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| NA Vice Chairman Tran Thanh Man addresses the 33rd session of the National Assemly (NA) Standing Committee.__Photo: Nhan Sang/VNA |
National Assembly (NA) Vice Chairman Tran Thanh Man requested the Government to quickly review market management measures to narrow domestic and global gold price gap at the on-going 33rd session of the NA Standing Committee that opened on May 13.
The committee members held that there remain many problems in gold market management, and Le Thi Nga, Chairwoman of the NA’s Committee for Judicial Affairs, said the gap between domestic and global prices is too wide, adding they have never been so high.
She pointed out that the Government and its leaders have ordered the banking sector to take measures for managing the market while the State Bank of Vietnam (SBV) has also held several gold auctions, but prices are still shooting up. Therefore, strict management of and State intervention in this market are required.
Man said he worries that surging gold prices, even topping VND 90 million (over USD 3,500) per tael (one tael is equivalent to 1.33 ounces), may lead to higher import expenses, material prices, and interest rates of businesses’ foreign borrowings, subsequently adversely impacting the domestic market.
He asked the Government to take flexible and timely measures to balance the targets of growth promotion and inflation control in the face of fluctuations in the domestic gold market. It needs to quickly and comprehensively review results of the market management measures implemented so far and narrow the wide gap.
Mentioning some solutions, SBV Deputy Governor Pham Thanh Ha said the central bank will continue increasing the supply for the market by organizing more auctions to stabilize prices and narrow the gap.
It will also direct its branches to enhance market management, step up inspecting the businesses and credit institutions trading gold bars, and demand gold trading firms seriously comply with legal regulations in this regard, said Ha.-(VLLF)
