Vietnam has officially removed the state monopoly on gold bullion production, marking a significant shift in the country’s gold market dynamics.

Vietnam’s gold market is poised for significant reform as eligible banks and enterprises will soon be permitted to import raw gold and produce bullion — a move expected to invigorate the sector with increased competition and more brands.

The narrowing of the gap between domestic and global gold prices may further pull down the selling price of SJC-branded gold bullion of state-owned commercial banks and Saigon Jewelry Company (SJC) in the near future, Dao Xuan Tuan, Director General of the State Bank of Vietnam (SBV)'s Foreign Exchange Management Department, has said.

SJC-branded gold bullion is sold at VND77.98 million (US$3,069) per tael on June 4 as approved by the Governor of the State Bank of Vietnam (SBV).

The State Bank of Vietnam (SBV) has halted its gold bullion auctions and will introduce a new strategy to stabilise gold prices as early as June 3.

VOV.VN - Eleven bidders successfully bought a total of 13,400 taels of SJC-branded gold bullion that the State Bank of Vietnam (SBV) had put up to auction on May 23.

VOV.VN - In a gold auction on May 21, 7,900 taels (equivalent to 70 lots) of SJC-brand gold bullion were successfully sold out of the 16,800 that the State Bank of Vietnam (SBV) offered for sale.

The State Bank of Vietnam (SBV) on May 17 announced that it will hold two more gold auctions on May 21 and 23, each will offer 16,800 taels of SJC-branded gold bars.

VOV.VN - Eleven bidders bought a total of 12,300 taels of SJC-branded gold bullion that the State Bank of Vietnam (SBV) had put on sale at an auction held on May 16.

The State Bank of Vietnam (SBV) said that it has directed its branches in provinces and cities to closely monitor the developments of the local gold market, and at gold trading locations, and report to the central bank any case where people queue to buy gold.