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Tran Cong
by on December 17, 2020
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Last week, Prime Minister Nguyen Xuan Phuc assigned the State Bank to report on solutions to mobilize resources from the people to create capital for economic growth. How can this resource be mobilized?

Youth has received opinions from experts.

To the people, trust is very important. The economy is stable, the prices are right, people keep dong instead of converting to gold or foreign currencies
Mr. Nguyen Hoang Hai - Photo: C.V.K.
* Mr. Nguyen Hoang Hai (Vice Chairman of Association of Financial Investors):

Need to tax gold trading

In my opinion, it is necessary to consider taxing gold trading to direct capital flows into other more profitable investment channels. It is also a way to help awaken capital in the people. Currently, gold transactions are almost free, if any, very low. Gold must be considered as a luxury product, like cars, air conditioners ...

Many countries have already done this. Because nowadays, buying and storing gold is more dangerous than buying and keeping foreign currency. Buying foreign currency, people also tend to send money back to the bank, thereby lending for production and business. As for gold, many people buy gold and store it in the house, which is very risky.

Of course, taxation of gold trading should have a roadmap. For example, the State stipulates that after 2 years of taxation, at first only tax when buying to encourage people to sell gold, then tax both buying and selling.

Reducing the role of gold in the economy

I understand that the direction of the Government is that the State Bank must find a way to mobilize resources, which is the amount of gold in the population and other resources that have not converted to gold for economic development.

Thus, the story is how people do not focus on gold rather than letting them buy and hoard gold before trying to mobilize. Therefore, the State must reduce the role of gold in the economy. How to make gold not attractive anymore, but to have more attractive investment channels than hoarding gold.

The capital needs for the economy are enormous. In order for money not to run through gold and then to return to production and business, the State should have policies and mechanisms to create an investment environment so that people with money can invest directly or indirectly in production and business. , into the economy.

May issue "paper gold"

The mobilization of gold among the people was mentioned by the authorities a few years ago but not yet implemented. Because this is a complicated, high-risk affair when the gold price fluctuates and is not predictable. The condition to mobilize gold from the people is that the macro economy must be stable and inflation is at an appropriate level.

To the people, the story of belief is very important. When the economy is stable, the price is at an appropriate level, people will keep the dong instead of switching to gold or foreign currency.

One of the ways that people instead of keeping gold in their homes is by the State to issue gold certificates. Accordingly, the authorities for large commercial banks with the financial capacity to issue gold certificates - so there are also people called "paper gold".

People put gold in the bank, in exchange they would keep a certificate of that gold instead of storing the gold in the house. And that gold certificate is pledged, mortgaged, sold as needed. Doing so will raise an amount of capital for the economy to serve production and business, build bridges and roads ... For the people, keeping gold certificates is safer than keeping physical gold indoors, and If deposited in the bank, there will be a fee.

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Do not charge fees to keep gold

In my opinion, proposing to set up a gold trading floor is a story before, but with economic conditions two years back is not necessary. If setting up a gold floor, it can encourage people to pour more money into gold. Invisible is against the purpose that we call to direct capital into production and business, into the economy instead of gold.

There are few things to do that the banking industry should further develop a gold storage service to limit risks for people to store gold in their homes. Of course, there is no interest payment for gold deposits. On the contrary, in the next few years, banks have not yet collected the fees for gold deposits.

In the middle of this week, the domestic gold price increased due to the increase in the world gold price, but the increase in the domestic gold price was 4 times higher than that of the world gold price. Proving that the strong increase in domestic gold price is due to a psychological story. But only a small proportion of people still have expectations for gold. Therefore, operators need to analyze whether they are looking to gold for investment or speculation.

Amount of gold purchased is higher than sold or vice versa? Who benefits after every gold price fluctuation? What is the risk to the buyer, to the market, to the economy? Everyone knows for sure that those who buy to store gold while the price reaches the peak of 39-40 million / tael will make a loss because the price has evaporated 2 million VND / tael overnight.
Post in: BNS Gold
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