Vietnam's Gold Price Gap: Report Reveals Supply Scarcity and Enterprise Violations

The Government Inspectorate of Vietnam has released a report highlighting the causes behind the significant gap between domestic and global gold prices. The report points to the State Bank of Vietnam's restriction on raw gold imports during the 2023-2025 period as a key factor leading to supply scarcity.

According to the inspection, besides international political factors and rising global gold prices, subjective causes stemming from management played a crucial role in the gap. The report notes that the gold market management mechanism still contains regulations that have not been promptly amended or supplemented.

The State Bank of Vietnam did not implement stabilization interventions through gold imports due to prioritizing foreign currency for macroeconomic stability and national foreign exchange reserve safety, leading to supply scarcity. As a result, jewelry and fine arts gold manufacturing enterprises had to purchase large quantities of raw gold from certain individuals with unclear origins.

The Government Inspectorate has named several major enterprises that have committed violations related to tax declarations, anti-money laundering compliance, and information disclosure. These include Bao Tin Manh Hai JSC, Mi Hong Co. Ltd., SJC, PNJ, and DOJI Gold & Gems Group Joint Stock Company.