Vietnam to open a gold exchange?

[pmbug]

Lawmakers have expressed their support for Party General Secretary To Lam's directive on gold market management, agreeing that ending the State's monopoly on gold bullion will help address price disparities between gold brands.

At a May 28 working session with the Party Central Committee's Commission for Policies and Strategies, the Party chief requested that the State's monopoly on gold bullion branding should be dismantled in a controlled way, with the principle that the government retains oversight of bullion production. However, licenses can be granted to qualified enterprises to participate in gold bar manufacturing, thereby fostering a level playing field, diversifying supply sources, and contributing to price stability in the market.

The General Secretary pointed to the need to focus on researching and proposing a set of suitable, phased solutions for early implementation. These may include learning from international experiences to recommend the establishment of a national gold exchange, permitting gold trading on the commodities exchange, or setting up a dedicated gold trading platform within Vietnam’s planned international financial center, among other options.
...

More:

Party chief’s gold market directive timely, well-grounded: Lawmakers

Lawmakers have expressed their support for Party General Secretary To Lam’s directive on gold market management, agreeing that ending the State’s monopoly on gold bullion will help address price disparities between gold brands.

vietnamlawmagazine.vn

China, Singapore and now Vietnam - the east is ramping up gold trading operations.

 

[Casey Jones]

I guess they figure they can seize it any time they want to, anyway - no need to have a government (or Party, same thing) monopoly on it.

I was listening to Chris Martenson discuss China's reaction to the gold price-hike. China's retail buyers are moar energized - as Eric Yueng predicted, months ago - but the CCP is actually issuing GOLD COUPONS. That's right, coupons the subjects can take down to any approved retail seller of gold, the way you'd use a ValPak mailer for dinner at Paul's Pancake House.

Think about that. The Chinese government SUBSIDIZING gold purchases.

...what could POSSIBLY go wrong there, with the Chinese government a part-owner in "your" gold?

I guess the Chinese buyers don't much mind being a front-buyer for the government - taking all the risk and all the cost of storage, but having an additional risk of future seizure.

I don't know how much different Vietnamese culture is from China's; but Communism is Communism, any language.

 

[nickndfl]

No need to wait on EST in NYC. It's a smart move plus they are setting up a literal mercantile exchange to supplement trading surpluses of local currencies. Asia is designing these exchanges to literally move physical PMs to cover trading surpluses instead of using $USD.

Inflation will also come to the treasury market with higher rates and less buyers. Pretty soon buyers will disappear which is no bueno for Americans.

 

[SilverStacker]

I don't know how much different Vietnamese culture is from China's; but Communism is Communism, any language.

Vietnam's brand is more nationalistic and economic then Political like China's. Vietnam isn't as interested in keeping its citizens in a Political vise like China. In fact the Vietnamese hate the Chinese and have fought border wars against them.

During WW2 America supported socialist minded Vietnamese groups like Ho Chi Mihn's guerilla fighters who were battling the Japanese in jungle hit and run tactics. Ho loved the American's and it befuddled him to his dying day why we supported the French Imperials against him, most of all considering their past Nazi collaboration, with weapons and Intel. The fact that we dropped Ho like a hot potato just because of his economic policy's of socialism was a thing he never understood. Our involvement in the Vietnam war never should have happened.

Why should we have cared if France wanted to keep an Asian Empire? Or at least the pieces of a past one ? The simple fact was not every so called communist was the same. Ho Chi Mihn was a Vietnamese nationalist far more then he was a communist. He was driven into the world-wide communist fold because he was forced to when America started thinking all communists are the same. And now look how things have drawn out ? They are close to being allies. The Vietnamese culture is far different from the Chinese whom they also despise and distrust.

 

[Casey Jones]

Vietnam's brand is more nationalistic and economic then Political like China's. Vietnam isn't as interested in keeping its citizens in a Political vise like China. In fact the Vietnamese hate the Chinese and have fought border wars against them.

And the Chinese hated the Soviets. And the Soviets hated the Yugoslavs....not pure-enough with their Marxism.

And the National Socialists hated the German Marxists, in 1920s Berlin, too. OFTEN movements of similar or identical ideologies, fight violently. Because it becomes all about, who will be in charge.

During WW2 America supported socialist minded Vietnamese groups like Ho Chi Mihn's guerilla fighters who were battling the Japanese in jungle hit and run tactics. Ho loved the American's and it befuddled him to his dying day why we supported the French Imperials against him, most of all considering their past Nazi collaboration, with weapons and Intel. The fact that we dropped Ho like a hot potato just because of his economic policy's of socialism was a thing he never understood. Our involvement in the Vietnam war never should have happened.

Why should we have cared if France wanted to keep an Asian Empire? Or at least the pieces of a past one ? The simple fact was not every so called communist was the same. Ho Chi Mihn was a Vietnamese nationalist far more then he was a communist. He was driven into the world-wide communist fold because he was forced to when America started thinking all communists are the same. And now look how things have drawn out ? They are close to being allies. The Vietnamese culture is far different from the Chinese whom they also despise and distrust.

The observation about Ho is illustrative. Often times a movement leader is either devoid of ideology - he's about POWER - or else, he's pushing for a single-issue movement - expelling the French, or ending abortion, or expanding national borders. Take your pick.

In come the outside agents - often Communist, simply because Communist societies cannot support themselves. They have to leach off others by border expansion, constantly. So the Russians and then Chinese Marxists were in Vietnam, funding (meagerly; Communism doesn't generate wealth) Ho's war against the French.

And of course, our Gynocrat Party had to jump in to defend the French! We were DEEP in a war where we had essentially NO interest! Had a true statesman come forward, got de Gaulle at the table with Ho, and then backed it up with threats regarding the French war debts...none of it would have happened.

History has blurred how much culpability Kennedy has for this. But we know Johnson was positively AROUSED by this war. In retrospect, the antiwar protesters in the US, were not wrong.

 

[pmbug]

The Vietnamese gold market is about to undergo significant reforms that could boost competition, lower prices, and increase supply.

A government decree will open the door for eligible banks and enterprises to import gold into the country and produce bullion. Currently, the Saigon Jewelry Company Limited (SJC) enjoys a monopoly on the importation of gold and the production of gold bars.
...

More:

https://www.moneymetals.com/news/2025/06/17/vietnam-central-bank-set-to-end-gold-import-monopoly-004132

 

[Bottom Feeder]

Vietnam's brand is more nationalistic and economic then Political like China's. Vietnam isn't as interested in keeping its citizens in a Political vise like China. In fact the Vietnamese hate the Chinese and have fought border wars against them.

During WW2 America supported socialist minded Vietnamese groups like Ho Chi Mihn's guerilla fighters who were battling the Japanese in jungle hit and run tactics. Ho loved the American's and it befuddled him to his dying day why we supported the French Imperials against him, most of all considering their past Nazi collaboration, with weapons and Intel. The fact that we dropped Ho like a hot potato just because of his economic policy's of socialism was a thing he never understood. Our involvement in the Vietnam war never should have happened.

Why should we have cared if France wanted to keep an Asian Empire? Or at least the pieces of a past one ? The simple fact was not every so called communist was the same. Ho Chi Mihn was a Vietnamese nationalist far more then he was a communist. He was driven into the world-wide communist fold because he was forced to when America started thinking all communists are the same. And now look how things have drawn out ? They are close to being allies. The Vietnamese culture is far different from the Chinese whom they also despise and distrust.

Why were we there? The real answer is out there in the South China Sea.
Petroleum — we wanted access to it.

 

[pmbug]

On July 15, the State Bank of Vietnam (SBV) submitted a draft decree amendment on gold trading management, following a period of public consultation that has opened up a new approach. The market is now awaiting official information on upcoming changes in gold market regulation.
...
While discussions on establishing a gold exchange have resurfaced, Vietnam previously experienced a speculative boom in gold exchanges. After ACB launched its gold exchange in 2007, other banks such as Eximbank, VietA Bank, and Sacombank followed suit. Yet, due to unregulated and distorted development, these platforms were shut down by late 2009, leaving lasting impacts on the market.

“To establish a gold exchange, the state would need a gold reserve and must standardise Vietnamese gold to international benchmarks. Vietnam could look to the Shanghai Gold Exchange as a reference. It is state-backed but operates on market principles with participation from banks and large gold enterprises,” said Dinh Tuan Minh, director of Market Solutions Research Centre for Social and Economic Issues.
...
“Rather than using USD to prop up gold, the government should create a mechanism that turns gold into a psychological battery, an anchor of trust when the VND is under suspicion, without depleting forex reserves,” Tho added. “When we cannot generate power with USD, we must recharge trust via gold, using it as a buffer to absorb anxiety. This can be done through an FX buffer mechanism.”

Gold market rejuvenation on horizon

Beyond identifying physical gold bars or establishing a gold exchange, fresh proposals have gone further, including the introduction of securities-like accounts at banks and gold trading enterprises.

vir.com.vn

 

[pmbug]

Vietnam is opening up its gold market, ending a state monopoly on imports and exports of raw bullion as well as producing bars, in a move that may boost supply and narrow a gap between local and global prices.

“This marks a pivotal shift,” Pham Luu Hung, chief economist at SSI Securities Corp., said in a note. It’s a move from a state-controlled model to a regulated, competitive market aimed at enhancing transparency and efficiency, Hung said.

Under a decree, companies and commercial banks that have central-bank approval can produce gold bars, according to a government statement. The State Bank of Vietnam will also issue licenses for the import of raw gold, as well overseas trade in bars, according to a separate statement. Previously, the state had sole control of making bars, and overseas trade in raw gold.
...

https://archive.ph/7pPSQ

 

[nickndfl]

Less than 10 years gold will become the world's #1 reserve asset. It just surpassed the euro and is #2 now.

Just imagine what gold spot needs to be in order to replace $37T in USTs globally or a good chunk of them. It's not going to be pretty.

 

[Casey Jones]

Less than 10 years gold will become the world's #1 asset. It just surpassed the euro and is #2 now.

Just imagine what gold spot needs to be in order to replace $37T in USTs globally or a good chunk of them. It's not going to be pretty.

But it will be real.

I'm really, really into reality, at this point.

 

[Viking]

Less than 10 years gold will become the world's #1 reserve asset. It just surpassed the euro and is #2 now.

Just imagine what gold spot needs to be in order to replace $37T in USTs globally or a good chunk of them. It's not going to be pretty.

If that happens, I'm going to Disneyland!

 

[SilverStacker]

I check to see what a measly 12 1 oz coins is worth today and it makes me want to wheeze.. I should have been stacking gold 50 years ago. But noooooo, I just had to go drinking and 'hoing didn't I ?

In 1976 I was making good bank working at a grocery with full benefits , living at home, when gold was $132. I could have easily bought a 1 oz coin a week but instead I had to piss away my cash on booze, weed, fast cars, woman, motorcycles, music, taverns, thinking the '70s would last forever. And right now I could have a stack that could choke an elephant.

 

[nickndfl]

I check to see what a measly 12 1 oz coins is worth today and it makes me want to wheeze.. I should have been stacking gold 50 years ago. But noooooo, I just had to go drinking and 'hoing didn't I ?

In 1976 I was making good bank working at a grocery with full benefits , living at home, when gold was $132. I could have easily bought a 1 oz coin a week but instead I had to piss away my cash on booze, weed, fast cars, woman, motorcycles, music, taverns, thinking the '70s would last forever. And right now I could have a stack that could choke an elephant.

Half the money I ever made I spent on booze, women and gambling. The other half I wasted.

 

[Casey Jones]

I check to see what a measly 12 1 oz coins is worth today and it makes me want to wheeze.. I should have been stacking gold 50 years ago. But noooooo, I just had to go drinking and 'hoing didn't I ?

In 1976 I was making good bank working at a grocery with full benefits , living at home, when gold was $132. I could have easily bought a 1 oz coin a week but instead I had to piss away my cash on booze, weed, fast cars, woman, motorcycles, music, taverns, thinking the '70s would last forever. And right now I could have a stack that could choke an elephant.

And if you'd bought Microsoft - which appeared about that time, on the penny exchanges - you could have owned the world.

Apple was launched in 1976, also. What if you'd bought THAT?

What if, what if. None of us knows the future. We could get hit with Russian hypersonics tomorrow...if we'd only gone down to Scheel's and cleaned out their freeze-dried food inventory, we'd be better off.

But we didn't know. I got out of high school in 1976, and knew NOTHING of money. I knew little about the mechanics of it even twenty-years later, when I finally got an appreciable amount. And yes, I fell victim to the 2009 rug-pull. That was a controlled demolition, fer-SURE.

I should have known better. Same time I started making serious money, I caught up with Unca Walt online. At the NewsMax board - we had heavy discussions about gold; and I dismissed them all. Dammit, I even argued for the NEED for the Fed! I was that unschooled. Walt took me to task, in his genteel way. To quote Ray Bradbury - I SHOVED my ignorance in their faces. And I was beaten with metaphorical sticks...both in opinion, and later, with the rug pull that cost me $30k.

And the beatings I took, turned my understanding into a cutting edge. I had begun buying gold five years earlier, but I didn't have a serious amount until the Kenyan took over the White House. Then I went all-in.

Point I'm making is, none of us are prescient; none of us are born wise. NO high-school kid knows about sound money or thinks saving is essential.

What we're lacking, today, is the means to GET that knowledge to young people so they learn it IN TIME.

 

[WinkWink]

 

[searcher]

Somewhat related

Vietnam jails former officials over gold bar graft: state media​

A court in Vietnam sentenced on Tuesday 16 people at its only state-sanctioned producer of gold bars to lengthy prison terms in a corruption case involving millions of dollars and hundreds of kilograms of bullion, state media reported.

State-owned Saigon Jewelry Company (SJC) has maintained a monopoly on gold bullion production in Vietnam since 2012.

More:

https://www.msn.com/en-us/news/worl...raft-state-media/ar-AA1NAvLR?ocid=socialshare

 

[nickndfl]

And if you'd bought Microsoft - which appeared about that time, on the penny exchanges - you could have owned the world.

Apple was launched in 1976, also. What if you'd bought THAT?

What if, what if. None of us knows the future. We could get hit with Russian hypersonics tomorrow...if we'd only gone down to Scheel's and cleaned out their freeze-dried food inventory, we'd be better off.

But we didn't know. I got out of high school in 1976, and knew NOTHING of money. I knew little about the mechanics of it even twenty-years later, when I finally got an appreciable amount. And yes, I fell victim to the 2009 rug-pull. That was a controlled demolition, fer-SURE.

I should have known better. Same time I started making serious money, I caught up with Unca Walt online. At the NewsMax board - we had heavy discussions about gold; and I dismissed them all. Dammit, I even argued for the NEED for the Fed! I was that unschooled. Walt took me to task, in his genteel way. To quote Ray Bradbury - I SHOVED my ignorance in their faces. And I was beaten with metaphorical sticks...both in opinion, and later, with the rug pull that cost me $30k.

And the beatings I took, turned my understanding into a cutting edge. I had begun buying gold five years earlier, but I didn't have a serious amount until the Kenyan took over the White House. Then I went all-in.

Point I'm making is, none of us are prescient; none of us are born wise. NO high-school kid knows about sound money or thinks saving is essential.

What we're lacking, today, is the means to GET that knowledge to young people so they learn it IN TIME.

Did you ever meet Walt's pet peacocks?

 

[Casey Jones]

Did you ever meet Walt's pet peacocks?

Never got down to his part of Florida.

I was in the Orlando area in early 2022...I'd planned to spend time in the Panhandle area, but it was just too cold. Picking a better location, Palm Beach was too hot; Key West to ghey and too spendy; and around Orlando just right. I wound up in a rural pocket around Lake Kissimmee.

I didn't have Internet access there. Just be-bopping over to Castle Snedeker seemed a bit imposing, to me. And at the time, I hadn't intended that trip to Florida to be my only one. Since then, prices have exploded and law-and-order melted down.

 

[searcher]

 

[Casey Jones]

^^^^
And Vietnam just began requiring digital IDs to access bank accounts.

Co-winky-dink?

 

[Bottom Feeder]

And Vietnam just began requiring digital IDs to access bank accounts.

Wife's family all had to get D-IDs and not just for banking. They did an iris scan for positive link to identify their citizens.

 

[Casey Jones]

What could POSSIBLY go wrong?

Pol Pot was from Cambodia, but I'm guessing, much the same culture and ethnic stock.

 

[SilverStacker]

"Hey G.I. ,you got girlfriend Vietnam" ?

 

[nickndfl]

 

[Casey Jones]

^^^^^^^^^

That's gonna be Main Street America, in the near future.