Chairing a meeting on the management of monetary policy and the regulation of the gold market, held on September 16, Deputy Prime Minister Ho Duc Phuoc requested the State Bank of Vietnam (SBV) and relevant ministries and agencies to conduct a comprehensive study on the establishment of a gold exchange and issue a circular in September to guide the implementation of Government’s Decree 232/2025/ND-CP (Decree 232) on gold market management.

Under Decree 232, the Government officially ended the State monopoly on gold bar production, export and import of gold materials for gold production.

Deputy Prime Minister Ho Duc Phoc was quoted by the Government News as asking the SBV to manage deposits and loans judiciously and to maintain current lending interest rates.

Accordingly, the central bank is responsible for directing credit toward priority sectors, rigorously controlling the cash flow of commercial banks—particularly those with high real estate lending ratios—and intensifying inspections for signs of cross-ownership. Furthermore, the State Bank must prevent the excessive use of short-term funds for long-term loans.

Regarding the gold market, the Deputy Prime Minister called for strict measures to prevent gold smuggling and for thorough inspections of gold trading activities in compliance with the Prime Minister's directives.

The SBV was assigned to immediately launch an online information portal for gold prices, conduct research into the feasibility of a gold exchange, and issue a circular in September to guide the implementation of Decree 232/2025/ND-CP on gold market management.

The Ministry of Finance, meanwhile, was urged to strengthen invoice management for gold trading and studying tax policies related to gold transactions to curb speculative activities.

The Ministry is also responsible for promoting the development of a sustainable stock market, managing and inspecting margin lending, and strictly overseeing private corporate bond issuance. Additionally, it must urge enterprises to repay bonds upon maturity.

All ministries, agencies, and localities are required to study and implement measures to prevent and address price manipulation, speculation, and market manipulation within the real estate sector.

In a recent directive which was issued on the same day, Prime Minister Pham instructed the SBV to seek ways to bring down domestic gold prices to global levels.

Over the past months, gold prices peaked at VND136 million (US$5,155) per tael (37.5 grams), around 17 per cent higher than the global rates.

In recent months, the Government has issued multiple directives on gold prices and exchange rate management amid high market volatility.