Gold Market Policy Turns – A New Gateway for Manufacturing and Retail?
• Vietnam's gold market has recently become more vibrant than ever, driven not only by global changes but also by the Vietnamese Government’s newly proposed gold market management policies at the end of May. These proposals are strategic, focused, and long-term in nature - marking a shift in mindset and approach with the aim of tightening control over the gold market, curbing speculation, and repositioning gold as a true financial asset. These changes are expected to have a meaningful impact on the supply of input materials for jewelry manufacturers and retailers, especially given growing concerns over securing sufficient production reserves.• In the first half of 2025, gold prices repeatedly hit new record highs, leading to a significant increase in the price gap between domestic and international gold, peaking at an estimated 16.2%. Despite this, local demand for gold as a store of value remained strong, driven by expectations of further price increases. Recently, however, this gap has started to narrow, reflecting positive shifts in both policy and market supply - demand dynamics.
• Alongside optimism for a more transparent information and trading mechanism, and a stable supply of raw materials for jewelry producers, we believe the biggest remaining “bottleneck” lies in market trust - a constraint that will take time to gradually “ease”.
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