Effective management of the gold market, stabilizing the macro-economy

On the afternoon of May 28, 2025, General Secretary To Lam held a working session with the Central Committee for Policy and Strategy regarding mechanisms and policies for effective gold market management in the near future.

At the meeting, Party Central Committee member and Head of the Central Committee for Policy and Strategy, Tran Luu Quang, presented a report evaluating and proposing mechanisms and policies for more effective gold market regulation moving forward. He affirmed the Committee’s consistent viewpoint that the gold market should be managed according to market principles, with appropriate state regulation.

General Secretary To Lam held a working session with the Central Committee for Policy and Strategy.

In his concluding remarks, General Secretary To Lam highly appreciated and broadly agreed with the report presented by the Central Committee for Policy and Strategy. He also acknowledged and valued the frank, thoughtful, and constructive contributions made by the attending delegates.

The General Secretary emphasized that in recent years, Vietnam’s gold market management mechanisms and policies have undergone positive revisions and improvements. However, as outlined in the Committee’s report, there remains a need for swift reform and completion of the regulatory framework.

General Secretary To Lam called for a firm grasp of key requirements regarding principles, objectives, tasks, and solutions for the coming period.

In terms of principles, there must be a decisive shift from administrative thinking to disciplined market-based thinking. The key objectives are to manage the gold market effectively, stabilize the macro-economy, and mobilize resources for socio-economic development.

Key solutions

Regarding tasks and solutions, the General Secretary highlighted several priorities. According General Secretary, the legal framework governing the gold market needs to be promptly revised, particularly Decree No. 24/2012/ND-CP, to align with market principles while ensuring strict regulatory oversight.

Removing the State monopoly on gold bullion branding in a controlled manner, while allowing qualified private enterprises to participate in production, would encourage competition, diversify supply sources, and help stabilize prices.

Expanding gold import rights under appropriate regulations could narrow the gap between domestic and international prices. Promoting the domestic gold jewelry industry would gradually position Vietnam as a hub for high-quality production and export, transforming idle gold holdings into value-added products.

At the same time, developing more attractive investment channels is crucial to mobilize gold from the public into the formal economy. Enhancing inter-agency coordination, especially in anti-smuggling efforts, is also essential.

The Vietnam Gold Trading Association should serve as an active bridge between businesses and regulators, supporting market stability when necessary. Sustaining macroeconomic stability and public confidence in the Vietnamese đồng remains a fundamental, long-term solution for channeling gold into economic development.

A transparent national data system on the gold market must also be established to improve tax collection, regulatory oversight, and the assessment of gold’s impact on exchange rates and capital flows.

He also stressed the importance of focusing on certain measures that could be applied soon, with an appropriate roadmap. Specifically, there is a need to study and draw on international experience in order to propose the establishment of a national gold exchange; or to allow gold trading on existing commodity exchanges; or to establish a gold trading platform within an international financial center in Vietnam.

At the same time, it is necessary to consider the application of taxes on gold trading to improve market transparency, enhance oversight by regulatory agencies, and discourage speculative gold trading.

In addition, removing export taxes on gold jewelry and fine arts products should be considered in order to encourage domestic production and promote exports of Vietnamese gold jewelry.