Vietnam expects to launch national gold exchange before February 10

Speaking at a regular government press briefing in Hanoi, Son said the establishment of a centralized gold exchange is expected to play a key role in improving market transparency and stability.

He added that the exchange would enable authorities to closely monitor developments in the gold market and intervene when necessary.

The government, he said, is striving to bring the gold exchange online before February 10, with a focus on ensuring safe and orderly operations in the domestic gold market.

The move comes amid sharp and prolonged fluctuations in gold prices in recent years, which have complicated market management and heightened concerns over speculation and price manipulation.

The gold exchange, Son said, is expected to help address long-standing shortcomings in the domestic gold market.

The push to accelerate its launch follows a directive issued on January 24 by Prime Minister Pham Minh Chinh, instructing the State Bank of Vietnam to urgently complete studies and submit proposals on establishing a national gold exchange.

According to financial experts, a centralized exchange could play a key role in improving transaction transparency, curbing speculation and market manipulation, and gradually channeling idle gold holdings held by the public into the economy.

However, they caution that its effectiveness will depend not only on the exchange’s launch but also on how clearly the scope of gold transactions subject to regulation is defined.

Can Van Luc, chief economist at the Bank for Investment and Development of Vietnam, said investment and reserve gold such as bullion and bars, which are closely linked to financial stability, should be managed more strictly, Vietnam Television reported.

Meanwhile, jewelry gold used primarily for consumption, he said, should be governed under a more appropriate and flexible mechanism.

To reduce systemic risks, Luc, also a member of the National Financial and Monetary Policy Advisory Council, called for the gradual disclosure of data on gold holdings in the economy and an end to gold-based borrowing and lending practices, which he said could pose risks to the financial system.

He added that narrowing the wide gap between domestic and global gold prices would require boosting legal supply through standardized gold bar specifications, lower processing costs, and more favorable conditions for enterprises to import and produce gold.