The State Bank of Vietnam (SBV) has reported a significant widening in the price gap between SJC-branded gold bars and global gold prices since early April. In a recent summary report evaluating the enforcement of Government Decree No. 24 on gold trading management, the SBV highlighted concerns that some businesses and individuals might be exploiting these market fluctuations for speculative gains and profit-taking.
The SBV noted that coordinated efforts by the central bank and relevant ministries had previously helped narrow the domestic-foreign gold price difference to a manageable level. By the end of 2024, the gap between SJC gold prices in Vietnam and international rates had tightened to around VND 3-5 million per tael (about USD 120-200). In the first quarter of 2025, this difference shrank further to approximately VND 1 million per tael (roughly USD 40), with some instances where domestic buying prices fell below converted international prices.
However, since early April, the price disparity has increased again, driven by factors including U.S. tariff policies and escalating geopolitical tensions worldwide. The SBV emphasized the possibility that some market participants are taking advantage of these fluctuations to inflate prices and speculate.
Despite the ongoing volatility and the expanding price gap, the SBV reassured that monetary policy and macroeconomic stability remain unaffected. The central bank pledged to continue close monitoring of both domestic and global gold markets and to collaborate with relevant agencies to strengthen supervision and take timely measures, within its authority, to stabilize the gold market if necessary.
