Enhancing quality and elevating the Vietnamese gold brand

At the forum “Vietnam’s Gold Market: Opportunities and Challenges in the New Phase,” organized by the Kinh te & Do thi Newspaper and the Hanoi Jewelry Art Association on November 24, Nguyen Duc Le, Deputy Head of the Market Surveillance Department under the Ministry of Industry and Trade, noted that while Vietnam’s gold jewelry business network is extensive, it remains fragmented.

“Small-scale and scattered businesses make it impossible for authorities to fully track operations. This fragmentation causes uneven management and unhealthy competition identical products are sold at very different prices,” Nguyen Duc Le explained.

He added that assessing gold jewelry quality remains challenging, as destructive testing is not feasible for finished products. Although modern testing methods exist, market surveillance units do not always have access to such technology.

Nguyen Duc Le suggested establishing concentrated gold business zones where all stores ensure traceable origins. Testing and verification equipment should be made available for customers to inspect products on-site.

He also proposed publicly ranking stores based on credibility to encourage quality improvement and build consumer trust.

“Gold jewelry must be linked with the national jewelry industry development strategy, not only to combat fraud but to enhance product quality and the Vietnamese gold brand,” Nguyen Duc Le emphasized.

If implemented effectively, Vietnam could expand gold jewelry exports to major global markets, eventually building national brands in this high-value sector.

Stricter control over origin and transparency

Also speaking at the forum, Kieu Dinh Canh, Deputy Director of the Hanoi Market Surveillance Department, reported that recent violations include fraudulent gold purity labeling, unregistered trading, lack of invoices, and price manipulation. These practices, he warned, harm consumers and pose broader economic risks.

He underscored that as Vietnam gradually reduces state monopoly in bullion trading and explores a national gold exchange model, market restructuring will create both opportunities and challenges.

“As more enterprises enter gold production and import, risks of smuggling and substandard gold will increase, especially in small shops,” Kieu Dinh Canh said. “Market surveillance must strengthen origin checks, invoice verification, and hallmark inspections.”

He noted that short-term market fluctuations driven by investor psychology could lead to hoarding or price gouging, behaviors that require immediate enforcement focus.

Despite recent progress ensuring legal labeling, pricing, and documentation post-inspection challenges remain due to limited awareness among business owners and deliberate avoidance of penalties.

Kieu Dinh Canh stressed that the volatile gold market and the rise of counterfeit or low-quality jewelry exploiting consumers’ investment psychology demand more hands-on inspections and better-trained officers.

To improve oversight, Hanoi’s market surveillance forces will prioritize: Updating legal frameworks to make compliance clearer and more practical; Training personnel in jewelry identification, inspection, and verification techniques; Coordinating with customs, tax, and law enforcement agencies to fight smuggling and fraud.

“We will actively monitor market movements, strengthen inspections, and strictly handle violations, especially counterfeit gold jewelry imitating famous brands,” Deputy Director Canh affirmed. “At the same time, we will intensify legal awareness campaigns and inter-agency cooperation to build a transparent, stable, and sustainable gold market.”

Vietnam’s market surveillance forces will intensify inspections to detect and penalize violations related to counterfeit gold jewelry imitating well-known brands, while promoting transparency and strengthening the reputation of Vietnamese gold products.