Speaking at the seminar, Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department, State Bank of Vietnam (SBV), stated that the policy changes in gold management, the development of the jewelry market, and the establishment of a gold trading platform are directives from the Party and State leaders to the SBV. The Foreign Exchange Management Department is currently the focal point for implementing these initiatives.
Vietnam’s gold market is often associated with the public’s hoarding mentality and is closely linked to the monetary and foreign exchange markets. It is a topic of much discussion regarding macroeconomic stability. In practice, fluctuations in the gold market not only reflect supply and demand but can also influence inflation expectations, exchange rates, and market sentiment in the financial sector.
Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department, SBV
Regarding the establishment of a gold trading platform, the Director of the Foreign Exchange Management Department noted that the SBV recognizes this as a topic of interest among experts, commercial banks, businesses, and international organizations. There is an expectation that such a platform could enhance transparency, standardize transactions, and reduce price discrepancies in the market. However, domestic and international experience shows that this model is only beneficial if designed appropriately. Otherwise, it may pose significant risks without a comprehensive legal framework, stringent oversight, or effective coordination among regulatory bodies.
As the regulatory authority in the monetary and banking sector, the SBV is committed to policies that foster the development of the gold market while contributing to macroeconomic stability, financial security, and the banking system’s integrity.
The SBV will continue to collaborate with relevant ministries, the Vietnam Gold Business Association, and international organizations to research, compile, and report to the Government on the establishment of a gold trading platform and other tools to support the gold market’s development.
Seminar overview
Echoing this sentiment, Mr. Dinh Nho Bang, Chairman of the Vietnam Gold Business Association, emphasized that the experience of many countries has shown that an effective gold trading platform is crucial for developing a healthy domestic gold market. This, in turn, contributes to the overall growth of the financial market and the entire economy. This is especially true during periods of high gold market activity.
The Vietnam Gold Business Association believes that establishing, managing, and operating an efficient and healthy gold trading platform will yield significant benefits for citizens, investors, businesses, and the economy.
This initiative will not only facilitate gold trading, investment, and business activities but also ensure a stable supply of raw gold, positioning Vietnam as a regional hub for high-quality jewelry production and export. Vietnam’s jewelry industry has immense potential, but the scarcity of raw materials has hindered its full realization.
In reality, most leading countries in jewelry exports, such as China, India, and Turkey, have established gold trading platforms. These platforms ensure a steady supply of raw gold for jewelry production, create employment opportunities, generate substantial foreign exchange earnings, and positively impact economic growth.
Therefore, a national gold trading platform is a legitimate aspiration for Vietnamese gold enterprises, especially as many have invested in infrastructure, machinery, and human resources to boost jewelry production for export, yet raw material shortages persist. Establishing such a platform aligns with the broader directive from General Secretary To Lam regarding gold market regulation.
Sharing international insights, Mr. Shaokai Fan, Asia-Pacific Director of the World Gold Council, highlighted the importance of such platforms in ensuring price transparency and developing commodity financial markets.
The World Gold Council representative stressed that there is no one-size-fits-all model for every country. Each nation must clearly define its objectives when establishing a gold trading platform, ensuring liquidity, sufficient participant numbers, and mechanisms for international market connectivity. Based on these factors, countries can select and adapt models suited to their unique contexts.
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