phongtruyenthong@neu.edu.vn<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"Prof. Dr. Tran Tho Dat, a member of the Prime Minister\u2019s Economic Advisory Group, believes that stabilizing the gold market is very important, but that finding ways to harness the gold market effectively and develop the gold jewelry manufacturing industry is even more important. Perhaps never before have the Government, the State Bank of Vietnam (SBV), and the Ministry of Finance been as determined to stabilize the gold market as they have recently. Do you agree? Yes. As domestic SJC gold prices rose continuously and diverged sharply from world gold prices, the SBV held several gold auctions, but the results fell short of expectations. SJC gold prices fell, but remained far above gold bullion prices on the world market. Against this backdrop, the SBV changed its strategy for stabilizing the gold market. Instead of holding auctions, it supplied SJC gold to the market through four state-owned commercial banks and Saigon Jewelry Company Limited (SJC), causing prices for this gold brand to fall sharply. At the same time, the Prime Minister directed the Ministry of Finance (General Department of Taxation) to make electronic invoices mandatory for gold trading. Most recently, on June 5, 2024, the Government issued Resolution 82\/NQ-CP on its regular meeting for May 2024, emphasizing the use of electronic invoices in business activities and the trading of goods and services, including gold trading. Do you think Resolution 82\/NQ-CP is strong enough to restore order to the gold market? I believe it is strong enough, as the Government has required the Ministry of Finance to work closely with the SBV to strengthen inspections and oversight and strictly enforce regulations requiring electronic invoices linked to tax authorities for gold trading activities. Gold-trading enterprises must link their electronic invoices to tax authorities before June 15, 2024. Gold trading is a conditional business activity. After this date (June 15, 2024), business registration authorities must immediately revoke the business licenses of enterprises and entities that fail to comply with regulations requiring electronic invoices linked to tax authorities for gold trading activities. These measures are strong enough to restore order to the gold market and meet people\u2019s demand to buy gold as a store of value. More importantly, however, we must tap the enormous amount of gold held by the public, channel it into production and business activities to create products for society, and develop the gold jewelry manufacturing industry. There have also been many proposals to tap the gold held by the public, including allowing banks to accept gold deposits at reasonable interest rates. What is your view? Given the enormous amount of gold held by the public that remains untapped rather than being channeled into the economy to create material wealth for society, many experts have recommended allowing banks to accept gold deposits. However, this is far from simple, because banks cannot take gold deposits from the public and lend that gold to organizations, individuals, and enterprises. Instead, they must sell it on the market for Vietnamese dong to lend. When gold depositors withdraw their principal and interest, where would banks get the gold to repay them other than by buying it back on the market? Allowing banks to accept gold deposits involves too many variables. Although the issue was raised many years ago, it remains unresolved and is still only an idea. Moreover, without tight management, it could easily lead to the goldization of the economy. To address this problem, many experts propose allowing banks to accept gold-account deposits rather than physical gold. What do you think of this idea? Put simply, accepting gold-account deposits means that someone has VND 80 million, equivalent to one tael of gold, but does not want to hold a cash deposit for fear of depreciation and still has a strong preference for holding gold. They therefore deposit VND 80 million in a bank, which is converted into one tael of gold. When they withdraw their principal and interest, the bank converts the amount at the gold price at that time and pays both principal and interest in Vietnamese dong. This approach achieves many objectives, such as reducing demand to hoard physical gold and mobilizing the public\u2019s gold holdings for the economy. In the long run, it therefore needs to be studied and could be piloted. I would also note that some countries have accepted gold-account deposits but discontinued the practice after finding it ineffective over time. Vietnam must therefore exercise extreme caution, as gold-account deposits are a new and highly complex financial investment channel. Nevertheless, we need to study the most effective ways to tap the enormous financial resources held by the public in the form of physical gold. What about developing the gold jewelry manufacturing industry? Gold jewelry is a commodity and a form of adornment with a particular appeal to women, as everyone wants to look beautiful. In many countries around the world, people buy and sell gold jewelry just like ordinary, everyday goods. In Vietnam, gold jewelry is a form of savings, an asset for emergencies, and a dowry. With a population of 100 million, Vietnam has an enormous gold jewelry market. If gold jewelry is regarded as a form of adornment, the gold jewelry manufacturing industry needs to be developed. Accordingly, the SBV should allow eligible enterprises to import gold bullion to make jewelry for the market. Singapore has a population of just over 6 million, yet its gold and silver manufacturing industry generates USD 6\u20137 billion in revenue. Meanwhile, Vietnamese people have highly developed handicraft skills, but revenue from the gold and silver manufacturing industry is very low. Therefore, alongside restoring order to the gold market, we must develop the gold jewelry manufacturing industry. Manh Bon Link: https:\/\/baodautu.vn\/tim-cach-khai-thac-hieu-qua-thi-truong-vang-d217393.html This is an automated translation. If you notice any errors, please contact the Department of Communications, National Economics University at phongtruyenthong@neu.edu.vn.<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[724],"tags":[],"class_list":["post-76410","post","type-post","status-publish","format-standard","hentry","category-economic-information","post-no-thumbnail"],"acf":[],"_links":{"self":[{"href":"https:\/\/neu.edu.vn\/en\/wp-json\/wp\/v2\/posts\/76410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/neu.edu.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/neu.edu.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/neu.edu.vn\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/neu.edu.vn\/en\/wp-json\/wp\/v2\/comments?post=76410"}],"version-history":[{"count":0,"href":"https:\/\/neu.edu.vn\/en\/wp-json\/wp\/v2\/posts\/76410\/revisions"}],"wp:attachment":[{"href":"https:\/\/neu.edu.vn\/en\/wp-json\/wp\/v2\/media?parent=76410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/neu.edu.vn\/en\/wp-json\/wp\/v2\/categories?post=76410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/neu.edu.vn\/en\/wp-json\/wp\/v2\/tags?post=76410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}