Towards transparency, data interconnection, and risk prevention
Talking to Lao Dong reporters, lawyer Truong Anh Tu - Chairman of TAT Law Firm - said that the establishment of the gold trading floor not only has the meaning of opening an additional trading channel, but also the re-establishment of legal order for gold trading activities. "The gold trading floor will become a new legal standard of the market. From here, trading through the exchange is recognized as official, absolutely legal and protected by the State" - Mr. Tu assessed.
From this perspective, the gold exchange is not simply an economic institution, but also a state management tool. Through the exchange, all transactions are recorded, traced and controlled by an electronic system, placed under the supervision of the State Bank. This marks an important shift: From a spontaneous gold market, heavily burdened by "familiarity" and cash, to a financial market with discipline, standards and data.
Lawyer Truong Anh Tu said that when the gold exchange goes into operation, the legal status between transactions through the exchange and free transactions outside the exchange will be clearly defined. Transactions through the exchange are established as the only legal path for gold bars, while transactions outside the exchange at facilities that do not meet the conditions will gradually be removed from the market. "The gold exchange will act as a legal filter. It forces participating entities to comply with common rules of the game, instead of existing in legal gaps as before," Mr. Tu said.
For the gold exchange to operate effectively, the accompanying legal foundation plays a particularly important role. Decree 340/2025/ND-CP, with regulations on trading entity conditions, payment methods and sanctions for violations, is considered the backbone of the exchange's operations. In which, the requirement that transactions must be carried out through bank accounts is not only for managing cash flow, but also a mandatory technical condition for the exchange to operate transparently, interconnect data and prevent risks.
If there are only exchanges without a cash flow control mechanism, the goal of market transparency will be difficult to achieve. "Gold exchanges and bank payments are two inseparable components. When transactions are digitized and cash flow is tracked, the market will automatically narrow the space for speculation and manipulation," the lawyer analyzed.
Expectation of reducing the difference between domestic and world gold prices
From an economic perspective, Dr. Le Xuan Nghia believes that when gold prices are formed publicly on the exchange, based on international references, the situation of "one price per place" will be difficult to survive. This not only limits gold smuggling, but also helps the market operate according to real supply and demand signals, instead of being dominated by psychology and rumors.
According to Mr. Nghia, the gold exchange also helps the State Bank of Vietnam grasp a comprehensive picture of gold supply and demand, thereby having a basis for more effective monetary and foreign exchange policy management. In the long term, the formation of a centralized gold exchange is a necessary step for Vietnam to approach international practices, move towards more modern trading forms such as gold certificates, reduce storage costs and risks of receiving physical gold.
However, experts all believe that for the gold exchange to truly go into life, the roadmap and policy communication factors are decisive. Lawyer Mai Thao, Deputy Director of TAT Law Firm, emphasized that the gold exchange is not aimed at restricting people's gold ownership rights, but at establishing order for gold bar trading and trading activities, protecting people from legal risks, not a threat to personal assets.
The establishment of the gold exchange can be seen as a "footing" step for a transparent, modern and controlled gold market. When the rules of the game are clear, data is publicized and transactions are standardized, the gold exchange is not only a place to buy and sell, but also a pillar to help stabilize the market, strengthen people's trust and reduce pressure on monetary policy in the long term.
