Gold Market Crackdown in Hanoi: Tighter Regulations, Hefty Penalties, and Intensified Inspections
Authorities Plan to Intensify Gold Trade Inspections
In the bustling city of Hanoi, authorities have taken action to rein in the gold market following a wave of price changes and rule-breaking. The government's response—part of Resolution No. 124—includes stricter market management, heightened inspections, and tougher penalties for violations in gold trading activities.
The plan is an integral part of the government's broader strategy, aiming at ensuring a healthy and stable gold market, contributing to economic development and maintaining macroeconomic stability.
According to insider information, the State Bank of Vietnam (SBV) has collaborated with related ministries to scrutinize the gold trading practices of various entities and businesses. The investigation results are currently under wraps, pending finalization; however, they'll eventually be reported to the Prime Minister, along with measures taken to discipline violators.
To combat the significant price difference between domestic gold bars and international gold prices, the SBV has been releasing gold bars into the market through public auctions and direct sales. This intervention has effectively narrowed the price gap, fortifying market stability.
In addition, the government has requested the expedited approval (within the second quarter of 2025) of a newly revised decree. This decree supplements and amends certain provisions of Decree No. 24/2012, the existing framework governing the gold trading sector. The amendments are intended to strengthen management tools, enhance transparency, and foster a sustainable gold market.
The State Bank of Vietnam is also performing a close watch over domestic and international gold price dynamics. Situations requiring immediate action will be addressed according to regulations, while transparent and authentic information will be disseminated to stabilize market sentiment and build social consensus. It's worth mentioning that the bank is working diligently to ensure that gold market activities don't have unfavorable impacts on exchange rates, interest rates, or the overall financial system's safety and security.
Moreover, the government intends to implement hefty fines for rule transgressions in the gold trading sector to deter wrongdoing and abnormalities.
Recently, the Governor of the State Bank of Vietnam reported to the National Assembly about the implementation of its resolution on banking sector inquiries. Among the topics discussed was the gold price issue. The Governor pointed out that global gold prices had repeatedly hit unprecedented records during the initial months of 2025, while the domestic scene mirrored these trends. However, unexpectedly, on April 23, the price gap between domestic and international gold prices widened to around VNĐ14.48 million per tael (roughly 13.62%).
The Governor attributes this price surge and the wider disparity with global rates to market psychology driven by expectations of further international price hikes, owing to possible negative impacts of the Trump administration's tariff policies on the global economy. Other factors contributing to the pricing chaos include unpredictable US Federal Reserve monetary policy, escalating global tensions, and potential commodity price shocks boosting gold demand. On the supply side, the Governor admits the likelihood of some businesses or persons profiting unfairly from market volatility and hoarding gold to artificially inflate prices.
Market inspectors during a routine check at a gold shop in Cầu Giấy District, Hà Nội. VNA/VNS Photo
Gold prices took an abrupt dip on Tuesday, in line with the global market. SJC gold bars plummeted to nearly VNĐ119 million per tael, with plain gold rings dropping to as low as VNĐ115 million per tael (1.33333 ounces). In Ho Chi Minh City, the Saigon Jewelry Company (SJC) updated its price list, setting SJC gold bars at a buying price of VNĐ117.2 million and a selling price of VNĐ119.2 million—a steep decrease by approximately VNĐ2.8 million per tael compared to early Tuesday morning. Other trade entities also adjusted their prices, lowering SJC gold bars to around VNĐ119.2 million per tael. Gold ring prices also spiraled down, with major brands listing gold rings in the VNĐ112.5-116 million range. With prices plummeting, jewellery shops expanded their buying-selling spread for gold rings to between VNĐ2.5 and 3 million per tael. World gold prices plummed to US$3,239/ounce—an $86 decrease compared to Tuesday morning. Consequently, international gold rates amount to approximately VNĐ103 million per tael. Despite the dramatic price drop, SJC gold bars remain VNĐ16 million per tael pricier than international gold rates.
Wrap it up, the authorities have unveiled a multipronged attack on the erratic gold market in Hanoi—encompassing stricter supervision, market interventions, legal amendments, enforcement upgrades, and clarity efforts. This multi-dimensional approach indicates a commitment to stabilizing the gold market and effectively responding to recent price volatility and rule-breaking incidents.
- The government's move to tighten the gold market regulations in Hanoi extends beyond gold trading activities; it also includes a revised decree aiming to bolster transparency, strengthen management tools, and foster a sustainable economy.
- To maintain macroeconomic stability, the government, in collaboration with the State Bank of Vietnam (SBV), has been employing AI and data analysis to monitor the gold market, ensuring that gold market activities don't have unfavorable impacts on exchange rates, interest rates, or the overall financial system's safety and security.
- In light of recent price volatility and rule-breaking incidents in the gold market, the government plans to utilize AI and big data to predict market trends, identify potential fraudulent activities, and devise forward-looking policies that promote healthy competition within the broader business and finance industry.
