National gold exchange must be operational soon without delay: Prime Minister
VGP - Prime Minister Pham Minh Chinh has ordered the swift establishment of a national gold exchange, stressing that it must be put into operation “without further delay” as part of broader efforts to stabilize the economy and enhance market transparency.
The move reflects the Government's strong resolve to address long-standing shortcomings in the gold market, including a lack of transparency, price manipulation and speculative activities.
The Prime Minister tasked the State Bank of Viet Nam (SBV) to promptly finalize a report on research, evaluation and establishment of a national gold exchange to help standardize gold pricing, improve market transparency and gradually mobilize gold resources held by the public for economic development.
According to the SBV, a gold exchange would operate as a centralized trading platform for standardized gold products, including both physical and non-physical instruments.
The SBV's Foreign Exchange Management Department reported that a pilot exchange is planned to be rolled out in three phases.
The first phase would focus on physical gold products. The second would expand to gold bars. The final phase would include circulating gold products, fund certificates, derivatives and international connectivity.
The move follows the issuance of Government Decree No. 232/2025/ND-CP on August 26, 2025, which amended Decree No. 24/2012/ND-CP on gold trading management. The revised decree ended the State monopoly on gold bar production, laying the groundwork for a more institutionalized and market-based gold trading system.
The Prime Minister assigned the SBV to coordinate with relevant ministries, agencies and local authorities to closely monitor inflation, exchange rates, interest rates and market liquidity.
The central bank was also urged to proactively use policy tools to ensure stable and effective market operations.
Prime Minister Pham stressed the importance of stabilizing exchange rates and interest rates, strengthening foreign exchange reserves, and enhancing inspection, supervision and risk control mechanisms.
Credit institutions were directed to ensure safe and effective credit growth, with lending prioritized for production, business activities, key growth drivers and priority sectors, while tightening oversight of high-risk areas. Immediate credit solutions should be put in place to support production and business activities, livelihoods, small and medium-sized enterprises, business households and social housing projects.
The Ministry of Finance was tasked with mobilizing domestic and foreign investment resources, making use of public debt and budget deficit headroom within safe limits to issue Government bonds for key national projects. The ministry was also instructed to double efforts in attracting large-scale, high-tech foreign direct investment and further developing capital markets, including the stock market and corporate bond market, to create longer-term funding channels and reduce reliance on bank credit.
The Prime Minister also ordered ministries and localities to accelerate public investment disbursement from the beginning of 2026, with the aim of achieving 100 percent of the assigned plan./.
