Hanoi: Prime Minister Pham Minh Chinh has directed the State Bank of Vietnam (SBV) to intensify oversight of the gold market, aiming to narrow the gap between domestic and global gold prices to a slim 1-2% margin, as part of a broader effort to stabilize the economy, tame inflation, and spur growth while chairing a working session in Hanoi on May 24.

According to Vietnam News Agency, the Prime Minister’s directive comes amid concerns over significant discrepancies between domestic and international gold prices, which have been affecting economic stability. By aligning the prices more closely, the government aims to reduce market volatility and ensure fair pricing for consumers and investors within the country.

The SBV has been tasked with implementing measures that will enhance market transparency and efficiency. This includes monitoring gold trading activities more closely and potentially introducing regulatory changes to align the domestic market with international standards. The goal is to create a more predictable and stable economic environment that can support sustained growth.

The decision to tighten control over the gold market is part of a series of economic measures being considered by the government to address broader economic challenges. These include controlling inflation and promoting economic growth, which have been priorities for Prime Minister Pham Minh Chinh’s administration.