Southeast Asia Information Port (www.dnyxxg.com) – Amidst the continuous rise and record-breaking highs in both domestic and international gold prices, the Vietnamese government is accelerating the construction of a gold trading platform. The core objective is to improve the transparency of the gold market, balance supply and demand, and gradually narrow the price gap between domestic and international gold prices.
At a meeting of the Government's Macroeconomic Management and Coordination Steering Committee held on January 26, Prime Minister Pham Minh Chinh explicitly demanded that the gold trading platform be officially operational by February 2026, simultaneously piloting a digital asset trading platform, and accelerating the construction of a state-managed real estate and land use rights trading center. Previously, Prime Minister Pham Minh Chinh had instructed the State Bank of Vietnam to lead a study on the model of a national-level gold trading platform or exchange, requiring the research results to be submitted to the government's standing agencies within January.
These directives come at a time when the Vietnamese domestic gold market is experiencing a sustained surge. On January 26, the price of SJC gold bars in Vietnam surged to 178 million VND per tael, an increase of over 15% since the beginning of the year and more than 20 million VND higher than the end of 2025. In the international market, gold prices fluctuated around $5,100 per ounce, significantly higher than the same period last year. This trend reflects the increasing uncertainty in the current global economic and financial environment and the continued strengthening of market demand for safe-haven assets.
Industry experts pointed out that insufficient legal supply of gold in Vietnam is one of the important reasons for the rise in domestic gold prices and the widening price gap between domestic and international markets. However, the shortage of gold bars and gold raw materials is not unique to Vietnam; many countries around the world are facing pressure from capital flows into the precious metals sector, leading to supply shortages.
According to the State Bank of Vietnam's plan, the construction of the gold trading platform will be carried out in three phases: the first phase will focus on trading imported gold raw materials; the second phase will gradually expand to gold bar trading; and the third phase will ultimately launch diversified products such as gold certificates and various gold derivatives. It is worth noting that the platform will not be directly connected to international gold trading platforms during the pilot phase. This arrangement is considered a prudent approach adopted by Vietnam while balancing macroeconomic control and economic stability.
Some industry experts believe that the gold trading platform could be located in the Ho Chi Minh City International Financial Center, gradually improving market liquidity and regional connectivity through the pilot mechanism. In the long run, promoting the financialization of the gold market will help effectively revitalize privately held gold resources, reduce physical gold hoarding, and thus support Vietnam's sustainable economic growth.
Accelerating the construction of the gold trading platform fully demonstrates the Vietnamese government's firm policy determination to improve its modern market economy system, proactively respond to global financial market fluctuations, and enhance its ability to regulate important financial product markets. (End)
