Transparent operation of the Gold Exchange

According to Mr. Huynh Trung Khanh, Vice President of the Vietnam Gold Business Association (VGTA), the early operation of a gold exchange in Vietnam will help increase the supply of gold to the market through imports and the mobilization of gold from society.

The difference between domestic and international gold prices is expected to narrow. However, the extent of the reduction will depend on import quotas and the exchange rate policy of the State Bank of Vietnam (SBV).

"With the issuance of Decree 232/2025/ND-CP amending and supplementing some articles of Decree 24/2012/ND-CP on the management of gold business activities, the Vietnamese gold market will have many gold bar brands in the future, instead of the monopoly of SJC. When brands compete with each other, the difference between buying and selling prices will narrow, to about 1 million VND, which is reasonable, instead of 2-3 million VND/ounce as it is currently," Mr. Huynh Trung Khanh expected.

Ms. Bui Thi Thuy Nga, Vice President of the Vietnam Gold Business Association (wearing a white shirt), and General Director of DC New Technology Joint Stock Company, introduces the technology of the gold testing machine.

A "hot" issue that has attracted public attention recently is the information about establishing a Gold Exchange. At the seminar "Developing the Jewelry Gold Market and Organizing a Gold Exchange in Vietnam" organized recently by VGTA and the World Gold Council and the Singapore Gold Association, Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department, said that the State Bank of Vietnam (SBV) acknowledges that this is a topic of interest to many experts, commercial banks, businesses, and international organizations, with the expectation of increasing transparency, standardizing transactions, and reducing gold price discrepancies in the market.

Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department (State Bank of Vietnam).

“Domestic and international experience shows that this model only brings benefits if it is properly designed. Conversely, it can pose many risks if there is a lack of a complete legal framework, insufficient supervision, or ineffective coordination among regulatory agencies. The State Bank of Vietnam will continue to coordinate with relevant ministries and agencies, VGTA, and international organizations to research and report to the Government on the policy of establishing a Gold Exchange as well as tools to support the development of the gold market,” Mr. Dao Xuan Tuan said.

Mr. Vu Hung Son, General Secretary of VGTA, spoke with a reporter from the Tin Tuc va Dan Toc newspaper.

Speaking to a reporter from the newspaper Tin Tuc va Dan Toc about this issue, Mr. Vu Hung Son, General Secretary of VGTA, said that Vietnam is a potential market, facing great opportunities with many favorable policy mechanisms. However, in order for the gold market to "open up" while still maintaining control and caution to prevent and mitigate risks (if any), learning from the experiences of countries around the world is very important.

"For example, in the markets of China, India, Turkey, and Singapore, the gold market has developed into an international gold trading center. This, in turn, promotes export development and economic growth," Mr. Vu Hung Son shared.

Mr. Vu Hung Son predicted that in 2026, if the supply of gold in Vietnam is supplemented by imports, the price difference between domestic and international gold will be significantly narrowed. Regarding the operating mechanism of the Gold Exchange, he expects that the exchange will have many buyers and sellers participating, creating high liquidity and making transactions easier for buyers and sellers.

A representative from VGTA stated that this is a good opportunity for jewelry manufacturers to access transparent raw material sources, enabling them to continue investing in and developing jewelry production in the future. "I believe that 2026 will be a very promising year for both the gold and jewelry industries in Vietnam," predicted Mr. Vu Hung Son.

The study on establishing a Gold Exchange has attracted the attention of many experts and the public, especially in the context of the National Assembly having just passed the amended Investment Law, a significant step in "removing gold jewelry from the list of conditional business sectors". According to Mr. Vu Hung Son, removing gold jewelry from the list of conditional business sectors is good news for the gold industry.

"When the Law is amended, there will certainly be subsequent amendments to develop Vietnam's gold jewelry market, for example, increasing supply; reducing licenses and regulations so that businesses can access the market quickly," Mr. Vu Hung Son commented.

Sharing his experience with the International Gold Exchange model, Mr. Albert Cheng, Secretary General of the Singapore Gold Association (SBMA), affirmed that there is great potential for cooperation between the two associations, both in policy implementation and market development, as Vietnam is gradually consolidating its position as an important gold market in the region.

Mr. Albert Cheng also assessed the positive changes in improving Vietnam's legal framework through the amendment and supplementation of Decree 232/2025/ND-CP amending Decree 24/2012/ND-CP on the management of gold trading activities; Circular No. 34/2025/TT-NHNN providing detailed guidance on the implementation of new policies and plans for building and operating the International Gold Exchange or equivalent mechanisms.

Drawing on Singapore's experience, Albert Cheng stated that Singapore is learning from the Swiss model, not simply copying it, but studying how to adapt it appropriately. By 2030, Singapore aims to promote the development of a modern, open OTC market, supported by high-standard storage infrastructure and, in the future, custody services for central banks. The long-term goal is to position Singapore as an Asian alternative to London and Zurich in the international gold market.

According to Albert Cheng, there are many compelling reasons for businesses to choose to trade gold in Singapore, such as: Singapore does not impose GST (indirect tax) on investment precious metals (IPM); refiners enjoy certain benefits, including GST suspension for eligible imported shipments and incentives (ARCS); strong government support; and an open economy with one of the world's largest financial systems.

According to Mr. Vinh Nguyen, Director of Precious Metals Business at StoneX Group (Singapore), the Vietnamese gold market has not been closely linked to the global market for a long time. The issuance of new regulations after more than 10 years is expected to narrow the price gap between domestic and international markets, create a mechanism for determining prices more closely aligned with international markets, and help the market move closer to global standards. At the same time, it will allow both domestic and international participants to participate more actively in the Vietnamese gold market.

"The goal is price transparency for all market participants, in the context of the government's policy of gradually managing and regulating the gold market. Opening the Gold Exchange is just the first step; further appropriate regulatory measures are needed afterward," Mr. Vinh Nguyen noted.

Mr. Dinh Nho Bang, Chairman of VGTA:

Investor demand for gold has surged over the past two years, despite record-high prices. This indicates that the real demand for trading and asset accumulation among the population remains very high. Therefore, establishing an efficiently operating gold exchange is crucial for developing a healthy domestic gold market, thereby contributing to economic growth. A transparent and efficient exchange not only creates a safe and official investment channel for the public but also serves as a foundation for Vietnam to build a regional center for jewelry manufacturing and export.

Major jewelry exporting countries such as China, India, and Türkiye all have strong gold exchanges, providing a plentiful and stable supply of raw materials for businesses. This is the foundation for the development of jewelry production, creating jobs and generating significant foreign exchange revenue. In Vietnam, the jewelry industry has great potential but lacks raw materials.

Many businesses have invested heavily in machinery and technology, but they urgently need a complete market mechanism. Therefore, the establishment of a Gold Exchange is a legitimate desire of the business community.

Source: https://baotintuc.vn/kinh-te/minh-bach-van-hanh-san-giao-dich-vang-20251215103341151.htm