Gold exchange to be established in Vietnam

Deputy Prime Minister Ho Duc Phoc has directed the central bank to study the possibility of establishing a gold exchange in Vietnam. At a recent meeting concerning monetary policy management and gold market regulation, taking place on September 16, Deputy Prime Minister Ho Duc Phuoc called upon the State Bank of Vietnam (SBV) and other relevant bodies to conduct a comprehensive evaluation of establishing a gold exchange and issue a circular by the end of September to aid in implementing Government Decree 232/2025/ND-CP (Decree 232) which governs gold market management.

Under Decree 232, the Vietnamese Government decided to terminate the State’s monopoly on gold bar production and the export and import of gold materials for gold manufacturing purposes. Deputy Prime Minister Ho Duc Phoc emphasized the importance of prudent handling of deposits and loans by the SBV and maintaining the current lending rates, ensuring alignment with guidelines. The central bank has been entrusted with overseeing credit allocation, especially to key sectors, scrutinizing cash flow from commercial banks, and closely monitoring real estate lending.

Further instructions stipulated by the Deputy Prime Minister included implementing strict measures to counteract gold smuggling and vigilantly inspecting gold trading activities in accordance with directives from the Prime Minister. The SBV has been instructed to promptly initiate an online gold pricing platform, investigate the feasibility of a gold exchange, and issue a circular to provide guidance on the decree concerning gold market regulation. The Ministry of Finance received a directive to enhance invoice management for gold transactions, study tax policies pertaining to gold dealings, and reduce speculation.

Moreover, initiatives to foster a sustainable stock market, oversee margin lending, and monitor private corporate bond issuance fall under the Ministry of Finance’s purview. All relevant bodies at national and local levels are mandated to implement strategies to deter price manipulation, speculation, and market exploitation in real estate sectors. In a concurrent directive, Prime Minister Pham ordered the SBV to explore methods to align domestic gold prices with international rates after recent price spikes to VND136 million (US$5,155) per tael (37.5 grams), recorded at around 17% higher than global prices.

Amidst recent market turbulence, the Government has issued various directives focusing on gold pricing and exchange rate management. The overarching goal is to ensure stability within the financial sector and safeguard against undue market fluctuations.