Vietnam further tightens gold trading amidst non-stop price hikes
The Vietnamese government is taking more aggressive action toward reining in the local gold market as prices of the metal remain high despite the central bank releasing more supply.
A gold store under Bao Tin Minh Chau in Hanoi. Photo courtesy of Nhan Dan (The People) newspaper.
At a meeting in Hanoi on Thursday with government agencies to discuss the coordination of fiscal and monetary policies, Prime Minister Pham Minh Chinh ordered the immediate adoption of various tools and measures to regulate and stabilize the gold market more effectively and in a timely manner.
He called on relevant authorities to narrow the gap between Vietnamese and global gold prices, as well as inspecting the gold market and strictly handling violations.
The government chief also requested the serious implementation of electronic invoices in gold trading. Traders who fail to do so by June 15 will have their licenses withdrawn.
The Ministry of Public Security was asked to enhance screenings and inspections, and strictly deal with gold smuggling and speculation.
Amid ongoing global uncertainties, Chinh emphasized the need for proactive and flexible management of fiscal and monetary policies.
The State Bank of Vietnam (SBV) needs to prevent the exchange rate from affecting macroeconomic fundamentals and inflation control, Chinh said. In addition, the PM requested the bank to work on measures to cut lending rates by 1-2 percentage points to stimulate business.
He set a target for credit growth of 5-6% in the second quarter, as lending has been lacklustre since the start of this year.
Earlier on Tuesday, Deputy Prime Minister Le Minh Khai asked the Ministry of Public Security and the Government Inspectorate, and the ministries of finance and industry & trade to join inspection teams led by the SBV.
Gold prices slid slightly on Friday morning. State-owned Saigon Jewelry and Germ Stone Co. (SJC) offered the metal at VND87.4-89.9 million ($3,532.5) a tael, while Doji fixed the quote at VND87.4-89.5 million.
The SBV has sold just 14,900 taels of gold in six auctions with 100,800 taels on offer.
- Related News
- Read More
Vietnam’s first LNG power plants to begin commercial operation this year
Nhon Trach 3 and 4, Vietnam’s first LNG-fired power plants, are expected to begin commercial operations this year, according to a new ministerial decision.
Energy - Wed, June 11, 2025 | 10:00 am GMT+7
Europe-Asia Industry Cooperation Forum to take place in Hanoi today
The Vietnam's Association of Foreign Invested Enterprises (VAFIE), in association with F&H International Industry, will organize the Europe-Asia Industry Cooperation Forum in Hanoi today.
Economy - Wed, June 11, 2025 | 7:30 am GMT+7
Thailand's SCG Packaging becomes sole owner of Vietnam's leading plastics firm Duy Tan
SCG Packaging Public Company Limited (SCGP), a subsidiary of Thailand's multi-sector giant SCG, has acquired an additional 30% stake at Duy Tan JSC, becoming the sole owner of the leading producer of rigid plastic packaging products in Vietnam.
Companies - Tue, June 10, 2025 | 10:53 pm GMT+7
VinaCapital fully divests from Vietnam’s private hospital chain Tam Tri
The Vietnam Opportunity Fund (VOF), managed by VinaCapital, has announced its full divestment from local hospital chain Tam Tri Medical, according to a filing with the London Stock Exchange.
Finance - Tue, June 10, 2025 | 4:43 pm GMT+7
CapitaLand breaks ground on its first luxury low-rise project in northern Vietnam
Singapore's CapitaLand Development (CLD) has broken ground on The Fullton, a luxury low-rise residential development with a gross development value of approximately $800 million.
Real Estate - Tue, June 10, 2025 | 4:26 pm GMT+7
Vietnam’s major affordable housing developer Hoang Quan appoints new CEO
Hoang Quan Real Estate Consulting-Trading-Services JSC (HoSE: HQC), a major affordable housing developer in Vietnam, has appointed Nguyen Long Trieu as its new general director, effective from Monday.
Real Estate - Tue, June 10, 2025 | 4:00 pm GMT+7
US Cargill announces exit from aquafeed business in Vietnam
Cargill, one of the leading animal feed producers in the U.S., has withdrawn from the aquafeed business in Vietnam, said Maxime Hilbert, interim general manager for aqua nutrition at Cargill Thailand & Vietnam.
Industries - Tue, June 10, 2025 | 3:26 pm GMT+7
USD price likely to hit record high of VND26,300 in Q3, drop to VND26,100 in Q4: UOB
Singaporean bank UOB on Monday said its updated forecasts on the USD/VND exchange rate are VND26,300 per USD in Q3/2025; 26,100 in Q4/2025; 25,900 in Q1/2026; and 25,700 in Q2/2026.
Economy - Tue, June 10, 2025 | 2:38 pm GMT+7
Four pillars set stage for Vietnam private sector breakthrough: expert
The four resolutions recently issued by the Politburo, Vietnam's highest decision-making body, mark a critical turning point, opening up major opportunities for Vietnam’s private sector to thrive, said Tran Du Lich, former director of the Ho Chi Minh City Institute of Economics.
Economy - Tue, June 10, 2025 | 12:37 pm GMT+7
How Vietnam’s functional food market evolves
With the presence of major domestic and international brands, along with strong government efforts to dismantle counterfeit product rings, Vietnam's functional food market is expected to continue its upward trajectory in the coming time.
Economy - Tue, June 10, 2025 | 12:18 pm GMT+7
Visa introduces Click to Pay in Vietnam for online shopping experience 'transformation'
Visa has introduced Click to Pay with leading banks and payment facilitators in Vietnam - the first market in Southeast Asia to see the solution that aims to transform online shopping experience.
Finance - Tue, June 10, 2025 | 8:48 am GMT+7
Vietnamese banks leverage national data integration to reach customers
Banks in Vietnam are developing fully digital lending services, enabling customers to apply for and receive loans entirely through online platforms.
Banking - Mon, June 9, 2025 | 11:28 pm GMT+7
Vietnam’s garment-textile exports top $17 bln in five months
Vietnam’s garment and textile exports exceeded $17.58 billion in the first five months of 2025, up 9% year-on-year.
Companies - Mon, June 9, 2025 | 11:21 pm GMT+7
Vietnam's coastal hospitality real estate poised for a new wave of growth
As competition intensifies and the tourism sector rapidly evolves post-pandemic, hospitality real estate investors and hotel operators are adopting more innovative approaches to optimize operations and tap into new revenue streams, write Avison Young Vietnam analysts.
Consulting - Mon, June 9, 2025 | 11:01 pm GMT+7
Rules on private placement bond issuance should be tightened: Vietnam Finance Minister
Allowing only companies that have liabilities five times higher than their equity at maximum to issue bonds via private placement is a necessary move to mitigate risks and prevent abuse, said Finance Minister Nguyen Van Thang.
Finance - Mon, June 9, 2025 | 6:19 pm GMT+7
EV maker VinFast commits to purchasing all output for Vietnamese suppliers
Vietnamese electric vehicle maker VinFast has committed to purchasing all products for domestic suppliers that join its production chain.
Companies - Mon, June 9, 2025 | 5:21 pm GMT+7
- Consulting
-
Rethinking resilience: How typhoon Yagi redefines supply chain strategies in northern Vietnam
-
Remove roadblocks to lure foreign investment into Vietnam: HSBC exec
-
AI can be a game changer for Vietnam tourism
-
In trade and investment, ASEAN and China are better together
-
Investment opportunities in LNG-to-power projects in Vietnam
-
Pepper prices 2024: will the dream of 'black gold' repeat?
