A growing number of industry experts are calling for the removal of the current monopoly in gold bar production and the creation of a regulated gold trading exchange. The move, they argue, is essential to ensure a healthier, more competitive market and to narrow the persistent gap between domestic and international gold prices.
The call for reform follows recent directives by General Secretary Tô Lâm, who emphasized the need to end monopolistic practices in the gold market.
“Only by allowing more enterprises to legally and transparently participate in the production and import of gold bars can the market function competitively and bring prices closer to global benchmarks,” said Nguyễn Thế Hùng, Vice President of the Vietnam Gold Business Association.
Hùng explained that the price disparity is fundamentally driven by supply and demand. “When supply is limited and demand remains high, prices inevitably rise—and gold is no exception. Increasing local supply will help ease prices,” he said.
One major bottleneck, Hùng noted, lies in the gold jewellery sector. Although Decree 24/2012 permits the import of raw gold, manufacturers have not received import quotas for over a decade. As a result, many are forced to purchase gold from unofficial sources at elevated prices and uncertain origin. “Ultimately, consumers bear the cost through significantly higher prices,” he warned.
Another issue is the 1% export tax on gold jewellery, which reduces the competitiveness of Vietnamese producers. “Local firms import gold at global prices but face export taxes, in addition to costs for labour, machinery, and depreciation,” Hùng said. Removing the export tax and ensuring a stable supply of raw gold, he argued, could significantly boost exports and attract foreign currency inflows.
Trần Anh Tuấn, a National Assembly deputy from Ho Chi Minh City, echoed the call for a shift toward market-based management. “The Government should allow qualified enterprises to produce, trade, and distribute gold as a standard commodity,” Tuấn said. He believes this approach would expand supply and help bring domestic prices closer to international levels.
“When more licensed firms are allowed to import gold based on their actual capacity, the market will have more options, and gold prices will stabilise,” he said. This, he added, would also help curb smuggling and speculative activity.
Tuấn stressed the importance of phasing out the current system, in which only a few designated firms are permitted to produce gold bars. “Production should be open to any company that meets regulatory standards,” he said.
He also emphasized that while the State should continue to regulate the market through clear rules and modern monitoring systems, it must also support the normal circulation of gold bars as a commodity. “When supply is abundant and the market operates efficiently, government efforts to manage prices and maintain macroeconomic stability will be far more effective,” Tuấn concluded.
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