In recent trading sessions, domestic gold prices have continuously increased, gold bars have surpassed the 135 million VND/tael mark; gold rings have also skyrocketed to more than 130 million VND/tael. However, the gap with world prices is widening.
Mr. Nguyen Quang Huy, CEO of the Faculty of Finance - Banking, Nguyen Trai University, commented: The rather large gap between domestic and international prices is a noteworthy point.
"If converted, world gold is only equivalent to about 115 million VND/tael, down over 20 million VND/tael for domestic gold. This gap not only reflects costs, taxes and market structure but also shows a strong buying mentality when many people are worried about missing out on opportunities. However, this huge difference also has consequences" - Mr. Huy said.
According to Mr. Huy, the price difference is too high, causing the domestic market to no longer accurately reflect world trends, creating risks for both investors and businesses.
Domestic gold prices increase faster than international prices, which can put input cost pressure on businesses, while people buying at high prices are likely to face risks if the market reverses. In the long term, adding a transparent and timely supply will help this gap gradually narrow, Mr. Huy analyzed.
Mr. Huy commented that at the current price range, gold should be considered a risk-off tool rather than a short-term investment channel. Maintaining a reasonable ratio and limiting borrowing to buy gold is a safe solution in the context of the domestic-external price gap continuing to be at a record level.
To move towards a transparent market, Mr. Huy said that it is necessary to synchronously deploy many solutions: Not only stopping at expanding production, but also having a transparent mechanism for importing raw gold, controlling speculation and developing the account gold market. Only by combining these solutions can the goal of balancing supply - demand and narrowing the gap with the world be achieved sustainably".
A notable development, at the regular Government press conference in August 2025 held on the afternoon of September 6, the press raised questions about the implementation of Decree No. 232/2025/ND-CP on the management of gold trading activities, in which many opinions were interested in licensing procedures for gold production and trading enterprises.
Deputy Governor of the State Bank Pham Thanh Ha said that according to Decree 232 as well as Decree 24, the State Bank will grant licenses to enterprises and commercial banks in the production of gold bars, trading in gold bars and the production of gold jewelry.
Mr. Ha informed that the guiding documents will be designed in the direction of publicity, transparency, cost reduction, time and resource saving of enterprises, in accordance with the policies and instructions of the Party and the Government.
Regarding market management, the State Bank will closely coordinate with the Ministry of Public Security, the Government Inspectorate and relevant agencies to immediately implement the Prime Minister's instructions, ensure the market operates transparently and strictly complies with legal regulations.
