Vietnam’s State Bank floats creating national gold trading floor

Vietnam’s State Bank is looking to create a national gold trading floor to be tested in three stages, according to Dao Xuan Tuan, Director of the Foreign Exchange Management Department, VN Express has reported → view source.

The first phase will cover physical gold trading within the domestic market, involving licensed banks and gold enterprises.

Deputy Governor Pham Tien Dung said it will initially focus on raw gold aiming to improve transparency and control over imports and production.

Later stages will add gold bars, followed by fund certificates and derivative products linked to international markets.

The plan follows May 2025 directives from General Secretary To Lam to explore a national gold exchange or include gold on the commodities exchange.

Banks and firms may now apply for licences to produce gold bars, ending the state monopoly, though with caveats — imports will still need to be approved by the State Bank of Vietnam with approvals subject to its monetary objectives.

Notably, Vietnam’s gold reserves are limited. Likewise there is very little import and export activity in the gold market.

As it stands, most gold trading in Vietnam remains domestic and retail-driven, centred on physical bars and jewellery rather than institutional investment.

Without substantial reserves, active refining, or international linkages, the proposed trading floor seems more likely to function as a regulatory tool than as a regional market hub.

Read more about the challenges facing Vietnam’s gold market →

Vietnam gold imports by subcategory, US$000s