People are not interested in saving money.

Participating in the group discussion, delegate Hoang Van Cuong acknowledged that currently, the interest rates on savings deposits at banks are very low, making people not interested in saving, but instead using that money to invest, possibly investing in gold, real estate, etc. Therefore, it is necessary to review the policy on interest rate management of banks, there needs to be flexibility.

“We all know that banks need to reduce lending rates, but should they be reduced to such a level that deposit interest rates are so low that we cannot mobilize capital into the economy? I think that is probably not good,” said delegate Hoang Van Cuong.

According to delegate Hoang Van Cuong, lending interest rates must be determined at a reasonable level and deposit interest rates must also be above the forecast inflation rate. Deposit interest rates must be from 5-6% to be maintained, and if deposit interest rates are 5-6%, lending interest rates must be around 8%.

This interest rate is not a difficult problem for businesses, the problem is whether businesses can access it, whether they can absorb it, not the problem of having to lower the business's interest rate; and do not push the interest rate up to over 10% like before.

"If we can maintain a stable lending interest rate of around 7-8%, businesses with absorption capacity will be willing to accept it, ensuring a balance between interest rate management and inflation," said delegate Hoang Van Cuong.

There is a policy to strictly manage the gold market.

Emphasizing that the gold price needs special attention, delegate Hoang Van Cuong assessed that the gold price has increased too abnormally. When the world gold price increases, the domestic gold price increases, but the domestic gold price is increasingly different, too far apart from the world market. When the gold price increases, it will affect many factors, affecting people's psychology.

People will not invest in other areas, will not deposit money in banks anymore, will switch to lining up to buy gold, this is clearly a problem; therefore, the State needs to promptly handle and manage. The problem is to bring the domestic gold price on par with the world in the long term; at the same time, Decree 24/ND-CP on gold market management must be amended, because this Decree is causing adverse effects.

Delegate Hoang Van Cuong also pointed out the paradox that when the State Bank of Vietnam organized an auction, the gold price immediately skyrocketed. From this result, the delegate said that the auction was also a factor pushing the gold price higher, the auction solution did not achieve the goal of cooling down the domestic gold price.

According to delegate Hoang Van Cuong, using domestic market prices as reference prices for bidding sessions is not appropriate, and it is difficult to reduce domestic prices as targeted. In order for bidding to achieve its target, the State Bank needs to conduct research to take world gold prices, plus taxes and costs to come up with reference prices.

Referring to the story of gold prices, delegate Pham Duc An agreed with delegate Hoang Van Cuong that Decree 24/ND-CP has lost its historical value.

According to the delegate, the gold price is very important because when the gold price fluctuates, it will greatly affect the exchange rate problem. If you invest in international gold, you may lose more than you gain, and there may be a risk of "goldenizing" the economy like before. Therefore, it is necessary to evaluate many aspects and have a policy to strictly manage the gold market to minimize the impact on the exchange rate.