Prime Minister Pham Minh Chinh has directed the State Bank of Vietnam (SBV) and relevant ministries and agencies to build a national gold market database in June as part of measures to tighten management over the gold market.

Chairing a working session in Hanoi on May 24 between permanent Government members and representatives of ministries, agencies, associations and businesses, PM Chinh asked the central bank to strive to narrow the gap between domestic and global gold prices to a slim 1-2% margin.

The Government leader also called for a crackdown on shadowy practices like market manipulation, gold smuggling, and other illicit activities.

For long-term stability, he tasked the SBV, the Ministry of Finance, and other agencies with creating a business environment so vibrant that people might choose entrepreneurship over hoarding gold. A gold exchange platform, he suggested, could formalize trading under transparent rules.