The next step after removing the gold monopoly is to establish a gold exchange?

The government has just issued a new decree on the management of gold trading activities. Currently, the domestic gold price is still nearly 20 million VND/tael higher than the world price. Experts say that after abolishing the gold monopoly, it is necessary to allow controlled imports and establish a gold exchange.

It is difficult to reduce the gap if the market still has a shortage of supply.

The Government has just issued Decree No. 232/2025/ND-CP amending and supplementing a number of articles of Decree No. 24/2012/ND-CP on the management of gold trading activities. The Decree abolishes the State monopoly mechanism on the production of gold bars, the export of raw gold and the import of raw gold for the production of gold bars.

Accordingly, qualified enterprises and banks will be considered by the State Bank of Vietnam (SBV) for granting licenses to produce gold bars. The minimum charter capital requirement for banks is VND50,000 billion; for enterprises, it is VND1,000 billion.

The Decree also requires enterprises producing and trading gold bars to comply with legal regulations on accounting, creating and using invoices and documents, publicly and transparently, and fully and accurately storing data on gold bar trading transactions, especially data on the buyer side...

Decree No. 232/2025/ND-CP is a new shift in thinking about gold market management, from strict control to more market-based management. However, what people and investors are most concerned about is whether the domestic gold price gap will decrease after the Decree is issued and whether buying gold will be easier.

In fact, after Decree No. 232/2025/ND-CP was issued, the domestic gold price is still nearly VND20 million/tael higher than the world price. Speaking to Dau Tu Newspaper, Mr. Shaokai Fan, Director of Asia- Pacific region (excluding China) of the World Gold Council pointed out that the main reason why Vietnam's gold price is much higher than the world price is due to scarce supply (in addition to the devaluation of VND). To reduce the gold price gap, according to Mr. Shaokai Fan, the most important solution is to increase supply by allowing gold imports again. If the gold monopoly is eliminated but supply is not increased, the gap will still remain high.

Meanwhile, expert Tran Duy Phuong emphasized that the Decree needs time from its promulgation to its implementation (issuing guiding circulars, granting licenses to businesses importing and producing gold, etc.). When the State Bank grants licenses to businesses importing raw gold and producing gold bars, the difference between domestic and world gold prices will certainly gradually decrease. According to this expert, the difference between domestic and world gold prices should be at 5 - 7 million VND/tael, which is reasonable.

Next step is to set up a gold exchange?

Decree No. 232/2025/ND-CP does not mention the establishment of a gold exchange. However, many experts believe that after removing the monopoly on importing raw gold and producing gold bars, the next step is to establish a gold exchange.

There is information that the State Bank will allow some state-owned commercial banks to set up gold trading floors in financial centers. However, this information has not been confirmed by the State Bank.

According to Associate Professor, Dr. Dinh Trong Thinh, establishing a gold exchange in the financial center is necessary to help reduce the demand for physical gold, connect with world gold prices, make transactions transparent, prevent tax losses, mobilize gold from the people for economic development purposes...

“Currently, the domestic gold supply is extremely scarce, leading to a large difference compared to the world price. Therefore, to stabilize the gold market, the most important thing is to increase supply. However, importing too much physical gold will put pressure on the exchange rate. Establishing a gold floor can meet the needs of investors to enjoy the difference in gold prices, without putting much pressure on physical gold,” Associate Professor, Dr. Nguyen Huu Huan (Ho Chi Minh City University of Economics) stated his opinion.

In addition, experts also noted that, along with allowing the import of raw gold, it is necessary to monitor the use of this raw material for the right purpose; there are solutions to encourage the production and export of gold jewelry to balance foreign currency sources. In addition, the amount of gold held by the people is very large, the State Bank and the Government need to study and have solutions to mobilize this large capital source for production and business.

Source: https://baodautu.vn/buoc-tiep-theo-sau-khi-bo-doc-quyen-vang-la-lap-san-vang-d373194.html