By Nguyen Xuan Quynh
Bloomberg News
Wednesday, August 27, 2025
Vietnam is opening up its gold market, ending a state monopoly on imports and exports of raw bullion as well as producing bars, in a move that may boost supply and narrow a gap between local and global prices.
"This marks a pivotal shift," Pham Luu Hung, chief economist at SSI Securities Corp., said in a note. It's a move from a state-controlled model to a regulated, competitive market aimed at enhancing transparency and efficiency, Hung said.
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Under a decree, companies and commercial banks that have central-bank approval can produce gold bars, according to a government statement.
The State Bank of Vietnam will also issue licenses for the import of raw gold, as well overseas trade in bars, according to a separate statement. Previously, the state had sole control of making bars and overseas trade in raw gold. ...
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