A different perspective on Vietnam’s economy and doing business in Vietnam. Make sure to  subscribe.

how to guides

cheat sheets


Vietnam’s C.Bank manages to move 8,100 taels of gold at latest gold auction

In a gold auction yesterday Vietnam’s State Bank managed to offload 8,100 taels of gold just shy of half of what was on offer.  Each tael went for about VND 87.7 million or US$2,126 each. Gold bars are currently retailing for about VND 90 million or US$3,535 a piece.

This latest development is a vast improvement with a series of past gold auctions selling only a few thousand gold bars or being cancelled altogether due to lack of interest. The change of circumstances is likely due to changes to this gold auction that saw the minimum order significantly reduced.

Gold auctions have been touted as a means to stabilise the local gold market, however, it is not clear exactly why that might be necessary with gold having little practical utility. It has, however, become a key focal point of the local media in recent months nonetheless.

For some background, the gold price in Vietnam is often much higher than the world gold price, currently about 15 percent higher. This is due to Decree 24 issued in 2011 which restricted gold imports and exports to one company–SJC–that can only do so with permission from the State Bank of Vietnam. Permission to import gold, however, has not been granted for over a decade. This has led to a mismatch in supply and demand pushing up the price.

For more information see: The Gold Price in Vietnam: Explained 2024


get connected with an expert
contribute a guest post
send a letter to the editor
submit a press release

latest news

Hanoi university signs agreement with Australian mining firms

With reserves estimated to be the second biggest in the world after China, and rare earth minerals becoming increasingly necessary in a slew of electronics, miners from all over have been actively courting partnerships with Vietnamese mining firms. Needless to say, partnerships with local universities is one way for these firms to open doors…

Read More »

State Bank of Vietnam denies change of exchange rate policy

With Forex reserves being spent hand over fist trying to keep the dong from devaluing, there has been speculation that greater intervention may be needed, specifically an interest rate hike. On Thursday Bloomberg reported that Malayan Banking Berhad was expecting an interest rate hike possibly as early as this week…

Read More »

Korean credit card firms struggle to crack Vietnam market

Indeed, demand for credit has plummeted over the last year or two as thrifty Vietnamese have tightened their belts. By the end of March credit growth was at just 1.34 percent. That said, credit cards have not proven to be very popular in Vietnam in general, with consumers tending to spend only…

Read More »

UK Pork approved for export to Vietnam

Of note, back in March it was reported that the a submission had been made by Vietnamese meat producers to the Government of Vietnam requesting additional technical barriers on imported meats. This was necessary, they argued, to level the playing field with other meat producing countries.

Read More »

Vietnam News Roundup: May 17 to May 23

This week’s Vietnam news roundup covers the latest news on Vietnam’s foreign reserves, updates on VinFast’s mounting troubles in the US, conflicting claims over electricity conservation, the USDA trade mission to Vientam, bad debts, open market operations, and more.

Read More »

Unpaid taxes blamed on late payment from Electricity Vietnam

EVN was selling electricity at a loss for most of last year and 2022 and the start of this year too. This saw the state-owned enterprise accumulate losses of over US$1.5 billion. It has never been made clear how these losses have been covered but, in light of these claims, it could very well be that power producers may be footing the bill.

Read More »

advertising enquiry

submit a press release

Note that it will be marked as a press release/sponsored post.

guest post

We publish guest posts of 800 to 1000 words from experts who have something unique to say on topics relevant to our audience. 

get connected with an expert

letters to the editor

We review letters for quality and authority and generally only publish views that add to the discussion from experts in their field.