Precious metals trading floor proposed to take shape in Vietnam’s International Financial Center

The Ministry of Industry and Trade has proposed setting up a precious metals trading floor within Vietnam’s planned International Financial Center (IFC).

The ministry is currently drafting a decree that will govern policies on imports and exports, goods distribution, service provision, commodity trading floors, and operations of a commodity exchange inside the IFC.

Previously, on June 27, the parliament passed a resolution on the development of an IFC in Vietnam. The resolution, effective from September 1, outlines the development of the center located both in HCMC and Danang, with a unified regulatory framework but tailored products based on each city's strengths.

It is expected that members of the IFC will be allowed to establish trading floors and trading platforms operating in the center in the following areas: commodity and commodity derivatives trading floors; carbon credit trading floors; cultural and artistic product trading floors; precious metals trading floors; green financial product trading floors; specialized trading floors; and other new types of trading platforms according to development needs.

The draft decree specifies that precious metals trading floors may only operate if they have processes in place for payment management, custody, and asset transfers through financial institutions and custodian banks that meet safety standards under Vietnamese law.

Trading floors must establish measures and procedures for preventing money laundering, smuggling, and fraud in precious metal transactions; reviewing and reporting unusual transactions; and coordinating with competent authorities for handling.

The new digital trading platform and specialized trading floor will officially be put into operation after completing the testing phase (sandbox) under the guidance of the Executive Agency of the IFC in coordination with specialized management agencies.

According to the ministry, issuing the decree is a matter of urgency as Vietnam accelerates the development of its IFC to integrate more deeply into global trade and finance.

The proposed framework is designed to be more innovative, flexible, and competitive than existing regulations, with the goal of attracting leading global financial institutions, corporations, and investors to participate in the IFC.