Vietnamese people are holding nearly 500,000 tons of gold.

Continuing the discussion at the 10th session of the 15th National Assembly on the budget and public investment on the afternoon of October 30, delegate Thach Phuoc Binh ( Vinh Long delegation) said that two important resources that have not been exploited adequately are state financial funds outside the budget and gold resources and assets accumulated by the population.

Most of the people's gold is in the safe.

"Both are large capital reserves of the economy , one in the public sector, one in the people. But both are lacking a synchronous, transparent, and effective management and mobilization mechanism," Mr. Binh said.

Delegate Thach Phuoc Binh (Vinh Long delegation)

PHOTO: GIA HAN

Referring to the gold resources of the people, delegate Binh suggested that it is necessary to turn this asset into a driving force of the economy. He cited data from the World Gold Council, that Vietnamese people currently hold about 400,000 to 500,000 tons of gold, equivalent to 35 to 40 billion USD, accounting for nearly 8% of GDP.

“Vietnam consumes an average of 55 tons of gold each year, making it one of the countries with the highest gold consumption in the region. However, most of this gold is still in safes. A huge resource has not been converted into capital for the economy,” said Mr. Thach Phuoc Binh.

Meanwhile, in 2024 and the first months of 2025, there were times when the difference between domestic and international gold prices exceeded VND14 million/tael, even up to VND20 million as Deputy Prime Minister Le Thanh Long pointed out. This reflects the instability of the market and the psychology of speculation and hoarding.

Although the State Bank has intervened in the gold bar auction, according to the Vinh Long delegation, this is only a short-term solution. The root cause is still the lack of a transparent, modern and safe market mechanism for the people.

From there, he proposed to stabilize the gold market, narrowing the gap between domestic and foreign gold prices to below 5 million VND per tael within 6 to 12 months. The first is to control speculation and increase supply through controlled gold imports.

Second, establishing a National Gold Exchange - this is an institutional breakthrough so that people can deposit physical gold in standardized depositories, receive electronic certificates for trading, pledging or converting. The State will manage the flow of real gold while still ensuring people's ownership rights.

Third, develop gold financial products, such as issuing gold certificates, depository, gold investment funds, gold bonds guaranteed by physical gold in warehouses. People can contribute gold or invest in Vietnamese Dong, enjoy profits according to gold prices, turning static capital into dynamic capital.

Fourth, encourage the conversion of gold into Vietnamese Dong, through preferential interest rate deposit-free policies or the issuance of gold-denominated government bonds.

Fifth, ensure system safety, information transparency, strictly prohibit banks from mobilizing or lending gold. Publish periodic national gold bulletins so that people have full access to information, creating trust in the market.

“If only 10 to 15% of the people's gold is put into the financial system, equivalent to 5 to 7 billion USD, it will be a valuable source of capital for infrastructure development, digital transformation and technological innovation without increasing public debt,” said delegate Thach Phuoc Binh.

Sharing the same view, delegate Nguyen Van Than, Chairman of the Association of Small and Medium Enterprises, said that the resources within the people are still very large. People mainly accumulate in foreign currency, gold, and real estate.

However, he said that mobilizing resources from the people is not effective. The reason is that if we attract foreign currency deposits, we must have at least a 6% interest rate for people like with foreign loans, or even higher "because it falls through the sieve and into the tray". "People lend money, if we pay higher interest, people will benefit and the government will also benefit, instead of having to ask for aid or borrow foreign capital", Mr. Than said.

Delegate Nguyen Van Than, Chairman of the Association of Small and Medium Enterprises

PHOTO: GIA HAN

Cannot mobilize without creating trust

According to the Government's report, by the end of 2024, the country will have 24 non-budgetary state financial funds with a total surplus of VND 1.59 trillion, expected to increase to VND 1.78 trillion by 2026. According to delegate Thach Phuoc Binh, this is a very large number, equivalent to 35% of the national GDP.

However, the problem is that the legal system lacks unity, each fund operates under a separate decree, making it difficult to monitor and evaluate effectiveness. Many funds are ineffective, even losing money or have not published financial reports, and have not undergone comprehensive audits.

To overcome this situation, Mr. Binh proposed to issue a law on management of state financial funds outside the budget, or add a separate chapter in the State Budget Law. In which, clearly stipulate the criteria for establishment, scope of operation, control mechanism, reporting and dissolution...

“It is necessary to strengthen accountability to the National Assembly and voters, because each fund is ultimately a social resource entrusted to the state for management,” said delegate Binh, adding that “it is impossible to mobilize people’s resources if state resources are not managed transparently and effectively. It is also impossible to exploit people’s capital if there is no trust that the capital will be used effectively, safely and profitably for the country.”

Thanhnien.vn

Source: https://thanhnien.vn/nguoi-dan-viet-nam-dang-nam-giu-gan-500000-tan-vang-185251030150419641.htm