Government urged to probe gold traders to prevent possible market manipulation
The National Assembly (NA) Standing Committee has asked the Government and the Prime Minister to investigate gold trading firms to promptly address any violations in business activities and possible market manipulation, amid soaring domestic prices.
National Assembly Standing Committee's 32nd session (Photo: VNA)
Hanoi (VNA) – The National Assembly (NA) Standing Committee has askedthe Government and the Prime Minister to investigate gold trading firms to promptlyaddress any violations in business activities and possible market manipulation, amid soaring domestic prices.
The content was included in a report onombudsman work in March delivered by head of the NA Standing Committee'sOmbudsman Commission Duong Thanh Binh at the committee’s ongoing 32nd session on April 16.
The committee also required the Government todirect relevant ministries and sectors to closely monitor the fluctuations in supply, demand, and market prices of important and essential goods to takeappropriate adjustment, strengthen goods control activities, andstabilise the market.
It is necessary to have timely solutions tosupport localities suffering subsidence and landslides in terms of funding andsolutions to protect property and people's lives, as well as transportation andirrigation systems serving production; and seek ways to re-planthe transportation and irrigation systems, and rearrange production andpopulation in a concerted and effective manner.
The Ministry of Agriculture and RuralDevelopment was requested to take actions to effectively implement forest firefighting and prevention, combat saline intrusion, and ensure fresh water supplyfor daily life and production in the Mekong Delta.
The Ministry of Public Security needs to strengthen the fight, prevention, and handling of fraud and gambling crimes in cyberspace, while the Ministryof Health should provide guidance on prevention and control of infectiousdiseases and take preventive measures to promptly containing them./.
Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV) to keep a close watch on international and domestic gold prices, and put in place measures and tools in a timely and effective way to regulate the gold market in line with regulations.
The State Bank of Vietnam (SBV) will increase the supply of gold bullion to handle the existing huge difference in domestic and world gold prices, SBV Deputy Governor Pham Thanh Ha told the press on April 12.
The State Bank of Vietnam (SBV) will resume gold bar bidding after 11 years, aiming to increase the supply of gold to the market, promptly and immediately settle the high difference in domestic and international gold prices, thus ensuring the gold market operates in a safe and stable, healthy, open, transparent and effective manner in accordance with the Prime Minister's direction.
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The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
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A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
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Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
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National Assembly Standing Committee's 32nd session (Photo: VNA) 
