The Gold Market in Vietnam: Current Situation and Solutions

Abstract

The article analyzes the gold market, including supply and demand, price fluctuations, and current gold market management policies in Vietnam. The Vietnamese gold market is dominated by strict state regulations, especially the allowance for only physical gold trading and restrictions on gold imports; the monopoly of Saigon Jewelry Company (SJC) in producing gold bars further complicates the situation, creating unfair competition and limiting market development. This leads to domestic gold price fluctuations and a significant disparity between domestic and international gold prices, causing negative economic and social impacts. Based on the analysis of the current situation, the article proposes two groups of solutions for sustainable and effective market development in the future: (i) Policy and legal improvements, and (ii) Strengthening market management and supervision.