According to economic expert Tran Tho Dat, the gold market management policy is moving towards liberalizing import and export, with the State only regulating policies like other countries in the world.
Prof.Dr. Hoang Van Cuong, Member of the National Assembly’s Finance and Budget Committee, said that this is the time when we need many radical solutions and bold changes to implement the Prime Minister’s directive on the gold market.
“We should consider expanding the issue of equality of physical gold goods, it is necessary to review whether we should maintain the national gold brand or not?”, Mr. Cuong asked.
According to Prof.Dr. Hoang Van Cuong, State management is correct, but that does not mean the State must directly control that product. The national gold brand has come to fulfill its mission, we return gold as a common commodity. Any enterprise with enough capacity will have its own products, but the State must manage them.
He added: The management method now must be different, we must use tools to regulate and strengthen tax and information control tools. Gold is not like other commodities, it is not lost but only from gold bars to gold jewelry. Therefore, the management and operation process of this item, according to Mr. Cuong, the State must strictly manage.
Besides, the management mechanism also needs to change. We must review the granting of quotas, how much quota is allowed for export, and use tax tools to regulate…
“Thus, only businesses that find it necessary and effective will import. We abandon the administrative management method,” emphasized the member of the National Assembly’s Finance and Budget Committee.
Second, we must open new markets, trade accounts, and financial instruments. That will limit the physical market, making it more convenient, efficient, and safer, eliminating the need to buy gold bars to keep at home. From there, it will gradually replace the physical gold market and hoarded gold bars.
“If we trade gold bars or gold stored on our account, we have many tools to control. Gold trading floors are the hub for other commodity trading floors. Gold is still a quite special commodity, we We need to have a mechanism and level for gold exchanges. Not only the State but also large banks and depository agencies with enough potential can participate in the depository agency and participate in the market. secondary market for international circulation. Open the primary market for all people to participate. And of course we must have a very strict, but open legal framework for open development and use. market rules for both groups of physical gold and gold traded on accounts,” he added.
Dr. Tran Tho Dat, an economic expert, commented that the State Bank currently manages the gold market quite strictly, somewhat administratively. This method is suitable for the context of 2012 when the gold market was very unstable so we had to have administrative solutions. The difference between SJC gold price and world gold price over the past 2 years has not changed. He believes that the fear and hesitation of managers has its own problems, the root cause is the fear that if we open this gold market, the phenomenon of goldization and macroeconomic instability will return. once more. This concern is understandable. However, over the past 10 years, thanks to the fairly synchronous implementation of macroeconomic stabilization solutions and solutions to limit “dollarization”, goldization in the economy has almost ended. In fact, that fear is basically gone.
“It’s time for us to see that Decree 24 has fulfilled its historic mission and there needs to be a change,” he said.
Accordingly, the State Bank should only carry out administrative management and planning, policies, regulations, and foreign exchange reserves in gold according to current ordinances, such as the foreign exchange ordinance and the State Bank Law. State, Law on Credit Institutions, which do not participate in production and business and regulate the gold market and administrative measures, do not directly participate in the gold business process, return the gold business to the market. school.
Next, the time has come for the Vietnamese gold market to connect with the world market, to eliminate price differences, especially the current SJC gold price difference through market solutions, and gold bar production must be given to the market. At the same time, the gold market management policy moves towards liberalizing import and export through commodity market management, with the State only regulating policies like other countries in the world.
Third, we must soon convert the physical gold market to the futures gold market, traded through contracts. The last thing is that gold market management must have appropriate solutions to mobilize large amounts of gold among the people today.
