According to Mr. Vu Hung Son, Chairman of the Board of Directors of Bao Tin Manh Hai Jewelry Joint Stock Company, General Secretary of the Gold Trading Association, the Vietnamese gold market is going through a period of many fluctuations when both people and businesses are facing unprecedented obstacles. The situation of queuing to buy gold only reflects the tip of the difficulty, while behind it is a prolonged shortage of official raw material supply.
"The State Bank is studying the issuance of gold import quotas for 2026 as well as preparing to grant licenses to a number of businesses and banks to import gold. Hopefully, in 2026, the market's shortage of raw materials will be resolved," Mr. Son informed at the Forum "Vietnam's Gold Market: Advantages and Challenges in the New Period" organized by the Economic and Urban Newspaper in collaboration with the Hanoi Jewelry Association on the afternoon of November 24.
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| Dr. Le Xuan Nghia, Member of the Prime Minister 's Policy Advisory Council. |
Regarding the gold import story, Dr. Le Xuan Nghia suggested that we need to change our thinking and perspective on gold. According to this expert, for a long time, we have considered gold a sensitive commodity, but in fact, gold is not that "terrible" and complicated.
According to Dr. Le Xuan Nghia, each year, Vietnam spends about 11 billion USD to import cigars, foreign wine and cosmetics, while if it imports about 50 tons of gold (it is estimated that gold smuggled into Vietnam each year is only 30-50 tons), it will only cost 5 billion USD. Spending this amount of foreign currency to import gold will not have a big impact on the economy.
The ban on gold imports has led to an increase in gold smuggling (according to the World Gold Council, about 75% of gold stored in Vietnam is smuggled). This shows that the limitations in the official import mechanism have pushed the market into a state of distortion, price differences and smuggling.
Meanwhile, it is completely legitimate for people to hold gold as a form of savings and protection. From these arguments, Dr. Le Xuan Nghia believes that it is good for people to hold gold, gold in the people's possession is also a form of national reserve, and people's hoarding of gold should not be considered speculative or negative.
In the long term, this expert believes that gold is still on an upward trend. The reason is that the total amount of gold mined annually in the world only increases by 1.2% - 1.5%, while the global money supply increases by 3.5% - 4.5%.
“If money increases faster than gold, then gold must increase in price, that is the law. People understand that, so holding gold is normal. We should not blame people or call on people not to hoard gold, but we must ask why Vietnamese people have to buy gold 20% more expensive than the world,” the expert asked.
Commenting that the pressure from gold imports is not too great, Dr. Nghia said that in the initial stage, it is acceptable to be cautious in granting quotas, but in the long term, the State Bank should soon expand import and export rights to many qualified businesses; establish a physical gold floor; publicize prices according to world standards; control smuggling by professional skills, not by tightening supply.
“Quota is just a temporary solution. The ultimate goal must be a transparent and fair market, not allowing poor people to buy gold at a higher price than foreigners,” Dr. Le Xuan Nghia emphasized.
Speaking at the Forum, many gold trading businesses said that not only are they facing difficulties due to the scarcity of raw materials, but they are also constantly being inspected and audited, making business operations more difficult.
However, according to the representative of Hanoi Market Management, market practice shows that the movement of the gold market today has gone beyond the scope of a normal commodity. Gold has become a factor that has a direct impact on national financial and monetary security, requiring strong, systematic and timely intervention from management agencies.
In Hanoi, the market management agency has recorded many outstanding challenges in the gold trading activities, from gold purity fraud, gold trading without invoices and documents, to the situation of "listing one price, selling another price", or taking advantage of price differences to speculate and inflate prices. These actions not only cause damage to consumers, but also pose a high risk of causing major risks to the economy.
Source: https://baodautu.vn/cap-quota-nhap-khau-vang-chi-nen-la-giai-phap-tinh-the-d440063.html
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