PM urges swift disclosure of inspection results on gold trading firms

HCMC – Prime Minister Pham Minh Chinh has ordered the State Bank of Vietnam to quickly disclose inspection results of gold trading firms and banks, as part of new measures to tighten oversight of the gold market.

Last year, authorities inspected four major gold firms, SJC, DOJI, PNJ, and Bao Tin Minh Chau; and two banks, TPBank and Eximbank, amid a gold price spike and a widening gap with global rates. The findings have not yet been released.

In Official Dispatch No. 64 signed on May 13, the prime minister required the central bank to release inspection findings, address violations, and report results by the end of May.

Gold market stabilization measures helped narrow the gap between domestic and global prices to a manageable range by early April 2025, at times as low as 1-2%.

However, unresolved domestic issues and rising geopolitical tensions since early 2025 have pushed up global gold prices, causing sharp volatility in the local market and widening the price gap.

Currently, domestic gold bar prices remain nearly VND18 million per tael higher than international rates, while the gap for plain gold rings ranges from VND13 to 16 million.

PM Chinh called for stronger state management to ensure a safe, stable, and sustainable gold market, stressing that price volatility must not threaten financial and monetary stability, macroeconomic control, inflation, growth, or public sentiment.

The Saigon Times

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