Hanoi, May 24 -- 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 stabilise the economy, tame inflation, and spur growth.

Chairing a working session in Hanoi on May 24 between permanent Government members and representatives of ministries, agencies, associations and businesses, PM Chinh called for a crackdown on shadowy practices like market manipulation, gold smuggling, and other illicit activities.

The PM stressed that it is necessary to have a solution to increase supply and choke off speculative demand. To boost supply, he called for breaking the ...