According to the State Bank of Vietnam (SBV), since early April, the price gap between SJC-branded gold bars and global gold prices has widened significantly. The SBV notes that some businesses and individuals may be exploiting market fluctuations for speculation and profit-taking.

The SBV recently issued a summary report evaluating the implementation of Government Decree No. 24 on the management of gold trading activities. Reviewing the results of recent gold market stabilization efforts, the SBV stated that coordinated measures taken by the central bank and relevant ministries have helped narrow the domestic-foreign price gap to a manageable range. By the end of 2024, the difference between the SJC domestic gold price and international gold prices had narrowed to approximately VND 3-5 million per tael (roughly USD 120-200). In the first quarter of 2025, this gap fell to just around VND 1 million per tael (approximately USD 40), with instances where the domestic buying price of SJC gold dropped below the converted international price. However, from early April, the price disparity has shown an upward trend. Factors contributing to this include U.S. tariff policies and escalating global geopolitical tensions. Significantly, the SBV does not rule out the possibility that some enterprises and individuals are taking advantage of these market fluctuations to speculate, inflate prices, and seek profits. Despite strong market volatility and the widening gold price gap, the SBV affirms that these developments have not yet affected monetary policy or macroeconomic stability. The central bank will continue to closely monitor both domestic and global gold market trends. It pledges to work with relevant agencies to strengthen oversight and take necessary actions within its authority to stabilize the gold market when required.

Hanh Nguyen