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. 21, 2025

News
Media
109

Government
Releases
20

City/State
Releases
0

Embassy
Releases
2

Foreign
Service
Advisories
0

Academic/
Think
Tank
1

Podcasts
0

Videos
0

Social
Media
0

Business
Releases
10

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Giá xăng ngày mai có thể tăng tiếp

Gasoline prices may continue to rise tomorrow

Dantri | Local Language | News | Nov. 21, 2025 | UndeterminedEnergy Prices

The Ministry of Industry and Trade and the Ministry of Finance are set to announce new retail gasoline and oil prices on November 20. Import prices from Singapore indicate a likely rise in domestic gasoline prices by about 50–100 VND/liter, while diesel prices may decline by approximately 100–150 VND/liter. Fuel prices have shown mixed movements recently, with RON 95 gasoline and diesel experiencing multiple increases and decreases throughout the year. In the most recent adjustment on November 13, gasoline and diesel prices increased, while mazut prices decreased.

Internationally, global oil prices rose by more than 1% on November 18 due to Western sanctions on Russia and potential shifts in U.S. monetary policy. U.S. President Donald Trump's criticism of the Federal Reserve Chair has led to speculation about a more dovish Fed approach, which could boost energy demand and support oil prices. Sanctions on major Russian energy firms Rosneft and Lukoil are pressuring Russia's oil revenues and expected to reduce export volumes over time.

Goldman Sachs projects a downward trend in oil prices through the end of 2026, anticipating a market surplus cycle. However, if Russian exports decline sharply, Brent crude prices could rebound above $70 per barrel during 2026–2027. As of November 19, WTI crude traded at $60.54 per barrel and Brent crude at $64.68 per barrel, both slightly higher than the previous week.

Những quỹ ETF nào sẽ rót tiền vào Việt Nam?

Which ETFs Will Invest in Vietnam?

VN Express | Local Language | News | Nov. 21, 2025 | UndeterminedInvestor Sentiment

ACB Securities (ACBS) projects that passive funds will inject approximately USD 435.4 million into Vietnam following its upgrade to a secondary emerging market by FTSE Russell, effective September 21, 2026. The Vanguard FTSE Emerging Markets fund, with net assets of USD 105.5 billion as of November 10, 2025, is expected to allocate around USD 358.5 million to Vietnam, reflecting the country’s 0.34% weighting in the FTSE Emerging All Cap index.

The State Securities Commission (SSC) recently met with Vanguard representatives to discuss cooperation and attracting foreign investment post-upgrade. Vanguard plans to begin investment activities in Vietnam by opening a trading account and an indirect capital account, emphasizing that adherence to new regulations will be a key step in providing global investors with practical experience in the Vietnamese market.

Vietnam’s weightings in new FTSE Russell indices were recently announced as 0.04% in the FTSE Global All Cap and 0.34% in the FTSE Emerging All Cap indices. Prior to the upgrade, Vietnamese stocks were not included in these indices, which primarily track developed and emerging markets, and are widely used by large global ETFs and investment funds.

FTSE Russell confirmed Vietnam’s upgrade from a frontier to an emerging market on October 8, 2025, with the change taking effect in September 2026. An interim review is scheduled for March 2026 to assess progress in facilitating access for global brokers, aligning market practices with international standards, minimizing counterparty risk, and boosting investor confidence through partnerships with reputable intermediaries.

VN textile-garment industry accelerates digital transformation, green transition

Vietnam Net - E | English | News | Nov. 21, 2025 | UndeterminedTech Development/Adoption

The Industrial Development Centre (IDC), Vietnam Textile and Apparel Association (VITAS), and Korea Institute of Industrial Technology (KITECH) held a workshop in Hanoi on November 19 focusing on AI and digital transformation in Vietnam's textile and garment industry. IDC highlighted the growing adoption of automation technologies such as sewing robots, automated cutting, AI-powered line balancing, and smart production lines, which improve productivity, reduce labor dependence, and enhance product quality. Sustainable fashion supported by AI tools like 3D design, product lifecycle management, and data-driven optimization is essential for meeting green, circular, and low-emission standards.

Vietnam’s textile industry faces urgent needs to modernize technology, improve productivity, and comply with increasing environmental regulations amid changing global markets. Access to advanced technologies aligns with the country's green transition goals and international commitments. IDC will support textile enterprises in technological innovation, digital transformation, expert connections, and sustainable development. VITAS emphasized that digitalization and greening are now essential for textile enterprises. Korean investors have significantly contributed to Vietnam’s textile sector with nearly 6 billion USD in FDI, accounting for one-fifth of total sector investments, and have introduced competitive, high-tech projects.

Experts noted that while automation is advanced in fabric inspection, cutting, and packaging, sewing lags behind. Roadmaps include AI vision systems for defect detection and robotic packaging solutions, with success dependent on strategic direction and hybrid system adaptation. Cold-Pad-Batch (CPB) dyeing technology is identified as a greener, cost-effective method that reduces utility costs by 72.8% and cuts CO₂ emissions significantly compared to traditional dyeing.

Digital transformation is reshaping the fashion industry by turning data into digital assets and enabling AI and Big Data use. Platforms like Adobe and CLO Virtual Fashion enable rapid and sustainable product development, with digital samples created up to four times faster than physical ones and a potential 90% reduction in physical sampling. Digitalization enhances competitiveness and quality, while the green transition is critical for long-term sustainability and compliance with strict global standards, especially as 85% of Vietnam’s textile output is exported. The workshop aims to foster cooperation between Vietnamese enterprises and international partners, especially from South Korea.

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