Vietnamese Prime Minister Pham Minh Chinh signed Directive No. 06/CT-TTg on February 23 regarding the urgent establishment of a national gold exchange. This decision was made against the backdrop of a persistent gap between domestic and global prices. As of February 27, the cost of gold in Vietnam, converted to an ounce, is approximately $5,880, which is $689 (almost 13%) higher than international quotes, which are at $5,191.
The launch of the exchange pursues three main goals:
- Eliminating the state monopoly of the SJC brand and introducing market-based pricing. The new platform will allow other major players to gain equal access to trading instruments, which will create healthy competition and reduce prices for the end consumer.
- Involving the population's gold savings in the economy. According to various estimates, Vietnamese citizens hold between 400 and 500 tons of gold outside the banking system, while the official reserves of the State Bank are about 9 tons. The exchange will allow these resources to be transferred to the financial system through gold certificates and accounts. This will create additional liquidity and reduce the burden on foreign exchange reserves: when demand is met by gold that is already in the country, the state manages to avoid unnecessary spending of currency to purchase it abroad.
- Suppressing smuggling by equalizing prices. The high difference between domestic and world prices stimulated the illegal import of the metal. This created a shadow demand for currency to purchase gold abroad, which put pressure on the exchange rate of the Vietnamese dong.
In parallel with the preparation for the launch of the platform, the authorities have tightened control over cash turnover. From February 2026, fines of up to 400 million dong ($16,000) for legal entities have been introduced for illegal trading in ingots. It is expected that full-fledged trading on the new exchange will begin in the second quarter of 2026.