The National Assembly deputies questioned the Governor, the President of the National Assembly “a question that is both good and difficult”

Gold price difference high, the delegate “requests” the responsibility of Governor Nguyen Thi Hong

At the interrogation session on the afternoon of June 8, delegate Nguyen Phuong Thuy (from Hanoi delegation) questioned the unusual movements of the SJC gold price, especially in early 2022, when the difference was too high between the domestic gold price and the world. sometimes over 20 million VND/tael.

“The huge difference between SJC gold bars and SJC jewelry gold prices with the same content or price of SJC gold bars and gold bars of other brands causes panic and insecurity for people, reducing confidence in the price. value of the Vietnamese currency, increasing inflation,” said delegate Thuy.

The delegate asked the Governor to explain the responsibility of the State Bank for the above situation? Does the State Bank conduct a survey to check the price formation factors when the price of gold bars fluctuates or not? Is there a case of shaking hands and manipulating the price of SJC gold bars in the market? When will the state bank amend Decree 24 on gold business management?

Regarding the question difference between SJC gold price and world gold pricebetween SJC gold bars and other types of gold in the country and the time the State Bank proposed to amend Decree 24 posed by delegate Thuy, according to the National Assembly Chairwoman, this is a question of “both good and difficult”. .

No need for intervention

Responding to delegates’ concerns related to the gold price, Governor Nguyen Thi Hong said that gold price movements in the international market are complicated and unpredictable, affected by many factors. There are times when the price of gold goes up very high and sometimes it drops very low.

In Vietnam, the gold price has the same trend as the world, but the upward adjustment speed is faster, but the downward adjustment speed is slower than the world gold price. According to statistics, the gold price of brands, not SJC, is basically only about 2 million VND/tael different from the world, but SJC is at a large level, up to 16-17 million VND/tael.

Pointing to the cause of this phenomenon, the Governor of the State Bank stated that, from the policy of anti-goldenization of the economy, in 2012 the implementation of Decree 24, therefore, from 2014, the State Bank did not import gold into Vietnam. gold bar production. Therefore, the supply of gold bars in the country decreased because part of it was shifted to the production of fine jewelry gold.

Besides, with such world gold fluctuations, gold trading enterprises are afraid of risks, so they list high selling prices. With Gold SJC is the most preferred brand by the people, so they are listed highly. The price of gold bought and sold by organizations is basically 1 – 1.5 million VND/tael.

With the role of state management, the Governor of the State Bank said, the State Bank will be ready to regulate if necessary. However, according to updated data, people do not need to buy gold bars too much. Therefore, the bank has not intervened, only in necessary cases will import gold to intervene.

Debating after the reply of Governor Nguyen Thi Hong, delegate Trinh Xuan An (Dong Nai delegation) raised the issue, the story is that perhaps Vietnam is the only country with the price of gold going up and down like “when will the price of gold go up and down?” The world decreases, we increase”.

“This is unacceptable. Behind this story, whether it benefits any business or organization needs careful assessment. I do not support the accumulation of gold, but such economic laws are very problematic. topic,” he stated.

After the debate of delegate An, delegate Nguyen Phuong Thuy also continued to debate the story of Decree 24 on the management of gold business.

Also participating in the debate after Governor Nguyen Thi Hong answered a question about gold market management, delegate Nguyen Phuong Thuy highly appreciated the management of the gold market and the management of gold business activities in recent years. However, delegate Nguyen Phuong Thuy also asked, is the monopoly of a national gold brand, SJC, one of the reasons for the current high price of SJC gold bars?

Delegate Nguyen Phuong Thuy pointed out, that the same gold bar but not the SJC brand, the price difference from SJC is up to 15 million VND/tael. Clearly, in terms of price or in terms of world prices, such a difference is too large, delegate Nguyen Phuong Thuy asked the Governor of the State Bank to have a more specific answer on this content?

These issues will be answered by Governor of the State Bank of Vietnam Nguyen Thi Hong at the questioning session tomorrow morning (June 9).