National Assembly Addresses Shocking Gold Price Discrepancy as per SBV's Statement
Gold Prices Surge in Vietnam: The SBV's Response
Let's talk about the gold market in good ol' Vietnam – things have been heating up lately! The State Bank of Vietnam (SBV) hasn't added any new gold bars to the market since 2025's early days, and they're busy drafting decree revisions for Decree 24/2012 on gold trading management. The aim? Tighten oversight and boost effectiveness, as global gold prices are reaching new heights while domestic prices soar way above international rates.
Here's a lowdown:
In 2024, the SBV took steps to strengthen management of the gold market to tackle the significant disparity between local and international gold bar prices. They released some gold through auctions and direct sales, which helped bring the gap down to a manageable range. But the start of 2025 brought a fresh surge in global gold prices, with the spot gold price in the US hitting an impressive $3,264.2 per ounce in the Asian session this morning. On our websiteese đồng scale (factoring in taxes and fees), that converts to a whopping VNĐ104.16 million per tael. In comparison, domestic gold costs VNĐ15.6 million more per tael.
This price difference is due to expectations of continued global gold price rises, stirred by worries over the impact of US tariff policies on the global economy, uncertain Fed monetary policy, and ongoing geopolitical tensions. While domestic prices have risen sharply, the SBV assures us that it has not affected monetary policy or macroeconomic stability.
SBV has vowed to keep a close eye on both domestic and global gold market developments, coordinate with relevant authorities, and take necessary steps to stabilize the market. They've also emphasized the need for joint efforts from various ministries, agencies, and local authorities to establish a sustainable gold market.
As part of its commitment, the SBV plans to communicatively collaborate with ministries and agencies to enhance gold trading inspections and swiftly inform the public of its market management plans.
To put this situation in perspective: The SBV is gearing up to address record-high price disparities, speculative hoarding, and market volatility. Their measures seek to stabilize the gold market by bridging the gap between local and global prices, streamlining oversight, fighting speculation, and modernizing the market through initiatives like a gold certificate system.
Despite challenging global influences, hoarding risks, and a balance between control and market liberalization, Vietnam's SBV is prepared to face these challenges head-on while aligning its actions with broader economic priorities. Stay tuned for updates on this captivating gold saga!
SJC branded gold bullion. - VNA/VNS Photo Minh Quyết
- The State Bank of Vietnam (SBV) is currently working on revising Decree 24/2012 to strengthen oversight and increase effectiveness in the gold trading management, due to the soaring global and domestic gold prices.
- Gold prices in Vietnam have been skyrocketing, with domestic prices noted to be VNĐ15.6 million per tael more than international rates, sparked by concerns over US tariff policies, uncertain Fed monetary policy, and ongoing geopolitical tensions.
- The SBV aims to keep the gold market stable, coordinating with relevant authorities to take necessary steps and actively communicating with ministries and agencies about gold trading inspections and management plans.
- In an effort to modernize the market, the SBV plans to implement initiatives such as a gold certificate system to bridge the gap between local and global gold prices and combat speculation.
- The rising gold prices have led to record-high price disparities, speculative hoarding, and market volatility, which the SBV is committed to addressing through these strategic measures.
- The SBV's response to the gold market's challenges demonstrates their preparedness in dealing with complex issues while maintaining balance between control and market liberalization, aligning actions with broader economic priorities.
- As the gold saga unfolds, updates on the SBV's actions and strategies to stabilize the gold market are eagerly awaited by businesses, investors, and governmentAnalysts alike.
