Doanh Nhan Vietnam is carrying comments from Huynh Trung Khanh, Vice President of the Vietnam Gold Trade Association. Specifically, Huynh uses the platform to:
- Advocate for other gold firms to be able to produce their own gold bars;
- That Decree 24 is no longer appropriate given the gap in world and local gold prices;
- That the market needs to be reformed to prevent smuggling; and that
- Pending regulations (due at the end of March) are creating risks in the market in that a rapid increase in supply could see broad losses for gold holders.
Of note, gold prices in Vietnam are generally around 20 percent higher than they are in the rest of the world. This is the result of a number of regulatory hurdles that were put in place in 2011 with respect to importing gold. These were devised to prevent gold purchases from negatively impacting the value of the local currency. See: The Gold Price in Vietnam: Explained 2024.