According to the report of the Governor of the State Bank of Vietnam (SBV) sent to the National Assembly at the 9th Session of the 15th National Assembly, regarding the management of the gold market, the difference between the domestic SJC gold bar price and the world price by the end of 2024 has been controlled and maintained at a suitable range; from a difference of about 25% at the peak to about 3-5 million VND/tael (equivalent to about 5-7%).

In the first months of 2025, world gold prices continuously broke previous records.

As of April 23, the difference between domestic and international SJC gold bar prices was converted to VND14.48 million/tael (equivalent to 13.62%).

According to the Governor of the State Bank of Vietnam, the domestic price of SJC gold bars has increased faster than the world price and the gap has widened since the beginning of April 2025, mainly due to two main reasons:

Firstly, the psychology of expecting the world gold price to continue to increase in the context of global economic instability. Secondly, the supply of gold bars in the market has not increased since the beginning of 2025, the foreign exchange market and the gold market are relatively stable, so the State Bank does not need to intervene.

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The difference between domestic SJC gold bar prices and converted world gold prices will increase sharply from April 2025. Photo: Nguyen Hue

In addition, the State Bank of Vietnam believes that it cannot rule out the possibility that some businesses and individuals are taking advantage of market fluctuations to speculate, inflate prices, and profit.

The State Bank affirmed that it will coordinate with relevant ministries and branches (Ministry of Public Security, Ministry of Industry and Trade, Ministry of Finance...) to strengthen inspection and examination of the activities of gold trading enterprises, stores, agents distributing and trading gold bars and related entities.

From there, promptly detect loopholes, inadequacies, and violations to strictly handle them according to authority and report to competent authorities for appropriate handling measures.

According to the report, the Governor of the State Bank of Vietnam said that the orientation of reducing interest rates to support businesses and people has contributed to further reducing lending interest rates.

As of April 10, the average lending interest rate for new transactions of commercial banks was 6.34%/year, down 0.6%/year compared to the end of 2024.

As of April 22, the exchange rate was around 25,896 VND/USD, up 1.64% compared to the end of 2024.

However, interest rates will face a lot of pressure in the coming time because lending interest rates have tended to decrease sharply; demand for credit capital is expected to increase strongly to meet the economic growth target in 2025.

Meanwhile, capital mobilization of the entire credit institution system may be affected and compete with other investment channels (such as real estate, stock market); the world interest rate level tends to decrease but remains high and the global financial market is unpredictable after the US announced its reciprocal tax policy.

In addition, exchange rates and foreign exchange markets are likely to continue to be under great pressure from complex factors in the international market.

World gold prices fell for two consecutive weeks: Where will SJC gold bars and plain rings go? World gold prices fell sharply during the week of April 28-May 2, losing 7.4% from the peak of $3,500/ounce and hitting the lowest level in two weeks. Where will SJC gold bars and plain rings go after the holiday?

Source: https://vietnamnet.vn/thong-doc-nhnn-noi-ve-ly-do-gia-vang-sjc-tang-nhanh-hon-gia-the-gioi-2398281.html