HCMC — Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV) to urgently submit an evaluation and proposal for the establishment of a national gold exchange.
This directive is outlined in Instruction No. 06, which came out shortly after the Lunar New Year holiday, and requires the SBV to manage monetary policy proactively and flexibly in close coordination with fiscal policy to maintain average inflation at approximately 4.5% while ensuring appropriate interest rate and credit management.
The move follows a previous official dispatch on January 24, where the PM requested the SBV to finalize research on the national gold exchange for a government report within January. Then, during a Government press briefing on February 4, Minister-Chairman of the Government Office Tran Van Son noted that the goal was to put the gold exchange into operation by February 10, alongside pilot programs for digital asset exchanges and real estate transaction centers.
However, as of late February, the gold exchange has yet to officially launch.
Domestic gold prices have experienced a significant surge leading up to the God of Fortune Day (the annual 10th day of the first lunar month – February 26 this year), with SJC gold bars and rings jumping by VND200,000 to VND700,000 per tael to VND182.3–185.3 million on February 25. Given these high-price fluctuations, experts advise individuals to carefully weigh their financial plans and avoid herd-mentality buying, as the market is currently hovering near record peaks.
