authorities to urgently implement prescribed measures to strictly handle violations of the law related to the gold market and gold business activities, especially acts of smuggling, manipulation, profiteering, and pushing gold bars price...

The Police Department coordinates with the State Bank of Vietnam in organizing SJC gold bar bidding activities to ensure safe and effective bidding activities.

In document No. 3104/NHNN-QLNH, the State Bank requested the Ministry of Industry and Trade to coordinate and direct competent units to strengthen market management; promptly detect acts showing signs of violation and provide information to authorities for strict handling following the law.

SBV has issued Document No. 3145/NHNN-QLNH, SBV directs credit institutions and businesses licensed to buy and sell gold bars to seriously implement tasks and regulations on the management of gold business and the Prime Minister's directions to ensure the gold market operates safely, effectively, complying with the law, avoiding the situation of profiteering, speculation, manipulation, or price pushing.

The State Bank requires these units to strictly comply with the invoice and document regime following the regulations of the Ministry of Finance; and apply electronic invoices in carrying out gold buying and selling transactions to improve openness and transparency in gold buying and selling activities, especially buying and selling gold bars. Furthermore, complying with laws on preventing and combating money laundering and financing of terror.