Vietnam targets national gold exchange launch in February to improve market transparency
Vietnam is accelerating financial market reforms as the government pushes forward plans for a national gold exchange platform and experiments with digital asset trading, aiming to improve transparency, stabilize markets and strengthen macroeconomic management.
THE HANOI TIMES — Prime Minister Pham Minh Chinh has tasked the State Bank of Vietnam (SBV) to launch a national trading platform for gold and tokenized assets in February to improve market transparency and better manage the pricing.
A board saying "Sold Out" at a gold and jewelry store in Hanoi early October 2025. Photo: Thao Nguyen/The Hanoi Times
The request, made at a government meeting on macroeconomic management on January 26, followed a prime minister’s official dispatch issued last week on measures to meet 2026 socio-economic growth targets.
In the dispatch, the prime minister directed the central bank to complete research and proposals for a national gold exchange and report to the government by the end of January.
The central bank plans to operate the exchange in three phases, starting with imported gold materials, expanding to gold bullion and later covering domestically circulating gold, gold certificates and derivative products.
During the pilot phase, the exchange will operate independently from international gold platforms to ensure system security and market stability.
Vietnam’s gold market has faced sharp swings, with domestic gold bar prices rising to VND177 million ($6,770) per tael on the selling side on January 26. The renewed volatility has intensified concerns over transparency and price distortions.
Economists and market regulators have supported the creation of the national gold trading platform, saying it will enable transparent pricing and secure trading, strengthen regulatory oversight and prevent manipulation and accumulation.
Economist Ngo Tri Long said distorted information and inflated expectations can amplify global shocks in the domestic market, complicating exchange rate management, interest rate policy and macroeconomic stability.
The central bank’s Deputy Governor Pham Tien Dung said the lack of centralized trading has left the gold market open to manipulation and limited investor access to official information.
Dao Xuan Tuan, Director of the central bank’s Foreign Exchange Management Department, said a transparent supervision mechanism would reduce unnecessary risks and curb off-the-book trading.
Nguyen Xuan Thanh, senior lecturer at the Fulbright School of Public Policy and Management, said applying technology to gold trading represents an inevitable shift.
He said technology improves transparency and creates a safer, more efficient trading environment that can attract both large and small investors.
Other financial experts said a gold exchange could reduce storage and theft risks, improve quality control, enhance price transparency and help track capital flows.
They said the platform would allow institutions to trade gold materials and bullion more efficiently, expand supply and narrow the long-standing gap between domestic and global gold prices.
Over the longer term, experts said Vietnam should move toward the financialization of gold, allowing people to hold gold-backed certificates instead of physical bullion and reducing inefficiencies linked to hoarding.
