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.

Prime Minister Pham Minh Chinh has directed the State Bank of Vietnam (SBV) to intensify oversight of the gold market, aiming to narrow the gap between domestic and global gold prices to a slim 1-2% margin, as part of a broader effort to stabilise the economy, tame inflation, and spur growth.

Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV), ministries and agencies to implement measures to effectively manage the gold market.

VOV.VN - The price of 9999 gold rings surged beyond gold bars on March 5 morning, reaching a record high of over VND93 million/tael.

VOV.VN - Domestic gold prices climbed to VND88 million per tael on January 22 following the global trend amid uncertainties surrounding US President Donald Trump’s potential tariff plans.

VOV.VN - Domestic gold prices in Vietnam fell up to VND2 million per tael on average on November 26 following a slump in the global gold market.

VOV.VN - A National Assembly deputy has proposed the establishment of an official gold trading exchange in an effort to manage and regulate the domestic gold market amid signs of a gold fever with significant price volatility occurring in recent times.

The State Bank of Vietnam (SBV) is working closely with ministries and local authorities to implement comprehensive strategies to address significant price disparities and stabilise the gold market.

Long queues of gold buyers were no longer seen in front of designated sites of four State-owned commercial banks on June 17 morning.