Prime Minister Pham Minh Chinh has instructed the State Bank of Vietnam to increase oversight to detect and penalize hoarding of gold and manipulation to push up prices.
The central bank should also severely punish illegal trading that destabilizes the market, he said in a directive on Sunday.
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Gold bars in a shop in Ho Chi Minh City, March 2025. Photo by VnExpress/Quynh Tran |
He said it needs to closely monitor global and domestic prices and promptly take measures to stabilize the gold market, narrow the gap between overseas and Vietnamese prices and prevent negative impacts on exchange and interest rates.
Gold prices have risen relentlessly for more than two weeks now.
Saigon Jewelry Company gold bullion sold for VND131.5 million (US$4,978.42) per tael of 37.5 grams Monday morning, nearly 18% higher than global rates after the central bank halted sales of SJC gold bars as part of a switch to a new management mechanism.
