This directive was issued following a meeting held yesterday afternoon. The meeting, chaired by the Deputy Prime Minister, focused on the management of monetary policy and the regulation of the gold market during the first nine months of the year, as well as future strategic directions.
At the conclusion of the meeting, Deputy Prime Minister Ho Duc Phoc underscored the importance of effective coordination between monetary and fiscal policies to ensure macroeconomic stability and sustainable development. He also emphasized the need to accelerate the disbursement of public investment capital to stimulate economic growth, create employment opportunities, and ensure social security.
The Deputy Prime Minister instructed the State Bank of Vietnam to manage deposits and loans judiciously and to maintain current lending interest rates. The bank is also tasked with directing credit toward priority sectors, rigorously controlling the cash flow of commercial banks—particularly those with high real estate lending ratios—and intensifying inspections for signs of cross-ownership. Furthermore, the State Bank must prevent the excessive use of short-term funds for long-term loans.
Regarding the gold market, the Deputy Prime Minister called for strict measures to prevent gold smuggling and for thorough inspections of gold trading activities in compliance with the Prime Minister's directives. He mandated that the State Bank immediately launch an online information portal for gold prices, conduct research into the feasibility of a gold exchange, and issue a circular in September to guide the implementation of Decree 232/2025/ND-CP on gold market management.
The Ministry of Finance has been tasked with strengthening invoice management for gold trading and studying tax policies related to gold transactions to curb speculative activities. The Ministry is also responsible for promoting the development of a sustainable stock market, managing and inspecting margin lending, and strictly overseeing private corporate bond issuance. Additionally, it must urge enterprises to repay bonds upon maturity.
All ministries, agencies, and localities are required to study and implement measures to prevent and address price manipulation, speculation, and market manipulation within the real estate sector.
