First, it abolishes the monopoly on gold bar production. Instead, the SBV will license eligible entities. This change promotes competition and increases market supply.
Second, permitted organizations can now import raw gold and export bars. Consequently, this reduces reliance on limited sources and stabilizes prices.
Third, it strengthens coordination among authorities. Local governments and ministries will enhance monitoring. For instance, surprise inspections target compliance with anti-money laundering rules.
These reforms build on Decree 24 from 2012. They reflect Vietnam’s commitment to a modern financial system. External resources, such as this analysis on Vietnam’s gold market opening, highlight the global implications.
SBV’s Vision for Vietnam Gold Exchange
The SBV is actively researching a roadmap for the Vietnam Gold Exchange. Options include a dedicated national platform, integrating gold into the existing Commodity Exchange, or establishing a trading floor within an International Financial Center.
Deputy Governor Phạm Quang Dũng shared these insights at a September 9, 2025, meeting. He noted that international best practices guide this process. Therefore, the implementation will be phased to ensure stability.
This vision addresses persistent issues like price volatility. For example, domestic gold prices have exceeded global levels by up to VND 20 million per tael in recent months. A formalized exchange could mitigate such gaps.
Additionally, it positions Vietnam as a regional hub for precious metals trading. Investors should watch for guiding circulars from the SBV, expected soon.
Preparations by Banks and Enterprises
Banks and companies are gearing up for the new era. SJC Company, a key player, plans to apply for import and production permits immediately. Their existing lines can produce 5,000 taels daily.
Similarly, Techcombank has prepared infrastructure and partnerships. They aim to import raw materials and launch branded gold bars. Distribution channels are ready across their network.
Other entities echo this readiness. As a result, supply could surge post-October 10. This proactive stance underscores the sector’s potential.
For deeper context, refer to this report on ending the state monopoly on gold in Vietnam.
Implications for International Investors
For foreign investors, the Vietnam Gold Exchange roadmap offers strategic entry points. It enhances market liquidity and reduces risks associated with informal trading.
Consider the broader context: Vietnam’s economy grew 7.52% in Q2 2025, per recent data. Gold serves as a hedge against dong volatility, with inflation at 3.22%.
However, experts advise caution. A phased approach, as suggested in this overview of Vietnam lifting its gold monopoly, will build investor confidence.
Ultimately, these developments strengthen Vietnam’s appeal in global investment portfolios. They complement opportunities in real estate and other sectors.
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