SJC gold bars. The SBV is required to report to the PM and the Permanent Deputy PM on gold market developments before 11am every Friday. — VNA/VNS Photo Trần Việt

HÀ NỘI — Following recent volatility in the gold market, Việt Nam on Tuesday launched inspections into compliance with policies and laws for credit institutions and enterprises engaged in trading the precious metal.

In a document issued by the Government Office on Monday, Permanent Deputy Prime Minister Nguyễn Hoà Bình requested inspections on compliance with policies and laws for credit institutions and enterprises in gold trading activities, anti-money laundering, the issuance and use of invoices and documents related to gold trading and other relevant issues.

Bình assigned the Government Inspectorate to coordinate with the ministries of Industry and Trade, Finance, and Public Security and the State Bank of Vietnam (SBV) to establish a team to carry out inspections starting today.

If signs of legal violations are detected during the inspections, information and dossiers must be immediately transferred to the Ministry of Public Security, with results to be reported to the Prime Minister by the end of the month.

The SBV was asked to decisively implement measures to enhance the efficiency and effectiveness of State management to ensure a safe, healthy, efficient and sustainable gold market, and to prevent gold price fluctuations from affecting the stability and safety of the financial and monetary markets as well as macroeconomic stability.

Authorities have also required the central bank to report to the PM and the Permanent Deputy PM on gold market developments before 11am every Friday.

The Ministry of Public Security will direct relevant forces to work with the central bank and related agencies to immediately implement measures to promptly handle violations of the law related to the gold market and gold trading activities.

In particular, uncompromising action must be taken against acts of smuggling, fraud, tax evasion, speculation for profiteering, illegal trading, hoarding and gold market manipulation, the document said.

The SBV recently advised the public to buy and sell gold bars only through licensed entities. Consumers should also ensure they receive proper e-invoices and related documents to protect their own legitimate rights.

According to the central bank, the newly issued Decree 232/2025/NĐ-CP on gold trading management removed the State monopoly on gold bars, allowing qualified entities to participate in the market. This aims to improve market supply and reduce the gap between domestic and international gold prices.

Domestic gold prices rose to a new high on Tuesday.

Saigon Jewelry Company (SJC) listed gold at VNĐ133.8 million (US$5,071) per tael for buying and VNĐ135.8 million for selling, up VNĐ700,000 from Monday’s close. The rise in price is in line with global gold prices, which hit record highs on expectations that the US Federal Reserve will cut rates next week.

On Kitco, spot gold rose 0.22 per cent to $3,643 per ounce (bid) and $3,644.70 (ask).

SJC gold bar prices have surged to record highs in recent months, with a wide gap compared to global benchmarks, forcing the implementation of a number of measures to stabilise the market.

The Supreme People’s Procuracy has recently completed an indictment against Lê Thúy Hằng, former SJC general director, along with 15 other defendants who were SJC employees, on charges of embezzlement and abuse of power.

Through various violations at SJC, which had been the only company authorised by the SBV to produce gold bullion, Hằng was found to illicitly gain more than VNĐ71 billion and cause losses of over VNĐ107.4 billion to the State's assets and SJC. — VNS