The State Bank requested the Ministry of Public Security to coordinate in organizing SJC gold bar bidding activities to ensure safe and effective bidding activities.
The State Bank also requested the Ministry of Industry and Trade to coordinate implementation according to assigned functions, tasks, and authority, and direct functional units to strengthen market management; promptly detect acts showing signs of violation and provide information to authorities for strict handling in accordance with the law.
Gold bar bidding
The State Bank requested the Ministry of Finance to continue to provide information on cases of smuggling and illegal transportation of gold across the border so that the State Bank can promptly grasp market information to come up with a solution. effective gold market management project. At the same time, the State Bank requested the Ministry of Finance to support in carrying out customs clearance procedures for imported gold for bidding work.
Accordingly, in the Official Dispatch No. 23/CD-TTg dated March 20, 2024 on strengthening measures to manage the gold market, the Prime Minister has the opinion to assign the Ministry of Public Security to preside and coordinate with the State Bank and inspection, examination, law protection agencies and relevant authorities to urgently implement prescribed measures to strictly handle violations of related laws. related to the gold market and gold business activities, especially acts of smuggling, manipulation, speculative profiteering, and pushing up the price of gold bars...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.
The SBV said that it will release a notice one day prior to the bidding. After the floor price is announced, credit institutions and gold businesses will have 30 minutes to decide the purchase volume and price. One hour after closing the bid, the bank will announce the results. Businesses will have to make a deposit to participate in the bidding no later than 5pm on the day of receiving the bidding notice.
So far, 26 units, including commercial banks and gold businesses have set up a gold bar trading relationship with the SBV. Of which, 15 have been eligible for bidding. The type of gold offered for bidding is SJC gold bars.
The first gold bidding session was held on March 28, 2013. In that year, the SBV organised 76 bidding sessions, during which 1,819,900 out of the 1,932,000 taels of gold bullion were sold.
Since the beginning of this year, domestic gold prices have in.creased strongly, recently setting new records and widening the gap with the global prices
VNBA News
