The Vietnamese Government is intensifying efforts to regulate the gold market as part of a broader strategy to stabilize the macroeconomy, curb inflation, and boost growth.
At a recent high-level meeting, Prime Minister Phạm Minh Chính instructed the Ministry of Justice and the State Bank of Việt Nam (SBV) to revise Decree No. 24/2012/NĐ-CP on simplified gold trading procedures, with the updated decree expected by June 2025.
In recent months, the SBV has actively intervened by conducting gold auctions and distributing bullion through commercial banks and the SJC brand. These measures have helped narrow the gap between domestic and international gold prices and contributed to market stability, though challenges remain.
The Prime Minister highlighted ongoing issues such as market manipulation, speculative pricing, discrepancies between local and global prices, and gold smuggling. He also noted that enforcement in some localities remains insufficient.
“Our goal is to manage the gold market efficiently to support macroeconomic stability, control inflation, and promote growth,” PM Chính said. “We also want to harness idle public gold for socio-economic development while preventing manipulation and smuggling.”
A key long-term proposal is the creation of a national gold exchange. Dr. Nguyễn Trí Hiếu, Director of the Global Institute for Financial and Real Estate Market Research and Development, stated that such an exchange would improve market transparency and sustainability.
PM Chính emphasized the need for a robust legal framework requiring all transactions to be conducted electronically through licensed institutions, ensuring proper oversight and risk management. He added that participants should receive certificates convertible to physical gold under straightforward conditions to build public trust.
Huỳnh Trung Khánh, Vice President of the Việt Nam Gold Traders Association, welcomed the plan but urged that revisions to Decree 24 explicitly include regulations on establishing and operating the gold exchange. “The revised decree will pave the way for key steps such as allowing members to open accounts, issue gold certificates to customers, and support digital trading,” Khánh said.
SBV Governor Nguyễn Thị Hồng supported the idea, noting that many countries have successfully launched gold exchanges. She underscored the need for infrastructure investment and close collaboration between the SBV and other ministries to evaluate the feasibility and potential impact, particularly as Việt Nam is not a gold-producing nation.
Alongside the exchange proposal, the SBV continues to stabilize the market by releasing bullion via auctions and direct sales, significantly narrowing the price gap between domestic SJC gold and international benchmarks.
The SBV is also coordinating with relevant ministries to inspect gold trading businesses and transfer findings to enforcement agencies. It has pledged vigilant monitoring of domestic and global developments and called for enhanced cooperation from local authorities.
Public awareness campaigns will be increased to stabilize market sentiment. Simultaneously, the Ministry of Public Security, Ministry of Industry and Trade, and Ministry of Finance will intensify inspections to crack down on market manipulation and smuggling.
The Prime Minister tasked the SBV, Ministry of Finance, and other agencies with improving the business environment to encourage investment in production and entrepreneurship instead of gold hoarding.
The Government also aims to separate State management roles from private gold business operations, while promoting gold jewellery manufacturing to create jobs and stimulate economic growth.
Nguyễn Tu Mi, Chairman and CEO of Mi Hồng Co Ltd in Ho Chi Minh City, affirmed that establishing a national gold exchange is essential. “A regulated, transparent platform would reduce speculation and provide the public with a reliable trading channel,” he said.
