Promising to facilitate the development of the gold market
Talking to Lao Dong reporter, economic expert, Dr. Nguyen Minh Phong said that Decree 232/2025/ND-CP has two outstanding and important highlights that have been awaited for a long time.
"First, and most importantly, diversify the gold supply as well as the subjects participating in the production and trading of gold bars (including enterprises, commercial banks, in addition to state agencies).
This solution helps reduce the imbalance between supply and demand, limit speculation and group interests in managing and trading gold bars.
Second is to ensure increased connectivity between the domestic and international markets, develop an organized gold market, and at the same time recognize the value of digital assets.
These are new and unprecedented points, promising to facilitate the development of gold market institutions towards a market economy.
However, we still have to wait for specific regulations, but in principle, these solutions will support gold trading activities, ensure connectivity and narrow the gap between domestic and world gold prices" - this expert said.
It is necessary to ensure the value of money and have appropriate investment policies
Although Decree 232/2025/ND-CP has provided many solutions to diversify supply and develop the gold market towards a market economy, many opinions say that people's habit of hoarding gold still poses a potential risk of "golding" the economy.
Experts say it is necessary to continue to specify and synchronously implement the provisions of the decree to strengthen confidence in the currency and gradually reduce the role of gold as a reserve channel.
According to him, the "goldening" of the economy depends on many factors, the most important of which is confidence, inflation levels and related policies. To avoid "golding", it is necessary to ensure the value of the currency and have appropriate investment policies, helping people and businesses no longer need to consider gold as a place to store value.
According to Dr. Nguyen Minh Phong, it is necessary to control inflation at an allowable level so that people do not worry about losing the value of the currency. Bank deposit interest rates must be positive (higher than inflation), otherwise people will tend to buy gold.
"In principle, countries with a stable gold market must diversify their supply, regardless of whether they are gold bars, gold rings or domestic and foreign gold. This is a top priority requirement. At the same time, it is necessary to develop the gold market in the direction of a market economy, prevent counterfeiting and group interests, keep inflation in the allowable target and strengthen confidence in economic policies" - Dr. Nguyen Minh Phong shared.
Need to prevent group interests
Dr. Nguyen Minh Phong said that an important requirement is that gold management policies must prevent group interests. In recent times, this situation has been prolonged, even leading to organized crime, causing damage to the economy and people. A typical example is the case involving SJC when it was discovered that gold bars were being chopped with foreign-purchased materials for sale.
This incident caused public outrage and needed to be learned from experience and not allowed to happen again. All gold brands must be equal, especially ensuring even quality. Gold producers need to report information transparently, take responsibility and avoid discriminatory forms of propaganda," he said.
