Vietnam Gold Market

In the first quarter, Vietnam saw a 12% increase in demand for gold investments and a 6% rise in consumer demand compared to the same period in 2023.

The move is aimed at stabilizing the gold market.

As a long-term solution, experts urged the State Bank of Vietnam (SBV) to consider revising Decree 24 on gold market management and ending the monopoly on SJC gold bars.

The Prime Minister emphasized the need to regulate the gold market to ensure stability, efficiency, and transparency and to prevent gold hoarding from affecting macroeconomic stability and national financial security.

Electronic invoicing of gold transactions is critical due to the often small-scale, undocumented, and opaque nature of these deals.

Any infringements found during the inspection would be immediately referred to the police for action, the DPM insisted.

The minimum bid amount will be reduced from 700 to 500 taels to attract more bidders.

With domestic gold prices soaring, the spread over international prices has also widened to around VND18.5 million (US$727) per tael.

Read the Hanoi Times for more updates about Vietnam.

Gold trading firm SJC and lender ACB are the two successful bidders at the auction held today.