“Massive Gold Reserves Discovered Scattered in Safes and Under Beds Across Homes”

Speaking at the FChoice 2025 Awards Ceremony and the “Double-Digit Economic Growth Drivers and Investment Opportunities in 2026” Seminar held on the morning of January 13th, Mr. Dinh Ngoc Dung, Chairman and CEO of Bao Tin Capital, stated that domestic gold prices generally move in tandem with global trends. However, the lack of full integration in Vietnam’s gold market is causing significant price discrepancies.

According to Mr. Dung, new policies such as dismantling the monopoly on gold bars and establishing a national gold trading platform will not only narrow the price gap but also unlock the potential to effectively mobilize the vast amount of gold held by the public. This, in turn, will provide a crucial resource for economic growth and development.

Mr. Dung noted that in 2025, gold prices saw a remarkable 70% increase. By the end of the year, global gold prices reached approximately $4,500 per ounce, and last night (January 12th) even surged to around $4,600 per ounce. In Vietnam, domestic gold prices climbed to roughly 160 million VND per tael, compared to 95 million VND per tael at the beginning of the year.

However, Vietnam’s gold market is not yet fully integrated with the international market. As a result, a long-standing issue is the substantial price difference between domestic and global gold prices, currently around 10% or 15 million VND per tael, primarily due to supply and demand factors.

“Every morning, we witness long queues at gold shops as people line up to buy gold, reflecting the high demand for gold investment and accumulation, while domestic gold supply remains limited,” Mr. Dung observed.

Decree 232 is expected to address this issue partially. The new regulation gradually eliminates the monopoly of SJC gold, allowing qualified large enterprises and banks to import raw gold, produce, and supply gold bars. Currently, around 10 major domestic companies and banks meet the criteria, thereby increasing gold supply. In practice, after breaking the monopoly, the prices of SJC gold and 24K gold from various companies have converged significantly. The remaining challenge is to reduce the gap between domestic and international gold prices.

The government has issued strong directives to establish a national gold trading platform in 2026. Once operational, this platform will resemble the stock market, with transparent and public transactions, and prices determined by actual supply and demand. Consequently, the price difference between domestic and international gold will gradually narrow, and in the next phase, this gap could be entirely eliminated.

This process can be likened to a battle: the initial stages are challenging, but once major hurdles are overcome, progress will accelerate significantly. Internationally, gold prices have repeatedly tested the $4,500 per ounce mark and have now surpassed it. This development opens up expectations for a more attractive growth cycle for investors in the near future.

Mr. Dinh Ngoc Dung also expressed optimism about the establishment of the national gold trading platform. A key objective is to mobilize gold held by the public. Estimates vary, but according to conservative assessments, the amount of gold held by Vietnamese citizens could reach approximately 500 tons. At current prices, this equates to around 2,000 trillion VND, or about $80 billion.

This is a substantial asset, currently scattered in safes and under beds across the country. If effectively mobilized, this resource will become a significant capital source for investment and economic development. As this capital enters the system, financial investment channels will flourish. Similarly, the silver trading platform—led by the Ministry of Industry and Trade through the commodity exchange—will contribute to completing Vietnam’s financial and commodity market ecosystem.

Mr. Dung believes that with the government’s clear objectives, the entire system, from state management agencies to businesses, will unite to achieve these goals, turning them into aspirations and finding solutions to realize them.