Vietnam Insider – Vietnam will open an online gold exchange and, starting next month, permit private companies to import gold for the first time in over ten years. The measures are designed to cool soaring domestic gold prices and bring the market closer in line with global trends.
According to the State Bank of Vietnam (SBV), the central bank is studying international models as it works on launching the exchange. Authorities are also considering whether gold could be traded through the Mercantile Exchange of Vietnam or at a planned international financial center, Deputy Governor Pham Quang Dung said.
The government’s new decree, effective October 10, ends the SBV’s monopoly on gold bullion production and allows qualified firms to import gold under annual quotas. Economists say this could help stabilize supply, narrow the gap with international prices, and improve market transparency.
Gold remains a popular investment and store of value in Vietnam, but domestic prices have surged 60% since the start of the year and remain about 23% higher than global benchmarks. Previous attempts by the central bank to ease pressure through auctions and bank sales have had limited success.
Economist Vo Tri Thanh noted that while imports could ease prices, they may also add pressure on Vietnam’s foreign exchange reserves: “The more gold you import, the larger the outflow of U.S. dollars.”
In parallel, the central bank said it will strengthen oversight of gold trading firms to combat speculation, money laundering, and illegal cross-border flows. The announcement comes as authorities prosecute a former CEO of Saigon Jewellery, a state contractor for bullion production, on charges of embezzlement and abuse of power.
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Source: Vietnam Insider