Cotrol smuggling of gold and foreign currency across border gates

VCN- From the beggining of the year, gold and foreign currency prices have fluctuated strongly due to the smuggling and tax evasion cases across the border with sophisicated tricks, causing serious impacts on the gold and foreign currency markets.
The exchange rate is heated up: Need flexible regulation to control inflation The exchange rate is heated up: Need flexible regulation to control inflation
Central bank required to take urgent measures to stabilise gold market Central bank required to take urgent measures to stabilise gold market
Cotrol smuggling of gold and foreign currency across border gates
The gold price continuously fluctuates and the shortage of gold ring occurs. Photo: HD

In the trading session on March 18, gold businesses reduced gold prices. The price of SJC gold bars is listed at about VND79-81 million/ tael (buy - sell), dropping about VND 500,000 per tael compared to the previous session compared with the previous trading session. Meanwhile, the gold ring price is listed at about VND67.2-68.5 million/tael (buy - sell), falling VND150,000 VND.

Earlier, in the early sessions of last week, the gold price hit record-breaking, soaring to over VND82.5 million/tael sold. Notably, the gold price has surged several hundred thousand VND per tael per session in about one month.

In the international market, the gold price reached US$2,155/ounce. The discrepancy in domestic and world gold bar prices is about VND16-17 million, while the discrepancy in gold ring price is about VND4-5 million per tael.

Notably, the gold price continuously soars, but gold stores have not gold ring to sell, even some stores have to write appointment letters after about a month to receive the gold.

Gold trading expert Dinh Nho Bang voiced concern that prolonged price discrepancy will make it more difficult to manage the gold market, especially the risk of increased gold smuggling.

The expert said that since Decree 24/2012/ND-CP on management of gold business, the State Bank (SBV) has only issued the permit to import raw gold for businesses eligible for gold jewelry and fine art production. While the Vietnam’s fine art and jewelry industry needs about 20 tons of raw gold each year, leading to a shortage of gold.

In addition to the gold price, USD prices also tend to increase. According to experts, the prolonged negative discrepancy of VND-USD interest rate creating pressure to withdraw capital, and the surge in importing production materials in the first two months, gold price fluctuations and discrepancy in the domestic and international market have made the exchange rate on the free market more unpredictable.

This issue was raised by delegate Huynh Thi Phuc (Ba Ria - Vung Tau delegation) at the answering-questioning session of the Minister of Finance on March 18, 2024 about the solution to control the gold and foreign currency markets. According to the delegate, many sophisticated smuggling and tax evasion cases across the border related to gold and foreign currencies have affected the Vietnamese market.

Minister of Ho Duc Phoc said that the ministry is incharge of combating smuggling and trade fraud at border gates to prevent smuggled goods transported to Vietnam when the gold and foreign currency prices increase.

The Ministry said that border management agencies have closely controlled cases related to gold and foreign currencies. The authorities have bust some cases of transporting gold and foreign currency from the country to foreign countries or vice versa, forexample, the transportation of US$ 1.6 billion to the South Korea or the case of transporting fake US$ 1 million via air...

Regarding solutions for the decrease in gold and US$ prices, the Minister said that it is necessary to implement a series of solutions, including solutions related to supply - demand, import and export.

Similarly, regarding foreign currency, Minister Ho Duc Phoc also said that it is necessary to provide solutions and show the strength of the currency. However, when the Vietnamese currency depreciates, it may benefit for exports, but we need to assess the impact on exports...

Earlier, the Government directed the State Bank to operate flexibly, harmoniously, and reasonably between interest rates and exchange rates in line with the market situation. In addtion, the Prime Minister requested the State Bank to urgently review Decree No. 24/2012/ND-CP dated April 3, 2012 on management of gold business activities; propose solutions to effectively manage the gold market in the new situation, and complete in the first quarter of 2024.

Experts also said that the amendment to the method of the gold market is an urgent task. Because it causes market disturbances, stimulates smuggling, affecting exchange rate stability. This situation will make the amount of gold owned by people surge, which is contrary to the policy of attracting this resource into production and business.

By HuongDiu/Ngoc Loan

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