State Bank of Vietnam explains licensing of gold imports

During a Q1 press conference, Dao Xuan Tuan, Head of the Foreign Exchange Management Department of the State Bank of Vietnam, said that to date 11 units—including enterprises and credit institutions—have filed applications to produce gold bars and import gold materials. This is two more than the 9 filings recorded at the Q4 2025 press conference.

State Bank review and market context

Mr. Tuan said the State Bank’s evaluation of the submissions is “very strict” and that it is coordinating to review them. “When there is an official result, we will inform the press,” he added, noting that the gold market has seen significant fluctuations and that authorities have been taking measures to stabilize it.

Domestic vs. world price gap

Domestic gold prices remain 22–24 million dong per tael higher than world prices. At times, the gap has widened to up to 30 million dong per tael.

Rationale for licensing and expected effects

The allowance of more units to produce gold bars and import gold materials is expected to increase supply and help stabilize the market, narrowing the gap between domestic and world gold prices.

One key objective of importing gold is to reduce the persistent difference between domestic and world prices, which has long posed risks to the market. With increased supply, the market can operate more flexibly, reducing speculation and hoarding and helping gold prices track global movements more closely.

Need for cautious expansion

While some views support expanding licensing, many opinions say it should be exercised cautiously to avoid unchecked growth that could create risks for market management—an area sensitive to macroeconomic stability. The State Bank’s strict screening process is therefore described as necessary to ensure only qualified units participate.

Broader implications

In a context of global economic uncertainty, gold continues to function as a safe-haven asset, which can increase demand and raise the responsibilities of regulators to manage the market flexibly—balancing stability with market development.

The rising number of applications for producing and importing gold reflects the market’s attractiveness and has led to expectations for policy changes. If implemented effectively, the measures are expected to contribute to stabilizing the gold market and bringing it closer to international practices.