Gold Price Surge Leaves Couples Struggling to Afford Wedding Rings, Says Delegate Nguyen Lam Thanh

On October 21st, during a group discussion on socio-economic issues, several National Assembly delegates expressed concerns about the complex developments in the gold and real estate markets. Earlier, in their review report, the National Assembly’s Economic and Financial Committee highlighted the intricate nature of the gold market, urging the government to implement effective management solutions.

Delegate Nguyen Lam Thanh (Thai Nguyen constituency) acknowledged that both the real estate and gold markets pose significant challenges for regulatory efforts. Over the years, the National Assembly has enacted crucial laws such as the Housing Law, Real Estate Business Law, and Credit Institutions Law. However, the control over the real estate market has not kept pace with reality, leading to a sharp rise in property prices, particularly condominium prices in major cities.

The delegate noted that the soaring real estate prices have made homeownership increasingly out of reach for low-income earners and even those with moderate to high incomes.

Therefore, Delegate Thanh proposed a thorough review of relevant legal provisions and macroeconomic policies to ensure stable and sustainable market development.

Regarding the gold market, Delegate Nguyen Lam Thanh mentioned that while the legal framework is largely in place, control and management remain ineffective, with persistent bottlenecks. According to him, citizens have reported difficulties in purchasing even wedding rings due to the current high gold prices, a situation that was not as challenging in the past.

Emphasizing that the real estate and gold markets are crucial indicators of economic health, reflecting trends, stability, and socio-economic robustness, Delegate Nguyen Lam Thanh urged the government to adopt more robust measures in controlling and managing these markets. This would ensure that the gold market operates in line with supply and demand dynamics while fostering healthy growth in the real estate sector.

Delegate Thanh stressed that effective management does not mean tightening transactions but rather creating a transparent and stable environment for the markets to function naturally and correctly.

Delegate Pham Van Hoa (Dong Thap constituency) also focused on the gold market and its price fluctuations during the group discussion. He noted that amidst the continuous rise in global gold prices, domestic gold prices have become extremely volatile. Notably, the price gap between domestic and international gold prices has widened to tens of millions of VND per tael.

According to Delegate Pham Van Hoa, this gap was previously controlled at 3-5 million VND per tael, but it has since expanded. The delegate from Dong Thap highlighted that the surge in gold prices significantly impacts citizens’ livelihoods and affects overall market prices.

The government has amended Decree 24/2012 on gold market management (Decree 232 dated August 26, 2025) to include provisions for licensing eligible enterprises and banks to import gold. However, no enterprise has been granted an import license to date. Delegate Pham Van Hoa recommended that the government address this issue to effectively control gold prices and prevent adverse effects on macroeconomic management.