Transactions in the domestic gold bar market dropped sharply as many gold holders selling their precious metal for VND to reinvest in business, production and consumption.
Customers buy gold at Kim Dung Thong gold shop in the central province of Nghe An’s Vinh city. (Source: VNA)
Hanoi (VNA) -Transactions in the domestic gold bar market dropped sharply as many goldholders selling their precious metal for VND to reinvest in business,production and consumption.
According to the State Bankof Vietnam (SBV)’s Foreign Exchange Management Department, as local appetitefor the precious metal has been declined sharply with only some 10,000 taels (atael equal to 37.5g) of gold to be traded per day on average, down as much as75 percent compared with 2013.
Despite the sharp pricehike in the global gold market in the wake of a series of world events leadingto volatility, such as tensions on the Korean peninsula, the domestic goldmarket has remained stable.
Nguyen Ngoc Canh, directorof the department, said that it is quite a contrast to the situation prior to2013 when the domestic gold market often experienced chaos as the global goldprice rocketed. At that time, it was common to see locals queued up in front ofgold shops, patiently waiting for their turn to enter and buy the preciousmetal for speculation.
This changed when the SBVremoved the regulation on allowing commercial banks to deposit and lend gold in2013. Instead, gold holders now have to pay fees to commercial banks if theywant to use the custody service to store their gold at banks.
Thanks to the policy, thereis no longer any turbulence in the domestic gold market despite a sharp changein price in the global market.
Statistics from thedepartment revealed that the quantity of gold under custody at commercial banksreduced sharply to only 2.89 tonnes by June 31 this year, compared with 32tonnes in 2013, 21 tonnes in 2014, 10 tonnes in 2015 and three tonnes in 2016.
The department attributedthe downward trend to gold holders selling gold for VND to reinvest inproduction, business and consumption.
Given lower demand forgold, the SBV has not had to import any gold bar since 2013.
On September 14, SJC-brandedgold was trading at 36.5 million VND and 36.7 million VND (1,607-1,616 USD) pertael for buying and selling, respectively, down roughly 100,000 VND against theprevious day.
The gap between Vietnameseand global gold prices is standing at 100,000 VND per tael, shrinkingsignificantly from millions of VND fewyears ago.-VNA
It is time for the central bank to loosen its control over gold imports as a shortage of gold material in the domestic market has led to adverse consequences, said the Vietnam Gold Trading Association
The gold market resumed stability shortly after a quick increase on March 16 after the US Federal Reserve (Fed) raised its interest rates, which experts described as going against common rule.
The domestic gold market did not show much fluctuations on June 15 after the Fed raised its prime rates, with gold prices moving around the mark 36 million VND a tael (37.5 grammes).
The new Government decree also simplifies loan procedures while expanding credit incentives to include organic and circular agriculture, allowing them to access preferential terms similar to those of high-tech and value-chain based agricultural production.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Customers buy gold at Kim Dung Thong gold shop in the central province of Nghe An’s Vinh city. (Source: VNA)
