Vietnam

Intelligence for Better Decision Making

Vietnam Gold Market Developments and Policy Responses

Nov. 20, 2025 | Financial System

Vietnam’s substantial private gold reserves present both a significant opportunity and a challenge for economic policy.

**Vietnam’s public holds an estimated 300–500 tons of gold, equivalent to about 8% of GDP, creating significant untapped resources.**
Mobilizing these holdings for economic use faces challenges due to the inefficiency of storing physical gold and the need for a long-term, confidence-building approach rather than a rushed campaign.

**Economic expert Nguyễn Trí Hiếu attributes recent high returns to a shift in public demand from real estate, stocks, and bank savings toward gold investment.**
He argues that successful mobilization requires reducing monopolies, broadening participation rights for enterprises and banks, ensuring transparent gold circulation, and developing secure investment products.

**Dr.**
Cấn Văn Lực of BIDV calls for a precise assessment of public gold holdings and full transparency of that data. He recommends maintaining strict control over gold bars and ingots to preserve financial stability while applying more flexible management to jewelry and artisanal gold. To limit systemic risk, he proposes suspending gold borrowing and lending, lowering processing costs, standardizing gold bar specifications, and expanding transparent investment channels to curb speculative demand.

**Ngô Trí Long proposes establishing a dedicated gold exchange to modernize market supervision and control.**
A functional exchange would monitor transactions, market flows, volatility, and risks in real time, enabling the State to set position limits and transaction caps. By linking physical market data with monetary policy indicators, the exchange would improve management of exchange rates, inflation, and macroeconomic stability. Recent legal reforms, including Decree 232, have expanded regulatory scope and introduced pilot derivative instruments, laying the groundwork for a modern gold management model aligned with international standards.

**Gold leasing platforms such as SafeGold and Goldstrom have emerged to bridge supply and demand.**
Total rented gold on these platforms rose from USD 2 million to USD 40 million this year as wealthy individuals lease gold bars to jewelry companies and craftsmen. Borrowers pay interest of 2–4% in gold, gaining access to capital without exposure to price volatility or the need for complex hedging strategies.

**These leasing arrangements carry counterparty risks, including default, delayed returns, and substitution with impure gold.**
Market participants mitigate these risks through rigorous verification, RFID tracking, surveillance, regular audits, comprehensive insurance, real-time monitoring, and explicit collateral seizure rights. Historical data indicate low default rates, and some Middle Eastern leasing models have operated without any defaults since 2006.

**On November 19 in Vietnam, SJC gold bars rose by VND 1.4 million per tael to VND 148.7 million for buyers and VND 150.7 million for sellers, following a VND 1.7 million drop the previous day.**
The buy-sell spread has held steady at VND 2 million per tael. After reaching a near-record peak of VND 154.5 million per tael last week, prices have declined by VND 5.3 million, leaving recent purchasers facing potential losses of around VND 7.3 million per tael if they sell now.

**Internationally, gold prices have fallen for three consecutive sessions to USD 4,062 per ounce, pressured by a stronger US dollar and reduced expectations of a December interest rate cut.**
Investors await upcoming US economic data—including the September jobs report and Federal Reserve meeting minutes—to clarify monetary policy direction. Key Fed officials have cautioned against premature rate reductions, and the CME FedWatch tool shows the probability of a rate cut next month falling from over 60% to 41%.

Leadership Transitions Reshape Provincial Governance in Vietnam

Nov. 20, 2025 | Governance & Law

Vietnam’s central and provincial Party Committees conducted high‐level personnel changes across Nghe An, Tay Ninh, and Dong Nai provinces between November 17 and 18, 2025.

**In Nghe An Province, the Central Secretariat on November 17 transferred Vo Trong Hai from his roles as deputy secretary of the Ha Tinh Provincial Party Committee and chairman of the Ha Tinh People’s Committee to the Executive and Standing Committees of Nghe An.**
The following day, the Nghe An People’s Council unanimously approved him as chairman of the Nghe An People’s Committee for the 2025–2030 term, replacing Le Hong Vinh, who was dismissed and relieved of his council delegate status after reassignment. The council also removed Nguyen Duc Trung from his delegate role after his appointment as deputy secretary of the Hanoi Party Committee and chairman of the Hanoi People’s Committee. Born in 1968 in Ha Tinh, Vo holds a command officer degree from the Border Defense University and a law degree. He has led Ha Tinh’s Border Guard, chaired the Party Committee’s Internal Affairs Commission, directed police departments in both Ha Tinh and Nghe An, earned a promotion to major general in September 2020, and served as Ha Tinh People’s Committee chairman from April 2021 until his reassignment. In his inaugural address, he pledged to act with determination and innovation to meet early development targets and to drive sustainable growth and momentum across Nghe An.

**Meanwhile, in Tay Ninh Province, the 6th special session of the 10th Tay Ninh People’s Council on November 18 accepted Nguyen Van Ut’s resignation as chairman of the People’s Committee and as a provincial delegate for the 2021–2026 term, following his reassignment by the Party Central Secretariat to Dong Nai.**
The council then elected Le Van Han as the new chairman for the same term. Born in 1970 in Vinh Long, Han holds bachelor’s degrees in Literature Education and Public Administration and a master’s in Educational Management. He led the Tra Vinh People’s Committee from November 2020 to June 2025, served as deputy secretary of the Vinh Long Provincial Party Committee and chair of the Vietnam Fatherland Front chapter after Vinh Long Province’s merger, and sat on the Vinh Long Provincial Party Committee’s Executive and Standing Committees for the 2025–2030 term before his reassignment to Tay Ninh.

**On the same day in Dong Nai, the 7th session of the 10th Provincial People’s Council dismissed Vo Tan Duc as chairman of the People’s Committee and unanimously elected Nguyen Van Ut—formerly deputy secretary of the Dong Nai Provincial Party Committee—to the chairmanship with 100 percent of votes.**
Earlier, the Dong Nai Provincial Party Committee announced the Politburo’s decision appointing Ut to its Provincial Party Committee, Standing Committee, and as deputy secretary for the 2025–2030 term. Aged 56 and native to Tay Ninh Province, Ut holds bachelor’s and master’s degrees in economics. He has led Duc Hoa District, held posts in Long An Province, and chaired the restructured Tay Ninh Province before this reassignment. In his remarks, he thanked his colleagues for their trust and vowed to pursue collaborative, consultative leadership to strengthen Dong Nai’s role as a growth engine for the Southeast region.

Monitored Intelligence for Vietnam - Nov. 20, 2025

News
Media
104

Government
Releases
22

City/State
Releases
0

Embassy
Releases
3

Foreign
Service
Advisories
0

Academic/
Think
Tank
0

Podcasts
0

Videos
0

Social
Media
0

Business
Releases
12

Erudite Risk takes an all risks approach to intelligence reporting. We categorize key intelligence into one of 40 different risk intelligence categories.

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Deputy PM seeks PCA’s support for Vietnam’s int’l arbitration centre

Vietnam Net - E | English | News | Nov. 20, 2025 | Geopolitical Conflict and Disputes

Vietnam’s Deputy Prime Minister Binh emphasized the growing role of the Permanent Court of Arbitration (PCA) amid its record caseload of nearly 500 disputes in 2023-2024. He welcomed the PCA’s decision to establish a representative office in Vietnam and highlighted plans to hold more hearings in the country, enhancing Vietnam’s reputation and giving local arbitrators and legal agencies valuable experience.

The Vietnamese government is committed to rule-of-law activities and has facilitated visa exemptions for foreign experts, including those affiliated with the PCA and the International Financial Centre (IFC). The National Assembly has passed a resolution on the IFC, with a draft decree from the Ministry of Justice expected soon. The International Arbitration Centre (IAC), located within the IFC, will adhere to international standards with dispute resolution options including mediation, arbitration, and litigation under English common law. Foreign judges and arbitrators will be permitted, and rulings will be enforceable within the IFC.

Binh requested PCA support in recruiting qualified staff, developing arbitrators’ capacity, finalizing legal frameworks, and sharing lists of reputable arbitrators. These actions aim to boost investor confidence in the IFC. Czepelak from the PCA noted ongoing expansion of the Hanoi office and final technical arrangements with the Ministry of Foreign Affairs to broaden PCA activities in Vietnam, targeting six or seven hearings soon. He stressed the importance of cooperation with local authorities and institutions to resolve challenges and ensure the success of PCA operations in Vietnam.

Tổng Bí thư Tô Lâm tiếp Giám đốc Tập đoàn A.P.Moller - Maersk

General Secretary To Lam meets with Director of A.P. Moller - Maersk Group

Bao Dien Tu | Local Language | News | Nov. 20, 2025 | UndeterminedBizdev-Partnering

General Secretary Tô Lâm welcomed the ongoing positive development of the Vietnam-Denmark Comprehensive Partnership since 2013 and the Green Strategic Partnership established in November 2023. He highlighted Vietnam’s focus on developing green infrastructure, especially seaports, to support sustainable development goals. Tô Lâm expressed support for A.P. Moller - Maersk Group’s plans to expand investments in green and smart seaport systems and logistics services in Vietnam. He encouraged the Group to invest in the maritime economy and assured that Vietnam is ready to facilitate foreign investments aimed at enhancing logistics connectivity and infrastructure to boost economic competitiveness.

A.P. Moller - Maersk Group CEO Vincent Clerc expressed his respect for Vietnam’s economic achievements amid global challenges and reaffirmed Vietnam’s importance as a strategic partner. He noted the Group's longstanding history with Vietnamese ports and outlined Maersk’s strategic transformation to better connect Vietnam to global production and logistics hubs. Clerc shared the Group’s interest in investing in large, modern, and green container ports as well as strategic logistics projects to help increase Vietnam’s export-import capacity, promote sustainable economic growth, and support the country’s transition to a low-carbon economy targeting net-zero emissions. The Group views Vietnam as a market with significant potential and opportunities for increased collaboration.

Tập trung hoàn thành thực thi các phương án cắt giảm, đơn giản hóa thủ tục hành chính, điều kiện kinh doanh năm 2025

Focus on Completing the Implementation of Measures to Cut, Simplify Administrative Procedures and Business Conditions in 2025

Bao Dien Tu | Local Language | News | Nov. 20, 2025 | Regulation

In 2025, the Vietnamese Government has prioritized completing the implementation of Resolution No. 66/NQ-CP to cut and simplify administrative procedures and business conditions related to production and business activities. Several ministries and provincial authorities have issued plans and legal normative documents to achieve significant reductions, including cutting 3,071 out of 4,888 administrative procedures (62.8%) and 2,269 out of 6,974 business conditions (32.5%). The Government issued Resolution No. 66.7/2025/NQ-CP on November 15, 2025, detailing measures such as replacing dossier components with data and reducing paperwork for 786 and 8 procedures respectively.

Despite progress, challenges remain, including the need to amend or supplement hundreds of legal documents and standardize over half of the result documents and administrative procedures to facilitate data reuse and reduce paperwork. The rate of online implementation of procedures is still low in some ministries and localities, and the restructuring of internal and electronic processes to enable procedures independent of administrative boundaries has been slow.

To address this, the Prime Minister has directed ministries, ministerial agencies, and local governments to urgently complete amendments to 485 legal normative documents, prioritize 319 critical documents for 2025, and review incompatible provisions hindering online and cross-boundary administrative procedures. The Ministry of Industry and Trade is tasked with submitting a plan to meet a 30% reduction target in business conditions by November 2025.

Furthermore, full implementation of online public services on the National Public Service Portal is mandated, including completing online procedures for enterprises and upgrading IT systems to support digitization and processing independent of administrative boundaries. Ministries of Finance, Health, Justice, and Home Affairs are required to fix shortcomings in their information systems by November 2025 to ensure data integration and seamless service delivery.

Provincial authorities must focus on reviewing and adjusting internal administrative processes to achieve 100% implementation of procedures independent of administrative boundaries at the provincial level. Ministers and heads of agencies are held accountable for meeting reform targets and must report monthly on progress to the Government. The Government Office will monitor execution and report issues to the Prime Minister.

The Prime Minister emphasizes the urgency and importance of substantive and effective reform to deliver real benefits to businesses and citizens, ensuring alignment with the objectives set by the Politburo, the Secretariat, General Secretary Tô Lâm, the Government, and the Prime Minister.

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