Vietnam’s Prime Minister Pham Minh Chinh has called for proactive measures to manage the domestic gold market more effectively in response to significant volatility. The call comes as global geopolitical tensions have contributed to rising international gold prices, causing an increasing gap between domestic and international gold prices.
In a statement released on May 13, the government emphasized the need for swift, coordinated action to stabilize the gold market. The Prime Minister directed the State Bank of Vietnam (SBV), along with other relevant ministries and agencies, to implement effective monitoring and management strategies to prevent negative impacts on the financial system, inflation, and macroeconomic stability.
Since the beginning of 2025, gold prices have surged due to unprecedented geopolitical events, which have, in turn, created substantial fluctuations in Vietnam’s domestic gold prices. Although the government had previously worked to keep the domestic-international gold price gap at a reasonable level of 1-2%, this gap has widened significantly in recent months.
The Prime Minister’s directive outlines the responsibilities of the SBV and other agencies, particularly in monitoring gold price trends and preventing speculation, illegal trading, and market manipulation. Specific tasks include issuing reports on the implementation of these measures, completing the review of Decree 24/2012/ND-CP on gold trading regulations, and ensuring the timely amendment of relevant laws to better manage the gold market.
The government also highlighted the importance of transparency and public communication regarding gold trading policies. The SBV has been urged to provide clear, transparent information to stabilize public sentiment and ensure social consensus.
Additionally, the Ministry of Public Security is tasked with working alongside the SBV to inspect and address violations related to the gold market, especially concerning illegal trading practices and smuggling.
In the coming months, the Vietnamese government will focus on adjusting regulations to further stabilize the gold market, ensuring its sustainable growth while protecting the country’s economic stability. The measures aim to address both domestic and international market dynamics to safeguard Vietnam’s financial system and macroeconomic environment.
By June, the SBV is expected to report on the progress of these initiatives, including the completion of legislative amendments and the stabilization of the gold market in the face of global uncertainties.
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