The State Bank of Vietnam said it will monitor gold markets closely and coordinate with agencies to manage and stabilise the market within its authority.
The country''s total demand for gold bars and coins was 26 tonnes in the first half of this year, the highest level since 2014, according to the report.
This is one of the bold solutions raised by the SBV after the Prime Minister Phạm Minh Chính asked for prompt efforts to be taken to stabilise the domestic gold market, ensuring its transparent, healthy and efficient operation.
The State does not encourage the trading of gold bars, protect their prices, nor accept too large differences between domestic and global gold prices, and between SJC and other types of gold bars.
The State Bank of Vietnam amends and supplements regulations on the responsibilities of the Department for Management of State Foreign Exchange Reserves in gold bar trading.
Transactions in the domestic gold bar market ped sharply as many gold holders selling their precious metal for Vietnamese dong to reinvest in business, production and consumption.
Gold shops around the country are scrambling to stockpile bullion and
jewellery to take advantage of the massive demand that is expected on
the 10th day of the lunar year, Than Tai (God of Wealth) Day, which
falls on February 17.