The Vietnamese gold market has long faced many uncertainties. The gap between domestic and world gold prices once reached 20%, putting great pressure on the macro economy. Faced with this situation, the direction of Politburo member and Prime Minister Pham Minh Chinh on studying the establishment of a national gold exchange is considered a strategic step, promising to bring a breakthrough to the gold market.
View from the gold exchange
The national gold trading floor is expected to create a transparent trading environment, helping the domestic gold price connected to the international market. More importantly, the golden floor opens up opportunities to change from material gold transactions to modern financial products such as gold certificates, term contracts or gold ETFs. This not only decreases dependence on material gold but also mobilizes gold resources among the people, estimated at about 500 tons, to serve economic development.
Associate Professor, Dr. Ngo Tri Long, an economic expert, commented: "Gold trading floor is a market solution, helping to eliminate unreasonable price differences, limit speculation and goldify the economy".
Mr. Long emphasized that the gold exchange will create an equal playground, encourage many businesses to participate, break the current monopoly and promote healthy competition. Encouraging the production of gold jewelry will create jobs and increase export value, contributing to the development of the jewelry industry.
Mr. Dinh Nho Bang - Chairman of the Vietnam Gold Business Association - said: "The international standard for managing gold includes physical and non-physical gold, but Decree 24 does not mention trading floors. Vietnam needs a national gold exchange with clear regulations managed by the State".
Adding additional opinions, according to Dr. Nguyen Tri Hieu, an economic expert: "Enterprises participating in the exchange must commit to converting gold certificates to physical gold at any time, unconditionally, to build trust". Mr. Hieu proposed that the State Bank of Vietnam (SBV) closely monitor, grant licenses to reputable enterprises and consider loosening the monopoly on gold imports under appropriate management. This will help the Vietnamese gold market compete better with international exchanges such as COMEX or LBMA.
Experts say that amending Decree 24 in June 2025 is an important step to facilitate the operation of the gold exchange.
Associate Professor, Dr. Ngo Tri Long noted: "The new Decree needs to cover financial products related to gold, not just gold bars and jewelry". Building a gold market database and applying electronic invoices will also support monitoring, preventing smuggling and price manipulation.
Economic benefits and international integration
According to the World Gold Council, Vietnam imports 30-40 tons of gold per year, equivalent to 3-4 billion USD. Gold floor will optimize supply, reduce import costs and limit smuggled gold through quotas. Secondly, the encouragement of gold jewelry creates more jobs, promoting exports, especially in the field of handicrafts. Moreover, the golden floor can change the habit of material storage of people, towards modern investment channels such as gold certificate or term contract.
Regarding this, economic expert, Dr. Nguyen Tri Hieu emphasized: "The gold wave needs to develop derivatives to reduce dependence on physical gold and integrate with the global financial market." This not only reduces the goldification of the economy but also increases budget revenue through transparent transaction tax.
In terms of technology, gold exchanges need modern infrastructure to ensure safety and connect with the international market. The application of blockchain technology can increase transparency, while electronic invoice systems help track gold flows effectively. These improvements will bring the Vietnamese gold market closer to international standards.
Limited solutions and expectations from gold exchanges
The previous gold market stabilization measures have not been as effective as expected. Since April 2024, the State Bank (SBV) has organized many bidding sessions, providing about 48,500 SJC gold but the price difference remains high. From 3.6.2024, the sale of gold directly through 4 state-owned banks and SJC Company helped stretch the difference to 4-5 million dong/tael. However, the situation of "stork" gold, queuing to buy continued to make psychology scarcity.
Associate Professor, Dr. Ngo Tri Long commented: "The intervention of the State Bank has narrowed the price difference, but this is only a short-term solution". The establishment of a national gold exchange, with the ability to regulate supply and demand and develop derivatives, is expected to be a long-term solution, reduce dependence on imports and prevent illegal activities.
The success of the gold trading floor depends on the close coordination between the SBV, the Ministry of Finance, the business and the effective communication strategy. With the determination from the Government and the consensus of experts, the national gold floor is expected to help the Vietnamese gold market transparent, stable and more deeply integrated with the world.
