Vietnam’s General Secretary To Lam has called for an end to the state monopoly on gold bar production, urging a shift toward a “controlled and planned market” model that allows qualified enterprises to produce gold bars under state oversight, VN Express has reported.
The move comes after a decade of State Bank monopoly over gold bar production, which has led to market distortions, a reduction in trading points, and restricted raw material supply.
The article notes that:
- He made the comments on May 28 at a meeting with the Central Policy and Strategy Committee, criticising the slow reform of gold market policies and the persistent gap between domestic and global gold prices.
- The proposed changes include expanding gold import rights, developing alternative investment channels, and considering the creation of a national gold exchange.
- To Lam also urged tax reforms to improve gold market transparency, eliminate export taxes on jewellery, and encourage Vietnam’s emergence as a gold processing and export hub.
An end to Vietnam’s state monopoly on gold bar production could create new opportunities for foreign firms in refining, bullion trading, logistics, and compliance services.
If implemented, the reforms may allow qualified enterprises—potentially including foreign-invested firms or joint ventures—to participate in gold bar production, import, and possibly trading on a national exchange.
For foreign players, the changes could open access to a previously restricted market while increasing demand for technology, transparency tools, and trading infrastructure.
However, the extent of the opportunity will depend on how licensing is handled, how “qualified” is defined, and whether foreign participation is explicitly allowed.
Implementation will likely be gradual, but with direction coming from the top it suggests a more open, competitive, and internationally integrated gold market in Vietnam may be on the cards.
See also: The Gold Price in Vietnam: Explained