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The price of SJC gold “wasted” by 15 million/tael: the National Assembly member “held” responsibility, Governor Nguyen Thi Hong informed “hot”

According to the program of the 3rd session of the 15th National Assembly, on the morning of June 9, 2022, under the direction of National Assembly Chairwoman Vuong Dinh Hue, the National Assembly held a session of questioning and answering questions from Governor Nguyen Thi Hong. about the third group of problems.

Gold price “heats” the Parliament

At the beginning of the questioning session this morning, Governor Nguyen Thi Hong further clarified the argument of delegate Nguyen Phuong Thuy – Hanoi’s National Assembly Delegation on gold market management.

Accordingly, delegate Nguyen Phuong Thuy – Delegation of the National Assembly of Hanoi said that she highly appreciates the management of the gold market and the management of gold business activities in the past time.

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 difference between the price of SJC and 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 Governor Nguyen Thi Hong to have a more specific answer on this content?

Gold price

Delegates debated the gold price on the morning of June 9. (Photo: QH)

Answering, Governor Nguyen Thi Hong said: About the reason why the price of SJC gold is different from other brands was mentioned by the Governor in the afternoon session on June 8. However, the Governor emphasized that SJC is a very popular brand among the people, since before Decree 24 was issued.

“In the past, the gold market caused many problems and caused instability to the economy and Decree 24 was issued with the anti-gold policy. Thanks to that, for many years, the currency and foreign exchange markets have been stable and have been a bright spot for many years. Vietnam upgraded its rank in the international market,” the Governor emphasized.

Also according to Governor Nguyen Thi Hong, according to Decree 24, the State Bank has the exclusive right to produce gold bars. When assessing the situation of gold bar production, at that time, the State Bank assessed that there were some gold brands besides SJC, but 90% of the gold on the market was SJC brand. At that time, the State Bank had to choose which brand to produce, the State Bank’s own brand or choose one of the non-SJC brands.

However, after analyzing and evaluating costs, the SBV found that if people choose to launch a separate brand name of the State Bank or choose one of the other brands other than SJC, it is possible that people in the market will switch from the SJC brand, which accounts for 90% of the time, to that gold brand, which incurs a lot of unnecessary costs for society. Therefore, the State Bank decided to produce gold bars but hired SJC to process them under the strict supervision of the State Bank.

The State Bank has not supplied SJC gold since 2014 until now

Moreover, from 2014 until now, the State Bank has not supplied SJC gold to the market, according to the anti-goldenization market owner. Businesses are afraid of the risk of unpredictable fluctuations in the gold price, so they list the high SJC price. However, the gold price SJC bought high but sold high and other brands bought low and sold low.

However, Governor Nguyen Thi Hong said, the State Bank will record and in the process of summarizing Decree 24 for analysis and evaluation.

“We have spent a lot of work to get stability, if we do not monopolize or let other brands produce gold bars, we need to carefully evaluate and consult with relevant parties,” the commander said. banking industry said.

Previously, during the questioning session on June 8, delegate Nguyen Phuong Thuy (Hanoi delegation) questioned the unusual movements of the SJC gold price, especially at the beginning of 2022, when the difference was too high between the gold price in country and the world sometimes over 20 million VND/tael. The delegate asked the Governor to explain the responsibility of the State Bank for the above situation?

Gold price

Governor Nguyen Thi Hong. (Photo: QH)

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.

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.

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