HCMC – Domestic gold prices soared further on October 16 following the global uptrend, with gold ring prices reaching a new record high of VND153 million per tael on the selling side, while SJC-branded gold bars traded at VND148.6 million.
At 9:05 a.m., Bao Tin Minh Chau listed its ring gold prices at VND150 million for buying and VND153 million for selling, rising by VND700,000 and now trading VND4.4 million higher than SJC-branded gold bars offered by other companies. Gold ring prices at Phu Quy Jewelry were quoted at VND145.6 million for buying and VND148.6 million for selling, up VND800,000 per tael from the afternoon of October 15.
For SJC-branded gold bars, Saigon Jewelry Company (SJC) and Doji quoted prices at VND146.6 million for buying and VND148.6 million for selling, while Phu Quy listed its rates at VND146 million and VND148.6 million per tael. All three dealers raised their prices by VND600,000 from the previous session.
At a seminar on October 15, the State Bank of Vietnam (SBV) said it is finalizing a plan to pilot a national gold exchange in three phases, which will be submitted to the Government this month.
According to Dao Xuan Tuan, head of the SBV’s Foreign Exchange Management Department, this is an appropriate time to launch the exchange while maintaining State oversight.
The first phase will focus on physical gold such as bars, coins, and jewelry to create a transparent, standardized distribution channel. The second phase will cover bullion trading, and the third will include derivatives and fund certificates, eventually connecting to international markets.
Three organizational models are under consideration, including a national gold exchange, gold trading via the Vietnam Commodity Exchange, or an exchange based in Vietnam’s international financial center.
The SBV expects the platform to help mobilize idle gold from the public, curb hoarding, and channel capital into production and business activities.
On the global market, gold continued setting new records, climbing past US$4,200 per ounce and trading around US$4,230 at 9 a.m. on October 16, up US$40–50 from the morning of October 15. This equals approximately VND134.3 million per tael based on Vietcombank’s exchange rate, keeping domestic SJC gold roughly VND14.3 million higher than the global rate.
While gold prices surged, the foreign exchange rate showed little change. This morning, the SBV set the central exchange rate at VND25,109 per U.S. dollar, down five dong from October 15. Commercial banks also adjusted their rates slightly, with some quoting the dollar at VND26,364 on the selling side, down five dong day-on-day.
With the trading band of 5% on either side of the central exchange rate, Vietcombank listed the greenback at VND26,124–26,364 (buy/sell), VietinBank at VND26,140–26,364, BIDV at VND26,160–26,364, and Eximbank at VND26,130–26,364 per dollar.
