While the price of SJC-branded gold bullion remained unchanged, 9999 gold ring price in the domestic market rose on October 31 morning following the global gold price trend.
Vietnamese consumers are facing trouble purchasing gold, including supply shortages, government regulations, and the rise of informal gold trading networks, despite recent efforts by the State Bank of Vietnam to stabilize the market.
The State Bank of Vietnam (SBV) is working closely with ministries and local authorities to implement comprehensive strategies to address significant price disparities and stabilise the gold market.
Chairman of the HCMC People's Committee Phan Van Mai has requested Saigon Gold and Jewelry Company (SJC) to mobilize its resources to meet the State Bank of Vietnam (SBV)’s demand for SJC gold bar high-volume production to stabilize the gold market.
Generation of e-invoices for all gold transaction will ensure transparency for the gold market, which has gone volatile over the past time, according to experts.
The State Bank of Vietnam (SBV) said that it has directed its branches in provinces and cities to closely monitor the developments of the local gold market, and at gold trading locations, and report to the central bank any case where people queue to buy gold.
Deputy Prime Minister Le Minh Khai requested relevant ministries and sectors assign officials to join a delegation for inspecting the gold market and gold trading activities, during a meeting discussing gold market management measures on May 14 in Hanoi.
The government has requested an immediate inspection of gold bar trading in an attempt to stabilize the domestic gold market that has grabbed the headlines for the past few weeks.
