The State Bank of Vietnam (SBV) has decided to inspect the compliance with policies and laws in gold trading activities of credit institutions and gold trading enterprises.

The inspection will focus on adherence to legal regulations concerning gold trading, anti-money laundering, and accounting and invoicing practices, tax declaration and fulfillment, according to a decision announced by the central bank on May 17.

The inspection performance will take place in 45 days in accordance with the Inspection Law and other relevant regulations.

This decision aligns with the Prime Minister’s official dispatch on strengthening measures for gold market management, and the Directive on monetary policy management for 2024, with a focus on tackling difficulties in production and trade, promoting growth and ensuring macro-economic stability.

The SBV has released a total of 27,200 taels of SJC-branded gold to the market through seven auction sessions  since April 19, with the aim of increasing the supply to the market, ensuring a suitable volume and frequency in response to market demand.