Vietnam’s central bank pledges improved gold supply

Addressing a press briefing on Friday, SBV Deputy Governor Pham Thanh Ha said gold prices have repeatedly hit new highs, with central banks worldwide boosting their purchases.

In Vietnam, the government recently issued Decree 232 revising Decree 24 on gold trading, ending the state monopoly on gold bars and allowing more entities to produce them if they meet requirements.

The decree also expands the pool of entities eligible to import raw gold, increasing legitimate supply to the domestic market.

Dao Xuan Tuan, head of the Foreign Exchange Management Department at SBV, confirmed that the circular guiding the implementation of Decree 232 would be released on October 10.

Tuan stressed that the Vietnamese government’s priority is to increase gold supply, particularly by regulating import licenses and quotas transparently.

“We affirm that gold supply in the local market will be better secured to meet real demand.

“All purchasing and selling processes will be transparent and consistent to avoid disruption,” Tuan said.

He added that the move also seeks to strengthen public and business confidence, harmonize old and new regulations, and build a more stable and sustainable gold market.

Domestic gold prices continue to soar.

On Friday, state-run Saigon Jewelry Company (SJC) gold bars were bought at VND135.8 million (US$5,150) per tael and sold at VND137.8 million ($5,220), slightly lower than the record high of VND138.4 million ($5,245) per tael but still at an unprecedented level.