Prime Minister Pham Minh Chinh has asked relevant ministries and agencies to take measures to tighten the management of the domestic gold market, the Government News has reported.

In a dispatch signed on December 27, Prime Minister Chinh noted that recent complex developments in global and domestic gold markets have affected the financial and monetary market as well as social opinion.

To develop the gold market in a safe, healthy, effective, and sustainable manner, he urged the State Bank of Vietnam (SBV) to keep a close watch on developments in world and domestic gold prices and to promptly deploy solutions to stabilize the market.

The central bank was asked to prepare scenarios and plans to respond to fluctuations in global and domestic gold prices, while using tools in a proper, effective, and timely manner, contributing to promoting socio-economic development, ensuring macro-economic stability, and avoiding a “goldenization” of the economy.

Prime Minister Chinh also asked the SBV to urgently take effective measures to manage and regulate the price of gold bars under market principles, narrowing the gap in global and domestic gold prices.

He also asked the bank to increase close and comprehensive inspections, examinations, and supervision over the gold market and the activities of gold businesses and other stakeholders, to identify loopholes and deal with violations.

It is necessary to provide official, open, and transparent information on orientations and policies on the management of the financial, monetary, foreign exchange, and gold markets, to reinforce people’s confidence in the value of the national currency and create social consensus, he said.

The Prime Minister ordered relevant ministries and agencies to work with the SBV to immediately take measures to strictly handle violations, especially smuggling, manipulation, and speculation, to ensure the gold market operates in a stable, transparent, safe, healthy, and effective manner.