Global leader advocates for strengthened alignment of Vietnam's gold sector with international market structures
Vietnam Aims to Integrate Gold Market with Global Markets
In a recent working session with the Party Central Committee's Commission for Policies and Strategies in Hanoi, Party General Secretary Tô Lâm offered recommendations for managing Vietnam's gold market more effectively.
The Party chief proposed completing a legal framework to strengthen links between Vietnam's gold market and international markets. While applauding recent progress in related regulations, he identified several persistent issues, including outdated regulations, sluggish reforms, gold smuggling, foreign currency flight, and market monopolies.
He urged a shift from an administrative approach to a market-oriented one, moving from "tightening control" to "opening to manage." He emphasized the importance of eliminating the mindset that bans what cannot be controlled and ensuring the gold market operates in accordance with market principles under the state's oversight.
General Secretary Lâm advocated for upholding the principles of respecting property rights, asset ownership, and the freedom to do business for both individuals and enterprises. He stressed the need for market transparency and the recognition of gold hoarding as a legitimate form of savings and investment.
The leader suggested gradually stripping the State's monopoly on gold bullion branding, allowing qualified enterprises to participate in gold bar manufacturing. This would foster a level playing field, diversify supply sources, and contribute to market stability.
To increase gold supply and align domestic prices with international ones, the Party leader recommended expanding regulated gold imports. He also highlighted the need to combat cross-border gold smuggling, develop Vietnam's gold jewelry sector, and create alternative investment channels to encourage the use of gold in productive sectors.
Improved management efficiency, stronger inter-sectoral coordination, and a more robust role for the Vietnam Gold Traders Association were also emphasized. Maintaining macroeconomic stability and public trust in the Vietnamese dong remain crucial, with the establishment of a comprehensive information and data system for the gold market to increase transparency.
In the long term, the goal is to transform Vietnam's gold market into a regional hub for high-quality gold jewelry production and exports. This includes researching and proposing phased solutions based on international experiences, such as establishing a national gold exchange or setting up a dedicated gold trading platform within Vietnam's planned international financial centre.
Party leader had a working session with the Party Central Committee's Commission for Policies and Strategies on mechanisms and policies for more effective management of the gold market on May 28 in Hà Nội. - VNA/VNS Photo
- The government aims to strengthen the links between Vietnam's gold market and international markets by completing a legal framework, thereby fostering a market-oriented approach.
- To ensure the gold market operates in accordance with market principles, the government plans to eliminate regulations that ban what cannot be controlled, promote market transparency, and recognize gold hoarding as a legitimate form of savings and investment.
- The government is considering stripping the state's monopoly on gold bullion branding, allowing qualified enterprises to participate in gold bar manufacturing to foster a level playing field and diversify supply sources.
- To increase gold supply and align domestic prices with international ones, the government aims to expand regulated gold imports, combat cross-border gold smuggling, develop Vietnam's gold jewelry sector, and create alternative investment channels for productive sectors.
- With a long-term vision of transforming Vietnam's gold market into a regional hub for high-quality gold jewelry production and exports, the government will research and propose phased solutions based on international experiences, such as establishing a national gold exchange or setting up a dedicated gold trading platform within Vietnam’s planned international financial centre.
