PM orders national gold trading platform proposal

PM orders national gold trading platform proposal

Prime Minister Phạm Minh Chính directs the State Bank of Vietnam to finalise documentation for national gold exchange as part of economic growth strategy.

People buy gold at Bảo Tín Minh Chau jewellry shop in Hà Nội. — VNA/VNS Photo

Prime Minister Phạm Minh Chính has ordered the State Bank of Vietnam (SBV) to complete a dossier this month on a proposal to establish a national gold trading platform, as part of a wider push to secure double-digit economic growth in 2026.

The instruction was set out in Official Dispatch No. 6 dated January 24 on key tasks to implement growth targets for the first year of the 2026-30 socio-economic development plan.

The Prime Minister said 2026 would mark the start of a new development phase and required stronger coordination between fiscal, monetary and other macro policies to maintain stability while accelerating growth.

The central bank was asked to proactively manage interest rates and exchange rates in line with macro conditions, control inflation, stabilise the value of the Việt Nam đồng and direct credit towards production, priority sectors, social housing, infrastructure and digital technology.

SBV must also speed up the restructuring of weak credit institutions, deal with bad debts and prevent new ones from emerging.

A key task is to urgently finalise research and assessment for the creation of a national gold exchange or trading centre, and report to the Government Standing Committee within January.

Economists have proposed a gold exchange for years, arguing it would allow people to trade the precious metal more easily while linking domestic prices more closely to global markets.

Economic expert Ngô Trí Long said a properly designed exchange would create a common reference price, publicly listed and aligned with international gold prices, ending the situation where each trader sets their own rates.

He said this would make domestic prices more transparent and reflective of supply and demand rather than speculation or vested interests.

Đinh Nho Bảng, chairman of the Vietnam Gold Business Association, cited international experience in countries such as China and India, where gold exchanges help secure raw material supply for jewellery production, create jobs and generate foreign currency earnings from exports.

The proposal gained momentum after the National Assembly last month asked the Government to urgently study a roadmap for establishing a gold exchange to help stabilise the market.

From October 10, 2025, the State monopoly on gold bar production was abolished as part of efforts to reform gold market management.

SBV is studying a legal framework for the exchange and plans to pilot it in three phases. The first phase would focus on physical gold products. The second would expand to gold bars. The final phase would include circulating gold products, fund certificates, derivatives and international connectivity.

Beyond the gold market, the Prime Minister called for a reasonably expansionary fiscal policy, tighter budget discipline and efforts to raise State budget revenue by at least 10 per cent compared to 2025.

The Ministry of Finance was asked to continue tax, fee and land rent reductions and extensions to support people and businesses, especially small- and medium-sized enterprises, while using public debt and deficit space within safe limits to mobilise resources for investment.

The Government also wants to develop the stock market and corporate bond market into stable, safe and effective channels for medium- and long-term capital to serve double-digit growth.

Public investment disbursement must reach 100 per cent of the assigned plan, with faster allocation from the start of the year and quicker removal of bottlenecks in delayed projects.

Authorities were also told to step up efforts to attract large-scale, high-tech foreign direct investment and support multinational corporations and strategic investors, particularly in semiconductors, artificial intelligence and digital technology.

The Ministry of Industry and Trade was tasked with stimulating consumption, stabilising the market, controlling prices, combating smuggling and trade fraud, and diversifying export markets, including Halal, Middle Eastern, Latin American and African markets. 

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