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In the first quarter, Vietnam saw a 12% increase in demand for gold investments and a 6% rise in consumer demand compared to the same period in 2023.

Landlords, tenants and local government form a trident that leads fire prevention and suppression.

The move is aimed at stabilizing the gold market.

As a long-term solution, experts urged the State Bank of Vietnam (SBV) to consider revising Decree 24 on gold market management and ending the monopoly on SJC gold bars.

The Prime Minister emphasized the need to regulate the gold market to ensure stability, efficiency, and transparency and to prevent gold hoarding from affecting macroeconomic stability and national financial security.

Administrative measures, such as market audits, mandatory electronic invoicing, and investigations into price manipulation, would have an immediate stabilizing effect on the gold market.

Electronic invoicing of gold transactions is critical due to the often small-scale, undocumented, and opaque nature of these deals.

Any infringements found during the inspection would be immediately referred to the police for action, the DPM insisted.

The smuggling of precious metals contributes to increased crime, instability of public order, and impacts on monetary security.

The minimum bid amount will be reduced from 700 to 500 taels to attract more bidders.

The authorities would continue to inspect, monitor, and deal with gold smuggling, speculation, or the exploitation of hoarding policies to drive up prices and cause market instability.

With domestic gold prices soaring, the spread over international prices has also widened to around VND18.5 million (US$727) per tael.

It is not by chance that the word “Dien Bien Phu” appears in the lexicon of the world's militaries.

Gold trading firm SJC and lender ACB are the two successful bidders at the auction held today.

The auction was postponed due to a lack of bidders and escrow deposits.

The return of gold auctioning after more than 10 years is expected to bring gold prices closer to the global levels.