Monitoring and Enforcement

The Deputy Prime Minister has instructed the State Bank of Vietnam and other relevant agencies to closely monitor the developments in both domestic and international financial, gold, and foreign exchange markets. He emphasized the need for swift action, including inspections and the enforcement of strict penalties for any violations.

Market Stability and Public Confidence

"There must be no manipulation of and price gouging in the gold market," he stated, highlighting the central bank's role in restoring public confidence and stabilizing market sentiment.

Gold Price Surge

Gold prices in Vietnam have seen a dramatic increase, surging by over 40% this year to approximately VND118 million (US$4,561) per tael. In the last 10 days alone, prices have risen by 9%, coinciding with global prices reaching new peaks amid ongoing economic uncertainties.

Notably, bullion prices in Vietnam are nearly 14% higher than global rates, a situation that prompted central bank intervention last year when the gap exceeded 20%.