HCMC – Vietnam’s central bank said it will strengthen inspections of the gold trading market in coordination with other government agencies, aiming to curb market violations and stabilize investor sentiment.
The State Bank of Vietnam (SBV) will work with the ministries of Public Security, Industry and Trade, and Finance to review the operations of gold traders, distributors, and retailers, according to its report to the National Assembly. The inspections aim to identify and address irregularities in the gold market, it said.
The SBV also plans to revise Decree 24/2012 on gold market management and introduce market stabilization measures.
In 2024, the SBV intervened in the market through gold bullion auctions and direct sales to narrow the gap between domestic SJC gold prices and global prices. The price gap, which peaked at around 25%, was reduced to 5-7% by the end of the year.
Global gold prices soared to record highs in early 2025, driven by geopolitical tensions, military conflicts, and strategic competition. Central banks and investment funds worldwide have increased gold purchases this year, pushing prices higher.
Domestic prices have tracked global trends, with the price gap narrowing to as low as 1-2% at the start of the year. However, it has since widened again to about VND14.48 million per tael, or roughly 13.6%.
The SBV said the gold market remains influenced by speculation and investor expectations, posing risks to monetary and foreign exchange markets. It called for coordinated action across ministries and local authorities to support long-term market stability.
