28-12-2023 (HANOI) Vietnam’s Prime Minister, Pham Minh Chinh, has directed the country’s central bank to address the surging local gold prices that have significantly impacted monetary markets and market sentiment over the past few weeks. The soaring price of gold in Vietnam, reaching a peak of 80 million dong (US$3,292.86) per ounce on Tuesday, has seen a nearly 20% increase since the beginning of the year, with the current trading value at US$2,085 as of 0437 GMT on Thursday.
In response to the escalating situation, the Prime Minister stated, “The global and domestic gold markets have been moving in a complicated manner, with domestic gold prices increasing rapidly, which have negatively impacted monetary market social sentiment.” He further emphasised the need for the State Bank to implement “healthy, effective solutions to stabilize the market.”
The significant gap between gold prices in Vietnam and the global market has reached almost 20 million dong per tael. Traditionally, people in Vietnam hold gold as a safeguard against inflation.
