Vietnam to increase gold bar supply, narrow global-domestic price difference
The State Bank of Vietnam (SBV) will increase gold bullion supply in order to reduce the disparity between domestic and world prices as locals have rushed to trade the metal in recent weeks.
Pham Thanh Ha, Deputy Governor, the State Bank of Vietnam. Photo courtesy of the Vietnam Investment Review.
Increasing gold bullion supply is one of the solutions that the central bank will implement right away, the SBV’s Deputy Governor Pham Thanh Ha said Friday.
His statement followed Prime Minister Pham Minh Chinh calling for immediate steps to stabilize the gold market.
Ha did not explain how the SBV plans to increase the supply of gold bars.
In early 2013, the SBV had pumped gold via auctions, supplying over 60 tons to the local market. However, the domestic-world price spread had not reduced considerably as a response.
SJC-branded bar gold jumped to a fresh record of VND82-85 million ($3,383) a tael for bids and asks Friday morning at state-owned Saigon Gems and Gold Company (SJC), tracking a global surge.
The prices were VND12-13 million higher than international prices, narrowing from around VND18 million per tael seen last year.
Locals buy gold at a shop in Hanoi. Photo courtesy of Kinh Te & Do Thi (Economic & Urban) newspaper.
The SBV holds a monopoly on SJC gold import and production.
Scant supply at home has been a factor behind the price hike in the country where people have long seen the precious metal as an investment haven.
The gold fever has prompted smuggling via border gates with Cambodia in southern Vietnam. Large amounts of U.S. dollars have been bought to finance gold smuggling, exerting upward pressure on the USD/VND exchange rate.
Ha said further that the SBV will also ensure raw material supply for gold jewelry and fine art items for export.
The central bank will coordinate efforts with relevant authorities to force gold shops to produce electronic receipts towards ensuring transparency and effective management.
Action will also be taken to strengthen supervision of gold trade and tackle cross-border gold smuggling, for which multi-agency inspection teams will be deployed this month.
On Decree 24, issued in 2012 to manage the gold market, Ha said that the SBV has reported relevant actions taken to the government along with amendment recommendations.
- Related News
- Read More
Vietnam’s textile giant Vinatex posts 31% profit jump in Q1, braces for potential trade risks
Vietnam National Textile and Garment Group (UPCoM: VGT) reported Q1 profit rising 31% year-on-year, as improved yarn margins and stable garment orders helped offset a volatile global backdrop.
Companies - Mon, April 13, 2026 | 5:07 pm GMT+7
Private sector – 'one most important growth driver': legislator
After 40 years of Doi moi (reform), Vietnam's private sector has surged to become one of the most important growth drivers, helping build a more autonomous, self-reliant and resilient economy, says Phan Duc Hieu, a member of the National Assembly's Economic and Financial Committee.
Economy - Mon, April 13, 2026 | 4:37 pm GMT+7
Vietnam conglomerate Thaco’s 2025 profit jumps 65% to $251 mln
Vietnamese conglomerate Thaco posted strong earnings growth in 2025, with net profit from its core operations surging over 65% on the back of its real estate segment, according to newly released disclosures from Singapore-based shareholder Jardine Matheson.
Companies - Mon, April 13, 2026 | 2:58 pm GMT+7
Vietnamese private economic groups: Achievements, efforts and paradoxes
If we place Vietnam's private sector in the context of the region and the world, a clear paradox emerges: numerous but not yet strong, dynamic but not yet profound, making significant contributions but maintaining a modest position in the global value chain, writes Dau Anh Tuan, deputy secretary general of the Vietnam Federation of Commerce and Industry (VCCI).
Economy - Mon, April 13, 2026 | 1:57 pm GMT+7
Dung Quat oil refinery operator BSR posts strong Q1 profit amid energy market volatility
Binh Son Refining and Petrochemical JSC (HoSE: BSR), the operator of Vietnam’s first oil refinery Dung Quat, reported estimated Q1 net profit of nearly VND3.35 trillion ($127.1 million), more than eight times higher than a year earlier, despite global energy market disruptions linked to Middle East tensions.
Companies - Mon, April 13, 2026 | 11:57 am GMT+7
The Investor to host conference '40 years of reform: The leading role of economic groups' today
The Investor (www.theinvestor.vn) and Nha dau tu (www.nhadautu.vn) will host a conference titled "40 years of reform: The leading role of economic groups" at 1:30 p.m. Monday, April 13 in Hanoi.
Economy - Mon, April 13, 2026 | 11:15 am GMT+7
Unlocking and mobilizing resources for the development of Vietnam’s leading economic groups in new growth era
Only when a development structure where large firms lead, SMEs diffuse growth, and the State enables development is formed, can Vietnam build a sufficiently strong enterprise foundation for a new growth model, write deputy director Dr. Bui Thanh Minh and researcher Tran Duc Anh at the Private Sector Development Research Board (Board IV) Office.
Economy - Mon, April 13, 2026 | 8:00 am GMT+7
VinSpeed starts work on Hanoi-Quang Ninh high-speed railway project
VinSpeed High-Speed Railway Investment and Development JSC, an arm of Vietnam’s leading private conglomerate Vingroup, on Sunday broke ground on the Hanoi-Quang Ninh high-speed railway project in Quang Ninh province, northern Vietnam.
Infrastructure - Sun, April 12, 2026 | 3:58 pm GMT+7
Investment deal signed for $2 bln LNG power project in central Vietnam
The Trung Nam-Sideros River consortium on Friday signed a business and investment contract for the VND57.4 trillion (approximately $2.18 billion) Ca Na LNG-fired thermal power plant project, unlocking new development momentum for an integrated energy-industrial complex in the south-central province of Khanh Hoa.
Energy - Sun, April 12, 2026 | 1:49 pm GMT+7
Vietnam's taxi operator Vinasun forecasts 16% profit fall amid tough competition
Vietnam's major taxi operator Vinasun expects profit to decline further in 2026 even as it plans to modestly grow revenue and upgrade its fleet, highlighting the continued pressure from ride-hailing platforms and rising operating costs.
Companies - Sun, April 12, 2026 | 10:26 am GMT+7
Vietnam banks cut deposit rates as state lenders join easing trend
Vietnamese banks have begun lowering deposit rates in a coordinated move following guidance from the State Bank of Vietnam, with major state-owned lenders joining the trend to help steer market conditions.
Banking - Sun, April 12, 2026 | 8:00 am GMT+7
Sun Group, Dragone partner to elevate Vietnam’s live entertainment scene
Sun Group on Friday entered into a strategic partnership with Dragone, a Belgium-based creator and producer of large-scale live entertainment, marking a new chapter for Vietnam’s cultural and entertainment industry and the beginning of a flagship show envisioned for APEC 2027.
Companies - Sat, April 11, 2026 | 9:05 pm GMT+7
BIN Corporation proposes $3 bln high-tech project in central Vietnam
BIN Corporation, a Vietnamese multi-sector group headquartered in Ho Chi Minh City, has proposed to invest $3 billion in an AI data, renewable energy, and high-tech workforce training complex in the central province of Dak Lak.
Industries - Sat, April 11, 2026 | 5:17 pm GMT+7
Gelex Electric plans 75% bonus share issue to boost capital
Gelex Electric (HoSE: GEE) plans to issue 274.4 million bonus shares to existing shareholders in a move to increase its charter capital by 75%.
Companies - Sat, April 11, 2026 | 10:08 am GMT+7
Vietnam retains top spot in Adidas global sourcing
Adidas continues to rely heavily on Vietnam as its largest sourcing base, with the Southeast Asian country accounting for more than a quarter of the company’s global production as supply chains remain concentrated in Asia.
Companies - Sat, April 11, 2026 | 8:17 am GMT+7
Meiko Electronics expands Vietnam footprint with new $50 mln unit amid supply chain shift
Meiko Electronics is stepping up its investment in Vietnam with a new $50 million subsidiary, as the Japanese printed circuit board maker positions itself to capture rising demand from global clients relocating supply chains to Southeast Asia.
Industries - Fri, April 10, 2026 | 9:29 pm GMT+7
