28.11.2020, 13:22

Inspectors, residents disagree over boundary of Thu Thiem New Urban Area project

The Saigon Times

Inspectors, residents disagree over boundary of Thu Thiem New Urban Area project
Customers shop at a jewelry store. The Vietnam Gold Trading Association has proposed the establishment of a gold exchange – PHOTO: VNA

HCMC – The Vietnam Gold Trading Association has proposed the establishment of a gold exchange aimed at creating connectivity between global and local gold prices to ensure there is no major price difference and to fight against gold smuggling.

This is one of the suggestions the association asked the State Bank of Vietnam to send to the Government in order to issue a decree to replace Decree 24/2012 on the management of gold trading activities.

According to the association, for the gold exchange to operate effectively and not be taken advantage of, a sound legal foundation should be introduced, including gold standards and quality, trading limits, requirements for members joining the gold trading platform and so on.

Back in 2012, the gold market reported uncertainties, with many gold fevers occurring, and therefore Decree 24 was appropriate and effective at that time. However, eight years later, the gold market now remains stable and new regulations on business and investment were introduced in line with global integration trends, leaving many regulations in Decree 24 no longer suitable for the Government’s demand on reforming.