HCMC – Stabilizing the gold market is a critical priority requiring immediate attention, said Dao Minh Tu, deputy governor of the State Bank of Vietnam (SBV), during a press briefing on January 7.
While global gold price volatility continues to impact Vietnam, its effects have lessened compared to previous years. The SBV has successfully reduced the gap between domestic SJC gold bar prices and global prices from nearly VND20 million per tael to VND3-4 million.
To further protect consumer interests and ensure market stability, the SBV is reviewing Decree 24/2012 on gold trading, Tu added.
Vietnam’s currency, the dong, has faced challenges due to both external and domestic factors, including trade flows, foreign investment, and global financial policies.
To address these issues, the SBV has taken measures to balance the foreign currency supply and support trade. Efforts to narrow the interest rate gap between the dong and the U.S. dollar have helped deter speculation and ease market pressures.
By the end of 2024, the dong had depreciated by 5.03% against the dollar—a comparatively modest decline compared to other currencies, such as the Japanese yen and South Korean won, which fell over 10%.
In addition to monetary policy, the SBV has reported significant progress in enhancing banking security. As of now, 84.7 million bank accounts in Vietnam have been verified using biometric technology. This advancement has led to a more than 50% reduction in fraud and theft cases.
Commercial banks, in collaboration with the Ministry of Public Security, are integrating biometric systems with cashless payment programs to ensure greater security and safety for users.
