Vietnamese policymakers push for early launch of gold exchange

THE HANOI TIMES — The National Assembly on December 11 passed a resolution assigning the government to develop appropriate measures and a clear roadmap for the early establishment of a gold exchange.

The resolution continues the implementation of oversight and questioning resolutions adopted by the National Assemblies in its 14th and 15th terms.

Earlier, lawmakers called for measures to stabilize the gold market. Several proposals suggested setting up a national gold exchange, allowing gold trading on the commodity exchange or establishing a trading platform within an international financial center in Vietnam.

In recent months, the government has introduced various measures to stabilize the market, including stronger inspections and supervision. On October 10, the state monopoly on gold bar production was abolished.

At the same time, the legal framework for a gold exchange is being studied by the State Bank of Vietnam (SBV) and submitted to the government. The proposed model is expected to improve transparency and strengthen state management of the gold market.

The central bank plans to pilot the gold exchange in three phases. The first phase will focus on physical gold products. The second phase will expand to include gold bars. In the final phase, domestically circulating gold products, fund certificates and derivative instruments will be introduced and linked with international markets.

Under the same resolution, the National Assembly also called for faster implementation of credit programs for social housing projects, worker housing and home loans for young people under the age of 35.

In the industry and trade sector, the government was urged to accelerate key and urgent projects in the electricity and coal industries to ensure sufficient power supply for production, business and household consumption. The resolution sets a target of completing power access for all households and operating a competitive retail electricity market by 2027.

Foundation for Vietnam as regional jewelry hub

At a seminar on the development of the Vietnam Gold Jewelry Industry and National Gold Exchange on December 11, 2025, Dinh Nho Bang, Chairman of the Vietnam Gold Traders Association, said demand for gold trading and hoarding among the public remains strong despite gold prices staying at record highs over the past two years.

However, the absence of a national gold exchange has been a longstanding concern for the business community.

According to Bang, major jewelry exporting countries such as China, India and Turkey all operate strong gold exchanges.

“These platforms provide a stable supply of raw materials, enabling businesses to plan production more effectively, create jobs and generate substantial foreign currency earnings from exports,” he said.

Vietnam’s jewelry industry has significant potential, he said, noting that many firms have invested heavily in technology but continue to face shortages of raw materials.

A transparent gold exchange would not only offer a safe investment channel for the public but also provide a foundation for Vietnam to become a regional hub for jewelry manufacturing and exports, Bang added.

Vinh Nguyen, Director of Precious Metals Trading at StoneX in Singapore, said Vietnam’s gold market has long been weakly connected to global markets.

New regulations introduced after more than a decade are expected to narrow the price gap between domestic and international markets, Nguyen suggested.

He noted that the upcoming regulations are also expected to improve pricing mechanisms so they better reflect global benchmarks and bring Vietnam closer to international standards, while encouraging greater participation from both domestic and foreign market players.

It aims to ensure transparent pricing for all market participants while the government gradually implements policies to manage and regulate the gold market, Nguyen said.

He noted that launching a gold exchange is only the first step and must be followed by appropriate regulatory measures.

Dao Xuan Tuan, Director General of the SBV’s Foreign Exchange Management Department, said the proposal to establish a gold exchange has attracted strong interest as a way to improve transparency and standardize transactions.

However, international experience shows that such a model is effective only when supported by a comprehensive legal framework and strict supervision.

He stressed that research into a gold exchange model must be comprehensive and cautious with a clear roadmap aligned with Vietnam’s realities.

The SBV will continue working with ministries, agencies and international organizations to draw on global experience before submitting appropriate proposals to the government, he noted.

SJC gold bar prices closed on December 11 at VND152.5–VND154.5 million per tael (US$6,224–US$6,306), down VND200,000 per tael ($8.2) from the previous session. Since the beginning of 2025, global gold prices have risen by about $1,650 per ounce, equivalent to nearly VND52 million per tael ($2,122), excluding taxes and fees. Domestic prices have increased even more sharply, with SJC gold bars and 9999 gold rings rising by more than VND70 million per tael ($2,857). Not only have domestic prices climbed faster than global prices, but the gap between the two markets has also widened and remained at unusually high levels for an extended period. At the beginning of the year, global gold prices hovered around $2,630 per ounce, or about VND81 million per tael ($3,306). At that time, the price gap between converted international gold prices and SJC gold bars was only VND3–3.5 million per tael ($122–$143). Currently, global gold prices have risen to around VND135.5 million per tael ($5,531). Stronger increases in domestic gold prices have pushed the gap to more than VND20 million per tael ($816), with peaks of up to VND23 million per tael ($939).