On April 26, 2025, Vietnam’s economy experienced notable fluctuations, particularly in the gold market and land rental fees, as global economic challenges continued to unfold.
Gold Market in Vietnam
Despite a global dip in gold prices, the domestic market in Vietnam has seen a surprising surge in prices. The spot gold price on Kitco was reported at $3,318.47 per ounce, marking a 0.49% decline over the past 24 hours, or a drop of $16.18. However, in Vietnam, domestic gold prices have spiked due to local economic factors and the ongoing uncertainty in the global economy.
By the afternoon of April 26:
SJC Gold Bars were being bought at 119 million VND per tael and sold at 121 million VND, reflecting a rise of 500,000 VND from the previous day.
SJC Gold Rings were listed at 114-116.5 million VND per tael, showing an increase of 1.5 million VND for buying prices and over 1 million VND for selling prices.
This increase highlights the continued demand for gold as a safe haven asset amid global uncertainties, particularly with trade tensions between the U.S. and China. Experts, such as Fawad Razaqzada, suggest that concerns about the ongoing trade war and geopolitical instability are a key driver of gold purchases. Despite signs of a cooldown in trade tensions, concerns persist, bolstering demand for gold.
Vietnamese Economic Measures
In response to economic pressures, the Vietnamese government has proposed a 30% reduction in land rental fees for 2025, aiming to alleviate financial strain and broaden the scope of beneficiaries compared to previous policies. This move was endorsed during a meeting of the National Assembly Standing Committee to help businesses cope with the economic challenges.
Vietnam’s Rice Exports
Vietnam’s rice export figures show a mixed performance. While the total rice export volume from January to April 15, 2025, reached 2.85 million tons, reflecting a 6.4% year-on-year increase, the average export price dropped by 20.1%. This led to a 14.9% decrease in export turnover, totaling $1.47 billion. Notably, exports to the Philippines, the largest importer of Vietnamese rice, decreased by 24.6% in Q1, while exports to Ivory Coast surged by 138%.
International Trade Investigations
Vietnam is facing scrutiny in international trade:
Canada has initiated an anti-dumping investigation into carbon steel wire imports from Vietnam, following a complaint from Sivaco Wire Group. A preliminary conclusion is expected within 90 days.
The U.S. Department of Commerce has concluded its investigation into anti-dumping and countervailing duties on solar energy batteries imported from Vietnam, imposing substantial duties ranging from 52.54% to 120.38% on mandatory companies. Non-cooperating companies could face duties as high as 271.28%.
Global Economic Context
The U.S. Dollar Index (DXY) fell by 0.56%, reaching 99.29, reflecting concerns over the trade war with China. While recent statements from U.S. President Donald Trump softened the tone towards China, no significant economic negotiations are underway, and China has demanded the removal of unilateral tariffs. This ongoing uncertainty in international trade dynamics continues to shape market behaviors globally.
Looking Ahead
With upcoming public holidays on April 30 and May 1, the Vietnamese government has ensured stable fuel supplies to meet the anticipated demand, emphasizing the importance of maintaining market stability during this period. The interplay of domestic economic measures and external trade pressures will be crucial in shaping the future financial landscape in Vietnam.
Overall, Vietnam’s economic outlook remains influenced by a combination of internal fiscal policies and external trade and geopolitical uncertainties. Investors and businesses will likely continue to monitor the evolving situation closely.
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