The market has become a catch phrase at the 9th session of the National Assembly, which is meeting to discuss socio-economic development and state budget plans for the first quarter of this year.

In the discussion Saturday, chaired by NA Vice Chairman Nguyen Duc Kien, the State Bank of Vietnam’s Governor Nguyen Van Giau cited sources according to which the black market for foreign exchange has been put under control but the official market now fails to meet people’s reasonable demand for foreign currencies.

But Giau said that the Vietnamese banking system has been expanded to meet the public’s demand for selling and buying foreign currencies.

In Hanoi, for instance, there are now 1,689 exchanges run by credit organizations and 44 foreign exchange agents. In Ho Chi Minh City, there are 1,329 exchanges and 59 agents.

Similarly, Giau said Vietnam would follow a roadmap for better managing gold bar trading and ultimately eliminating trading of gold bars in the black market.

Yet, he assured that whatever the state bank or the government would do, it would be done in line with the peculiar Vietnamese situation.

On petrol prices, Finance Minister Vu Van Ninh said that it was necessary to follow both government directions as well as the market, adding that local retail prices will eventually adjust to world prices.

He also stressed that the country must ensure social welfare for poor and low income earners, especially workers, while planning to increase petrol prices.

Source: Tuoi Tre