Speculation, driving up the price of gold, cannot be ruled out.

On the afternoon of May 29th, following the socio -economic discussion, the Governor of the State Bank of Vietnam, Nguyen Thi Hong, clarified and explained the opinions raised by National Assembly deputies.

Speculation , driving up the price of gold, is not an exception.

Regarding the gold market, Governor Nguyen Thi Hong stated that the high and volatile gold prices are a common phenomenon in countries around the world , not just in Vietnam.

Domestically, gold prices are fluctuating and moving in the same direction as world gold prices. However, the price difference between domestic and international gold is widening, especially for SJC gold.

Against this backdrop, the Government and the Prime Minister have shown great concern and issued many decisive directives to the State Bank of Vietnam and relevant ministries and agencies to fulfill their functions as stipulated in Decree 24/2012 in order to narrow the gold price gap.

"Narrowing the gold price gap is a very challenging task. This is because we are doing it under conditions of constantly high and complex fluctuations in international gold prices," Ms. Hong said, adding that the State Bank of Vietnam has increased the supply of gold to the market and conducted auctions.

Governor of the State Bank of Vietnam, Nguyen Thi Hong (Photo: Quochoi.vn).

The auction process, inherited from 2013, was expected to increase the supply of gold to the market and gradually lower prices. However, after nine auction sessions, the price difference did not decrease as expected, so the auctions were stopped.

The State Bank of Vietnam has assessed the situation, identified the causes, and developed a new plan, which will begin implementation next week, to reduce the gold price difference in the coming period.

You may also like

MSCI has not yet included Vietnam in its upgrade watchlist.MSCI has not included Vietnam in its 2026 upgrade watchlist, given that the market still needs improvement in terms of accessibility criteria.

Relax the short-term capital ceiling for medium and long-term loans.VTV.vn - From July 1st, the maximum percentage of short-term capital that can be used for medium and long-term lending will increase to 40% instead of the current 30%.

Bank interest rates today, June 24, 2026: Highest rates reach 6.8%/year at the Big4 banks.Today, June 24, 2026, the highest listed interest rate at the Big4 banks is 6.8% per annum for online deposits with interest paid at the end of the term.

In addition, the Governor also mentioned the need for transparency in gold market transactions. The State Bank of Vietnam has decided to establish an inter-agency inspection team to conduct a comprehensive inspection of all aspects, from invoices and documents to anti-money laundering transactions related to gold trading.

According to the Governor, recent fluctuations in the gold market have not been without instances of illegal activities aimed at speculation, hoarding, and price manipulation.

Regarding exchange rates, according to Ms. Hong, they are under upward pressure due to general developments in countries around the world and in the region. In addition, many currencies in the region are depreciating at a relatively high rate.

"The State Bank of Vietnam believes that in such a volatile economic environment, fluctuations in the exchange rate are perfectly normal. In the past, foreign currency supply has mainly been for import needs and domestic production. Therefore, in the coming period, the recovery of production and increased exports will support the supply and demand of foreign currency," Ms. Hong said.

According to the Governor, the Fed's policy interest rate may be adjusted downward by the end of the year. Many forecasts suggest that exchange rates will cool down by the end of the year.

New measures will be implemented to stabilize the gold market.

In his subsequent explanation, Deputy Prime Minister Le Minh Khai stated that the global gold market has been trending upwards recently, leading to a corresponding increase in the domestic market.

However, the price difference between domestic and international gold prices for SJC gold bars has increased significantly. Since June 2022, the Government and the Prime Minister have been closely directing the State Bank of Vietnam.

Deputy Prime Minister Le Minh Khai (Photo: Quochoi.vn).

You may also like

More opportunities for small and medium-sized enterprises.The Ministry of Finance is seeking feedback on the draft Law on Supporting Small and Medium-Sized Enterprises (amended), which includes several notable proposals aimed at promoting rapid and sustainable development of this sector.

Positive signs following the policy decision to develop rental housing.(PLVN) - In recently published real estate market reports, many real estate information channels have noted that the Hanoi housing market is facing downward pressure across many segments and areas. For land plots, some areas have seen price drops of up to 5% compared to the previous month. For the apartment segment, the downward trend has been observed for the past three months.

Eximbank changes its head office location.(NLDO) - Eximbank's new headquarters is located at 27-29 Ly Thai To Street, Hoan Kiem Ward, Hanoi.

To date, the Deputy Prime Minister has compiled a list of 25 documents, including tools to intervene in the gold market, stabilize the gold market, and simultaneously conduct inspections, audits, and controls.

Recently, the State Bank of Vietnam has actively implemented several measures. However, intervention in the gold market has not been very effective. Therefore, in the short term, the State Bank of Vietnam is currently reassessing the situation and will develop new strategies to stabilize the gold market.

In the long term, we will also study amending Decree 24 to find a long-term solution.

"First and foremost, we will use state-managed tools such as inspection and auditing to conduct a 'substantive' assessment of the gold market's operations. Through this, we will develop solutions to address issues in accordance with current laws, stabilizing the gold market in line with the delegates' wishes, aiming for domestic gold prices to closely match world market prices," the Deputy Prime Minister stated .

Source: https://www.nguoiduatin.vn/thong-doc-nhnn-khong-ngoai-tru-hanh-vi-dau-co-day-gia-vang-a665933.html