Gold Market Sets Off on a Rebuilding Course
The gold market in Vietnam is gearing up for significant changes, following the issuance of Decree 232 by the Vietnamese government. This decree aims to regulate the operation of a national gold exchange and gold trading on the commodity exchange.
On September 9, the State Bank of Vietnam (SBV) held a meeting to discuss the implementation of Decree No.232/2025/ND-CP in the gold market today. The meeting was attended by key stakeholders, including Techcombank's deputy CEO Pham Quang Thang, who revealed that the bank is preparing to re-enter the stock market today.
Techcombank has been busy setting up infrastructure, staffing, equipment, storage, and distribution channels for gold production. They have also identified and selected foreign partners for sourcing raw gold and producing Techcombank-branded bullion. In addition, they have prepared software systems to manage gold trading, circulation, and imports, enabling customers to access bullion not only at physical branches but also through digital platforms.
The SBV is not only focusing on the entry of private entities into the gold market. SBV Deputy Governor Dung is studying international experiences to propose a roadmap for establishing a national gold exchange. Economist Dr. Nguyen Tri Hieu and Assoc. Prof. Dr. Ngo Tri Long both support this proposal, emphasizing its potential to address current market distortions.
The establishment of a national gold exchange is not just about opening up the market. It is also about ensuring transparency, stability, and compliance with regulations. An inter-agency inspection team launched an investigation into compliance with gold trading regulations on September 9. Full compliance with inspection requirements, including timely, accurate, and truthful information disclosure, is mandatory for enterprises and credit institutions involved in gold trading.
Credit institutions engaged in gold trading need to make stronger efforts to resolve bad debts and closely monitor credit flows to high-risk sectors, including the stock market. This is according to Lai Huu Phuoc, who also stated that the investigation aims to promptly detect and strictly sanction violations.
The entry of Techcombank and other entities, coupled with the establishment of a national gold exchange, is expected to bring about a more competitive and transparent gold market in Vietnam. Domestic gold prices, which have been climbing due to supply-demand dynamics, may see a more stable trend as a result.
However, it's important to note that removing the gold monopoly alone cannot instantly change the market. As stated by Dinh Nho Bang, it requires coordinated measures. SJC, an enterprise, has shown its readiness to join bullion production following the SBV's announcement. Enterprises and commercial banks have expressed similar sentiments, indicating a willingness to participate in this new era of the gold market in Vietnam.
China and Thailand, two countries with transparent national gold exchanges, have domestic prices that are only 1-2% above international benchmarks. Vietnam aims to follow suit, aligning with international practices and fostering a gold market that is both competitive and stable.
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