Gold import license should be granted immediately, gold price will cool down within 30 days

This morning (August 28), the price of gold bars continued to rise, exceeding 128 million VND/tael. Although the Government has just issued Decree No. 232/2025/ND-CP dated August 26, 2025 amending and supplementing a number of articles of Decree No. 24/2012/ND-CP dated April 3, 2012 of the Government on the management of gold trading activities, there are no implementation instructions, no enterprises have been granted licenses to import raw gold and licenses to produce gold bars.

Dr. Nguyen Tri Hieu, economic expert.

Dr. Nguyen Tri Hieu, an economic expert, said that Decree 232 has eliminated the gold monopoly, but the Decree has just been issued and has not yet been put into practice, so the price gap compared to the world is still high. This expert recommended that once a new management mechanism is in place, the State Bank of Vietnam (SBV) should not hesitate, nor should it set up overly strict administrative procedures to delay increasing supply to the gold market.

"Decree 232 has quite detailed regulations on licensing conditions, so there may be no need for a guiding circular. The State Bank can notify, allow businesses and commercial banks to submit applications and promptly consider and approve businesses to import gold immediately. Importing gold - if licensed - is very simple, it only takes a few days. Including the time to produce gold bars, within just 30 days, the domestic gold price can approach the world gold price," Dr. Nguyen Tri Hieu affirmed.

Previously, in an interview with the Finance - Investment Newspaper, Dr. Le Xuan Nghia, an economic expert, also said that if the State Bank of Vietnam allows gold imports, within a week, the gap between domestic and international gold prices will be narrowed. Currently, gold imports from Singapore, Hong Kong, Thailand, etc. to Vietnam are very fast.

Regarding the gold import limit, according to Dr. Nguyen Tri Hieu, the State Bank will have to base on many factors, including the national foreign exchange reserves and domestic exchange rate fluctuations. Certainly, gold imports will have a significant impact on the exchange rate and domestic foreign exchange reserves. However, we cannot ban gold imports because of concerns about the exchange rate. Monetary policy cannot satisfy all economic goals and the role of the State Bank is to find a balance point. If a suitable balance point is found, the State Bank can still import gold, stabilize the gold market, without causing instability to the foreign exchange market and exchange rate.

Concerned that opening the gold market will stimulate people to increase speculation in gold, increasing the level of goldification of the economy, Dr. Hieu admitted that Decree 232 could increase domestic demand for gold investment, creating a gold rush at some point. Removing the gold monopoly will prevent manipulation in the gold market. In addition, balancing supply and demand in the long term will help the market become more stable, healthy and sustainable, reducing speculative psychology.

In addition, the issuance of transparent regulations on gold transactions and information about gold buyers also reduces gold demand related to money laundering, making gold demand more substantial.

However, according to this expert, allowing gold imports and allowing many businesses and banks to participate in the production of gold bars is only the first step. To solve the long-term problem of the gold market, the establishment of a gold trading floor is very necessary. The gold trading floor will bring domestic and international gold prices closer together, making transaction information and transaction quantity transparent... making it easier for the State to manage.

Mr. Hieu believes that Vietnam should only establish a commodity trading floor (similar to the Chicago Mercantile Exchange (COMEX), and should not establish a gold account trading floor because it is very risky.

Source: https://baodautu.vn/nen-cap-phep-nhap-khau-vang-ngay-gia-vang-se-ha-nhet-trong-vong-30-ngay-d373193.html