A pilot gold exchange will be established based on international experience surveys, with the principle that the State maintains management. In October 2025, the State Bank will report to the Government.
On the afternoon of October 15, the State Bank organized a seminar on establishing a gold exchange to mobilize gold resources from the public. The goal is to create a transparent and safe trading platform for people while better managing gold trading activities in the market.
According to the Deputy Governor, over the years, the gold market has gone through various phases. With the Government’s determination and the State Bank’s efforts, particularly through Decree 24/2012/ND-CP, the gold market has been regulated, contributing to macroeconomic stability for many years.
However, some regulations in Decree 24/2012/ND-CP are no longer suitable for current realities, such as the State’s monopoly on producing gold bars and exporting/importing gold raw materials for gold bar production.
Consequently, on August 26, 2025, the Government issued Decree 232/2025/ND-CP, amending and supplementing Decree 24/2012/ND-CP on managing gold business activities, removing the State monopoly mechanism in a controlled manner while maintaining State management over gold bar production activities.
The Deputy Governor stated that the seminar was organized to comprehensively and substantively discuss: current mechanisms and policies related to establishing a gold exchange; expected main contents for establishing a gold exchange in Vietnam; international experiences regarding models and operational mechanisms of some global gold exchanges; and in-depth discussions on custody, quality inspection, settlement, and effective technological solutions for establishing and operating a gold exchange.
The consideration of establishing a gold exchange aims to mobilize gold resources from the public, increase transparency in gold trading activities, limit uncontrolled free trading, and strengthen the State’s management role in the gold market.
Additionally, the establishment and operation of a gold exchange is expected to provide more transparent data for analysis, forecasting, and policy planning; data from the gold exchange, when connected and processed promptly, will become a useful additional information channel supporting policy planning work.
Particularly, in October 2025, the State Bank will report to the Government about the pilot gold exchange.
The Head of the Foreign Exchange Management Department stated that there have been many opinions on this issue previously, and the State Bank considers this the right time to consider establishing a gold exchange.
Establishing a gold exchange in Vietnam under the principle of State management is appropriate for current realities and follows directives from leadership at various levels and relevant legal documents.
According to the Foreign Exchange Management Department, the initial step of the roadmap is a physical gold exchange, becoming a distribution channel for imported raw gold meeting standards, ensuring publicity and transparency. Subsequently, gold account products and derivatives will be gradually implemented according to the roadmap.
The management agency also aims for the gold exchange to become a channel for mobilizing gold resources from the public, reducing gold hoarding to convert into investment resources for production and business.
Regarding the gold exchange model, there are three proposed models: establishing a National Gold Exchange; allowing gold trading on the Commodity Exchange; establishing a Gold Exchange within the International Financial Center in Vietnam.
All options for establishing a gold exchange in Vietnam aim to create a gold trading center according to the roadmap and infrastructure, technology service facilities (such as clearing centers, storage warehouses, etc.), gradually mobilizing gold resources from the public.
The pilot implementation of a gold exchange in Vietnam is expected to proceed through three phases. The roadmap and detailed contents in each phase may be adjusted depending on the actual implementation situation of the gold exchange.
Particularly, during the pilot period, there will be no connection between domestic gold exchanges and international gold exchanges.
In the context of many fluctuations in the gold market, the establishment of an exchange is expected to help people easily access and conduct gold transactions, thereby strengthening the connection between the gold market and investors. The State Bank emphasized the importance of building an organized trading system to limit risks and protect consumer rights.
Detailed information about the gold exchange’s operational methods and implementation roadmap will be announced soon by the State Bank. This is considered an important step in Vietnam’s gold management strategy, contributing to increased market stability.
The State Bank also stated it will coordinate with
