SBV announces plans for gold exchange to mobilise domestic gold resource

SBV announces plans for gold exchange to mobilise domestic gold resource

The SBV aims to develop a comprehensive approach to gold trading that includes secure custody, certification, settlement and effective technology solutions.

The domestic gold price is VNĐ14 million higher than the international spot gold. — VNA/VNS Photo

Việt Nam is moving to modernise its gold market with plans to establish a domestic gold trading exchange, aimed at systematically mobilising gold held by the public and channelling it into productive investments.

The State Bank of Vietnam (SBV) held a seminar on October 15 to discuss the proposal.

Deputy Governor Phạm Tiến Dũng outlined the evolution of the gold market, emphasising the government's commitment to stabilising the macroeconomic landscape through effective regulatory frameworks.

The seminar noted that current regulations under Decree 24 from 2012 have become outdated, particularly regarding the exclusive rights of the State to produce gold bars and manage the import and export of raw gold.

In response, the Government issued Decree 232/2025/NĐ-CP on August 26, amending and supplementing Decree 24 to allow controlled liberalisation of gold production while maintaining State oversight.

Discussions focused on key topics, including current mechanisms and policies related to the proposed gold exchange, potential operational frameworks and international best practices for gold trading exchanges.

The SBV aims to develop a comprehensive approach to gold trading that includes secure custody, certification, settlement and effective technology solutions. In the coming weeks, it plans to report to the Government on the feasibility of piloting a gold exchange.

According to Đào Xuân Tuấn, director of the SBV's Foreign Exchange Management Department, the timing is ripe for considering the establishment of a gold trading platform.

The initial phase of the initiative will focus on creating a physical gold trading exchange serving as a distribution channel for imported gold meeting national standards. Later phases include gradually introducing gold accounts and derivative products.

Ultimately, the SBV aims to establish the gold exchange as a tool to mobilise domestic gold resources, reduce hoarding and channel investments into productive sectors.

Three models for the exchange were proposed: establishing a national gold exchange, allowing gold trading on commodity exchanges and creating a gold trading platform within Việt Nam's International Finance Centre.

The exchange is expected to evolve through a phased approach, with implementation plans adaptable to developments in the gold trading landscape.

Importantly, the pilot phase will not immediately integrate the domestic gold exchange with international markets.

On the domestic market, SJC-brand gold bars are trading at around VNĐ146 million (US$5,551) for sellers and VNĐ148 million for buyers. At this price, the domestic gold market is VNĐ14 million higher than the international spot gold, which is quoted at $4,216.4 per ounce. 

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