HCMC – Party General Secretary To Lam has urged an end to the state monopoly on gold and called for a legal framework to better align the domestic market with global standards, reported the Vietnam News Agency.
Speaking at a working session on Wednesday with the Party Central Committee’s Commission for policies and strategies, the Party leader acknowledged recent positive changes in gold market regulations but emphasized the need for more effective mechanisms and policies.
The gold market remains volatile and misaligned with global supply and demand, fueling smuggling and foreign currency outflows. Persistent monopoly limits competition, while outdated policies fail to mobilize gold from the public for economic growth.
Therefore, he called for a shift from administrative thinking to disciplined market-oriented governance, moving from a mindset of “tight control” to “open management,” and abandoning the practice of “banning what can’t be controlled.”
The gold market should be guided by market principles under state supervision, with flexible regulation that ensures transparency, protects ownership rights, and supports business freedom. Public demand for holding gold is legitimate and should be respected through suitable policies.
Lam urged the prompt overhaul of the legal framework and an amendment to Decree 24/2012 to support a regulated, market-driven gold market with stronger links to global markets.
He also asked for a phased and controlled end to the state monopoly on gold production, enabling qualified businesses to join the market, boost competition, expand supply, and help stabilize prices.
The Party General Secretary proposed expanding controlled gold import rights to increase supply, narrow the gap between domestic and global prices, and curb gold smuggling across borders.
He also emphasized the need to promote the jewelry segment and develop Vietnam into a hub for high-quality gold processing and export.
Currently, the state monopoly on gold production through licensed enterprises is outlined in Decree 24/2012/ND-CP.
Under this regulation, the State Bank of Vietnam is the sole entity authorized to produce gold bullion and has designated SJC as the national gold brand, replacing nine former brands. Banks were also required to cease gold mobilization and shut down gold trading floors.
However, more than a decade later, the gold bar trading network has significantly shrunk, SJC’s production equipment remains sealed, and the SBV has not issued licenses for new production or raw material imports.
