HCMC - Prime Minister Pham Minh Chinh has ordered the State Bank of Vietnam (SBV) to stabilize the domestic gold market and narrow the price gap with international markets, while accelerating the removal of state monopoly on gold.

In a recent directive, he asked the central bank to use all necessary tools to close the domestic-international price disparity and strengthen inspections to prevent hoarding, price manipulation and smuggling, the Government news portal said. The PM called for the early implementation of Decree 232, which takes effect on October 10 and abolishes the monopoly on gold bars, paving the way for a more transparent and market-driven gold market. At a monetary policy meeting on September 16, Deputy PM Ho Duc Phoc instructed the SBV to step up efforts against smuggling, launch a gold price information portal, and study the creation of a gold exchange. The central bank said it is working with provincial authorities, police and tax agencies to conduct surprise checks on gold trading practices, accounting, tax compliance and anti-money laundering measures. It is also preparing a circular guiding the rollout of Decree 232 to allow banks and businesses to join the market.