The National Assembly (NA) Standing Committee has asked the Government and the Prime Minister to investigate gold trading firms to promptly address any violations in business activities and possible market manipulation, amid soaring domestic prices.
Việt Nam Gold Traders Association has proposed three companies be allowed to carry out gold import of around 1.5 tonnes per year as a bold effort to gradually remove the monopolies in the domestic gold market.
The Viet Nam Gold Traders Association has called on the Ministry of Finance to discard its plans to tax export of gold of less than 95 per cent purity, claiming it would badly affect the industry.
Local gold prices followed international markets as they soared on August 10. Following this trend, VND200,000 ($8.9) was added to each tael of SJC
gold to reach VND36.83 million in the Sai Gon Jewellery Joint Stock
Company this morning.
Regulation of the gold jewellery market has not improved as expected
after the Government stipulated that purity and measurement must be
clearly indicated along with gold content.
