After more than a decade of tight control, the Government has ordered the establishment of a national gold trading exchange. Together with the planned removal of the central bank’s monopoly on gold bar production in October 2025, these moves mark a new turning point for the market. However, a review of five decades of regulation shows that the core challenge goes beyond transparency. It lies in ensuring that gold remains an asset and does not return to the monetary system. Establishing a gold exchange and ending the gold bar production monopoly In an official dispatch issued on January 24, Prime Minister Pham Minh Chinh instructed the State Bank of Vietnam (SBV) to urgently complete a research and assessment dossier and review the proposal to establish a national gold trading exchange. The central bank was asked to report to the Government Standing Committee within January. Earlier, the National Assembly had also asked the Government to develop appropriate solutions and a clear roadmap for setting up a gold exchange and stabilizing the market. After more than a decade of strict administrative controls, Vietnam is entering a turning point in the management of its gold market. The Government has issued Decree No. 232/2025/ND-CP, […]