Deserted and gold prices down
After many years of shortcomings, gold trading activities in Vietnam were finally inspected and the results were publicly announced on the afternoon of May 30. By noon on May 31, gold trading stores in many localities such as Hanoi and Ho Chi Minh City were deserted, completely different from the bustling atmosphere and long queues during previous price fevers.
According to Bao Tin Minh Chau store (Hanoi), if before each person could only buy a maximum of one tael of gold, now they can buy up to one tree. Similarly, at large enterprises in Ho Chi Minh City such as Phu Nhuan Jewelry Company (PNJ), Saigon Jewelry Company (SJC), private gold stores around Ben Thanh market, District 1... all said that the number of customers has decreased.
In addition, the price of gold on the morning of May 31 decreased from 300,000 to 700,000 VND/tael. Specifically, the price of SJC gold bars at SJC Company was listed at 115.7 - 118.2 million VND/tael (buy - sell). Similarly, the price of gold rings at units such as Bao Tin Minh Chau and Phu Quy also decreased.
However, what is more noteworthy is the reaction from the people and public opinion after the State Bank announced the violations of gold trading units. Ms. Ngo Thanh Hoa, residing in District 1, Ho Chi Minh City, said that the inspection conclusion was not shocking, because people have seen the tricks and irregularities in the gold market for a long time. It is just that now, people have clearer information. What people expect is that after the inspection, the State will really handle and reform so that the gold market can return to its true meaning, serving consumers and no longer being a place for speculation and profiteering.
In addition, many experts and people have also questioned the delay in amending Decree 24/2012 on the management of gold trading activities, despite the Prime Minister's repeated instructions. The fact that SJC is the only brand recognized as State gold bars for many years has created an absolute monopoly, becoming the main reason why domestic gold prices have repeatedly been unreasonably high compared to world prices.
Ms. Do Thi Ha Loc, living in Thu Duc city, said: “I don’t care who produces gold bars, as long as the product is clear, the price is public and equal. Before, we bought and sold gold but it felt like gambling, the price fluctuated abnormally without knowing why. If we tightened market management, it would be fairer for consumers like me.”
Reform to end monopoly
At the recent Government Standing Committee meeting on gold market management, Prime Minister Pham Minh Chinh emphasized the important goal: Good management of the gold market to stabilize the macro economy, control inflation and promote growth. The Prime Minister requested to amend Decree 24/2012 in a concise manner, suitable to the actual situation and completed in June 2025. At the same time, there is the task of building a comprehensive database on the gold market, serving the work of supervision and management more effectively.
In particular, the direction from General Secretary To Lam on May 28 received strong consensus from public opinion and experts. Accordingly, the General Secretary requested to eliminate the State monopoly in the production of gold bars, allowing many qualified enterprises to participate, creating an environment of equal competition, diversifying supply sources and stabilizing prices. Because only real competition can create a healthy market, helping to avoid price fever, speculation and social psychological instability as in the past.
Financial expert Nguyen Tri Hieu said that the gold market will only be stable when there is no longer a monopoly and there must be transparency from the root. This requires not only policy reform, but also standardization of price listing processes, public disclosure of profit margins and a mechanism to connect data between businesses and management agencies in real time.
Therefore, expert Tri Hieu has proposed 5 comprehensive solutions including: Breaking the monopoly of SJC gold bars; simultaneously developing the physical gold and derivatives markets; increasing the official gold supply to reduce smuggling; improving transparency and supervision of gold trading enterprises; and finally, communication and financial education so that people understand correctly the risks of gold investment.
From the side of businesses and banks, many units have voiced their support for strong reforms in the gold market management mechanism. A representative of Phu Nhuan Jewelry Company said that the unit hopes that the State will soon complete management regulations in the direction of creating conditions for the gold market to develop healthily, stably and sustainably. At the same time, the unit is also committed to complying with the law to create a transparent competitive environment, better serve consumers and contribute positively to the economy.
Similarly, a representative of Eximbank affirmed that it will seriously handle violations during the inspection process, and at the same time commit to information transparency, putting customers' interests first. The bank is also implementing activities to strengthen risk control and improve internal audit capacity to ensure sustainable operations.
According to economic experts, the transparency of the gold market is not only a story of an industry but also a test of the management capacity of state management agencies in the context of the economy needing stability to recover and develop. Therefore, it is time for the gold market to escape the "golden ring" of monopoly and speculative psychology to become a healthy and transparent investment channel, as the message that the Government and the General Secretary have recently sent out.
Source: https://baolaocai.vn/can-som-minh-bach-thi-truong-vang-cham-dut-the-doc-quyen-post402667.html
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