The gold market needs to be reformed!

(Baonghean) - A reporter from Baonghean Newspaper had an interview with Mr. Nguyen Manh Ha - Chief Inspector of the Department of Science and Technology - about the current gold market.

- Mr. Nguyen Manh Ha, recently, in the gold trading business in general, there have been violations of the law. Following the Ministry of Science and Technology's Official Letter No. 1152.BKHCN-TTr dated April 1, 2016, which provided specific information on this situation, the Provincial People's Committee directed the Department of Science and Technology and related agencies to conduct inspections of gold trading businesses and establishments, and you were assigned the responsibility of leading the inspection team. Surely, the inspections have revealed many issues that both state management and consumers need to be aware of?

Chief Inspector of the Department of Science and Technology, Nguyen Manh Ha, discussed the inspection of businesses involved in the production and trading of gold.

- The aforementioned document from the Ministry of Science and Technology, in full, states: "Inspection of compliance with legal regulations on measurement in gold trading; on standards, measurement, quality, and labeling of goods in the production and trading of gold jewelry and handicrafts." In implementing the document, based on legal regulations and the current state of gold production and trading in the province, the Department of Science and Technology advised the Provincial People's Committee to issue Decision No. 3700/QD-UBND dated August 1, 2016, establishing an inter-agency inspection team led by the Inspectorate of the Department of Science and Technology, with members from the following agencies: the Market Management Sub-Department, the Standards and Measurement Sub-Department, the State Bank of Vietnam Nghe An Branch, and the Economic Security Department of the Provincial Police. To date, the team is still in the process of carrying out its duties.

- The number of gold production and trading establishments in the province is quite large. With the desire to create the best possible management in the field of gold production and trading, and to promptly handle and correct violations, this inspection, in addition to controlling administrative procedures, measurements, and product labeling, focused on taking samples for quality testing – a very time-consuming operational activity. Therefore, the team is still in the process of carrying out its nhiệm vụ. We can only inform you that the inspection has revealed violations at several establishments; this confirms that gold production and trading activities in the province need to be rectified…

- Yes, the inter-agency inspection team has been conducting the inspection for quite a long time, but they haven't yet provided any initial assessments or conclusions. From our understanding, this is a rather complex area, and the objectives of the inspection must be quite demanding?

A multi-agency team conducts an inspection at a gold shop. (Photo provided by the inter-agency team).

- Three basic objectives are set forth in conducting inspections and audits. Firstly, through inspections, it is possible to disseminate and guide consumers and society as a whole to understand the regulations of specialized laws in general and those concerning gold in particular, in order to protect the legitimate rights and interests of the people; protect legitimate organizations and individuals engaged in production and business; and at the same time enhance the effectiveness and efficiency of state management by the Ministry of Science and Technology. Secondly, to prevent, detect, and promptly handle violations of laws on measurement, quality, and labeling of goods by organizations and individuals producing and trading gold jewelry and handicrafts. Thirdly, to affirm the control role of state management agencies on measurement in the gold business; on standards, measurement, quality, and labeling of gold jewelry and handicrafts.

Thank you for the conversation!

Nhat Lan(Perform)