Gold prices have been surging to new highs recently, and experts attribute this to the rise in global gold prices due to political and monetary tensions. The disagreements between US President Donald Trump and the Federal Reserve over interest rate policies have caused the US dollar to depreciate, driving up the demand for gold as a safe-haven investment. Additionally, the escalating trade tensions, with the US imposing new tariffs ranging from 10% to 50% on goods from dozens of countries since August 7, 2025, have heightened concerns about a global trade slowdown.
In Vietnam, the domestic gold bar prices have been surging in tandem with global gold prices. The primary reason for this is the psychology of the people; they are concerned that global gold prices could continue to rise, pulling up domestic prices, so they are not ready to sell gold into the market. Instead, many people tend to buy gold for hoarding, causing the domestic gold bar prices to increase faster than global prices.
Domestic gold prices are influenced by global political and monetary tensions.
A notable development that is expected to impact the gold market is the government’s issuance of Decree 232/2025/ND-CP at the beginning of this week. This decree amends and supplements Decree 24/2012/ND-CP on gold business management and will take effect from October 10, 2025. The most notable content of Decree 232 is the termination of the state monopoly on gold bars and the introduction of a licensing mechanism for enterprises and commercial banks that meet the conditions to participate in gold bar production.
Additionally, the decree expands the controlled import rights to diversify the supply sources, reduce the price gap between domestic and global markets, and curb gold smuggling. Notably, from the effective date, gold transactions of VND 20 million and above must be settled through banks. The changes introduced by Decree 232 are expected to promote long-term market health. As the supply becomes more diversified and gold bar production and imports involve multiple entities, the domestic and global price gap will gradually narrow. At the same time, transparent cash flow will enable the State to monitor and control foreign currency inflows and outflows from gold exports.
Regarding the regulation that gold transactions of VND 20 million and above must be settled through banks, Dr. Nguyen Duc Do considers it necessary. This helps to transparent cash flow, contributes to anti-money laundering efforts, and curbs speculation. It is also in line with Vietnam’s orientation towards developing a cashless payment system. Moreover, with all transactions being recorded, management agencies will have more accurate data for future policy formulation.
However, according to Mr. Do, the introduction of new policies during a period of gold price volatility may somewhat impact the psychology of the people. A section of the population may tend to buy gold before the new regulations take effect to avoid having to declare information later and due to concerns about further price increases. “This psychology is short-term and will not have a long-lasting impact on the market,” he said.
Sharing this view, an expert said that any policy has a lag period and needs time to take effect. “It is impossible to immediately reduce the price gap from VND 20 million per tael to VND 9 million or VND 10 million; it will take a few months to narrow this gap,” the expert analyzed.
An important point of public interest is the rights of people who currently hold gold bars and the gold bars produced by enterprises and commercial banks licensed by the SBV under the new regulations. Regarding this, SBV Deputy Governor Pham Quang Dung affirmed that Decree 232 continues to recognize gold bars that were legally produced before and allows SJC to refinish gold bars that the company produced or refinished before the effective date but no longer meet the circulation requirements. Additionally, the decree requires enterprises and commercial banks involved in gold bar production to publish applicable standards, weight, and fineness of their products; take responsibility for the accuracy of declared weight and fineness; provide product warranties to customers according to legal regulations; and store data and connect to provide information to the SBV as required by the SBV Governor. Thus, Decree 232 comprehensively regulates the responsibilities of enterprises and commercial banks, from the stages of gold import to production and trading, to protect consumers’ rights.
Given the complex market developments, experts advise investors to be cautious about gold price speculation at high levels, as the risks are significant due to the dependence on global gold price fluctuations. Instead of hoarding gold without a proper plan, it is recommended to diversify investments into more efficient channels such as production, business, or securities. With the expanded import rights granted in Decree 232, the gold supply is expected to become more abundant.
Dr. Nguyen Duc Do advises that while people have the freedom to buy, sell, and hoard gold, they should choose legal transaction channels to ensure the safety of their assets. “People should buy and sell gold at state-authorized units and avoid unofficial transactions to minimize risks,” Dr. Do emphasized.
No More Waiting to Buy Gold, Now It’s Silver’s Turn
Amid the relentless surge in global gold and silver prices, domestic prices of these precious metals have also skyrocketed to unprecedented levels. In a notable development, following the frenzy of gold buyers queuing up, a similar scene is now unfolding with long lines of people eagerly waiting to purchase silver.
The Ever-Rising Gold Prices: Experts Predict Further Gains
The gold bar selling price surges past 129 million VND per tael, while the gold ring price surpasses 124 million VND per tael, marking a significant increase that has caught the attention of investors and consumers alike.
The Golden Market’s Inevitable Cooldown
The regulatory body must promptly issue import criteria and gold import quotas for each entity to expedite the introduction of new supply to the market.
The Golden Opportunity: Unraveling the ‘Strange Move’ of the Gold Enterprise
“The SJC gold bar price surged to a new record high of VND 128 million per tael today, August 27. In a surprising turn of events, gold enterprises drastically slashed their buying prices and even refrained from purchasing gold bars after the exclusivity on gold bar trading was lifted. This unusual move comes as a contrast to their previous aggressive gold-buying spree.”
The Golden Opportunity: Unlocking the Exclusive World of Gold Bullion Production
With the new regulations in place, a substantial increase in minimum charter capital is required for businesses seeking licenses to produce gold bullion. To enter this industry, enterprises must now possess a minimum charter capital of VND 1,000 billion, while banks are required to have VND 50,000 billion.
