General Secretary: Expand controlled gold import rights to increase gold supply

General Secretary To Lam at the working session with the Central Policy and Strategy Committee on the afternoon of May 28.

On the afternoon of May 28, 2025, General Secretary To Lam worked with the Central Policy and Strategy Committee on mechanisms and policies to effectively manage the gold market in the coming time.

Gold management is inflexible, monopoly exists

Head of the Central Policy and Strategy Committee Tran Luu Quang presented a report assessing and proposing mechanisms and policies to effectively manage the gold market in the coming time. The viewpoint of the Central Policy and Strategy Committee is to manage the gold market according to market principles, with appropriate management by the State; eliminate the mindset of banning if you can't manage it; respect ownership rights, property rights, and freedom of business; and ensure transparency in the market.

Regarding specific mechanisms and policies, the Central Policy and Strategy Committee proposed two groups of solutions, including solutions that need to be prioritized for immediate implementation and solutions that need to be researched for application or pilot application. The solutions need to be implemented step by step, with a clear roadmap and adjusted to suit reality. The most important thing is to build people's trust in the financial system and state policies, contributing to bringing gold resources to serve economic development.

General Secretary To Lam said that the mechanisms and policies for managing the gold market in Vietnam in recent years have been positively adjusted and improved. However, it is also necessary to frankly acknowledge that the mechanisms and policies for managing and regulating the gold market have been slow to be renewed, have not kept up with the development of the market and the demands of reality, and need to be urgently renewed and improved, as stated in the Report of the Central Policy and Strategy Committee.

Specifically, the gold market is poorly managed and not in line with the general supply and demand trends in the world market, causing consequences for the economy, especially gold smuggling and foreign currency outflows.

There is a monopoly in the market, which does not stimulate competition and promote healthy gold trading activities.

Management mechanisms and policies have not created the motivation to mobilize idle resources among the people for socio-economic development, so people invest a lot in gold.

Besides, the management method is still mainly traditional, slow to innovate, lacking modern business forms, catching up with world trends.

Eliminate gold bar monopoly, expand gold import rights

The General Secretary suggested that in the coming time, gold management needs to strongly shift from administrative thinking to disciplined market thinking, from "tightening to control" to "opening to manage"; it is imperative to thoroughly understand and eliminate the thinking of "if you can't manage, then ban"; at the same time, it is necessary to make the gold market operate in accordance with market principles, with state management.

The General Secretary requested to avoid rigid intervention, restrict the movement and promote the advantages of the market, ensure the principle of respecting the ownership rights, property rights, and freedom of business of people and enterprises; ensure transparency in the market. At the same time, it is necessary to identify people's gold storage as a form of savings and investment, a legitimate need, which needs to be respected and approached to build appropriate management mechanisms and policies based on this viewpoint.

The goal is to effectively manage the gold market, stabilize the macro economy, and mobilize resources for socio-economic development.

The General Secretary also pointed out a number of tasks and solutions for the coming time.

Firstly, it is necessary to complete the legal framework , quickly amend Decree 24/2012/ND-CP towards marketization with a roadmap and strict control; creating a more effective connection between the domestic gold market and the international market.

Second, eliminate the State monopoly on gold bar brands in a controlled manner based on the principle that the State still manages gold bar production activities, but can license many qualified enterprises to participate in gold bar production to create an environment of equal competition, thereby helping to diversify supply sources and stabilize prices.

Third, expand controlled import rights to increase gold supply, contributing to reducing the gap between domestic and world gold prices, and at the same time limiting gold smuggling across borders.

Fourth, encourage the development of the domestic gold jewelry market to gradually turn Vietnam into a center for manufacturing and exporting high-quality gold jewelry, transforming stored gold into value-added products.

Fifth, develop attractive alternative investment channels to mobilize gold from the population into the economy.

Sixth, improve management efficiency and inter-sectoral coordination, especially in preventing and combating gold smuggling.

Seventh, promote the role of the Gold Business Association, act as a bridge between gold businesses and management agencies, promptly reflect difficulties, make recommendations and coordinate the implementation of market stabilization measures when necessary.

Eighth, maintain macroeconomic stability and confidence in the Vietnamese currency, considering this a fundamental, long-term solution to transform resources from gold into economic development.

Ninth, promptly build an information and data system on the gold market to increase publicity and transparency, to collect taxes, manage, and assess the impact on the foreign exchange gold market, exchange rates, and various investment channels.

The General Secretary also emphasized the need to focus on studying a number of solutions for early and appropriate application with a roadmap. Specifically, research and refer to international experience to propose the establishment of a National Gold Exchange; or allow gold to be traded on the Commodity Exchange; or establish a Gold Trading Floor in the International Financial Center in Vietnam. Research and apply taxes on gold trading to enhance market transparency, the ability of management agencies to monitor the market and limit gold trading for speculative purposes. In addition, research to eliminate export taxes on gold jewelry to encourage the development of production and export of gold jewelry in Vietnam.

The State Bank Party Committee is assigned to preside over and coordinate with the Central Policy and Strategy Committee and relevant agencies to report and make specific proposals.

Source: https://baodautu.vn/tong-bi-thu-mo-rong-quyen-nhap-khau-vang-co-kiem-soat-de-tang-cung-vang-d292451.html