At the regular Government meeting in August on September 6, Deputy Governor of the State Bank Doan Thai Son reported on the management of the gold market.
Deputy Governor Doan Thai Son said that in the past week, world gold prices have skyrocketed, converting to Vietnamese currency has increased by more than 3 million VND/tael.
At the same time, part of the communication activity on gold prices increased, creating a psychology of expecting gold prices to break the peak to 3,500 USD/ounce, causing the demand for gold to increase sharply.
Deputy Governor Doan Thai Son said that the recent increase in gold prices was due to three main factors.
Firstly, the world gold price has increased very high.
Second is the expectation and psychology of the market that gold prices will continue to increase, leading to a very high increase in people's demand for gold.
Third, our supply, due to the process of transforming the gold management mechanism according to the new mechanism, has temporarily stopped the State Bank from selling SJC gold to the market.
"This leads to a rather scarce supply of gold in the market. Those are three main factors" - Deputy Governor Doan Thai Son informed.
Data from the State Bank shows that the demand for gold reserves of gold enterprises is not high, because gold other commodities cannot be reserves due to huge capital costs.
Regarding the situation of the gold market, according to the direction of the Government, the State Bank has just completed the inspection of all large gold trading enterprises as well as commercial banks with large gold trading segments and are in the process of implementing the inspection conclusion.
Following the direction of the Prime Minister, the State Bank will strengthen the implementation of inspections and checks to clarify this matter together with relevant ministries and branches to handle violations if any.
"The most important thing is to urgently deploy solutions to operate the gold market according to the new mechanism that the Government has approved," Deputy Governor Doan Thai Son emphasized.
Deputy Governor Doan Thai Son also informed that as of August 31, the new average lending interest rate was at 6.38%, down 0.56% compared to the end of 2024. However, the general trend is risky.
Outstanding credit at the end of August reached VND 17.14 million billion, up 11.08% compared to the end of the previous year. If we consider a whole year, credit increases by about 20.19%, the highest level in many years, while normally it is only about 14.5%.
This leads to two consequences. First, banks are forced to increase capital mobilization, the possibility of raising mobilization interest rates, and then lending interest rates also increase. Second, strong credit growth means more money supply, causing long-term inflationary pressure.
This year, especially in August, the exchange rate is under a lot of pressure. USD interest rates remain high while VND interest rates are low, also creating a capital shift trend. In addition, foreign loan disbursement has decreased, but the demand for debt repayment has increased.
To cope, the State Bank flexibly operates exchange rates, coordinates with interest rate and liquidity tools and is ready to sell foreign currency when necessary. As of September 4, 2025, the trading rate was at VND 26,380/USD, down 0.09% compared to August 22 - the time when this agency sold intervention, but still increased by 3.45% compared to the end of 2024.
