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


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Chủ tịch Bảo Tín Mạnh Hải: Doanh nghiệp trang sức gặp khó về nguyên liệu vàng

Chairman of Bảo Tín Mạnh Hải: Jewelry businesses face difficulties with gold materials

VN Express | Local Language | News | Nov. 20, 2025 | Supply Chain Issues

Mr. Vũ Hùng Sơn, Chairman of Bảo Tín Mạnh Hải, highlighted significant challenges faced by Vietnamese jewelry businesses due to restrictions on importing gold raw materials, a mechanism that has been absent for 13 years. Domestic gold mining is limited and exhausted, forcing companies to rely on unofficial sources, which raises production risks and destabilizes supply.

Mr. Nguyễn Thế Hùng, Vice President of the Vietnam Gold Trade Association, noted that many gold producers and traders in Ho Chi Minh City have suspended operations due to material shortages, causing financial losses despite prior investments in equipment. To address the supply problem, the government issued Decree 232 in August, granting import and production rights to qualifying banks and enterprises with stringent capital requirements. Eight banks currently qualify for this license, but Ms. Phan Thị Hồng Điệp of VietinBank Gold & Jewellery emphasized the need for the State Bank to clarify the resale mechanisms for imported gold to alleviate market difficulties.

The State Bank is exploring the introduction of a gold exchange to enhance transparency and supply. Mr. Nguyễn Thế Hùng suggested that during the exchange pilot, licensed importers should avoid trading among themselves to prevent market manipulation and recommended direct distribution of imported gold to jewelry manufacturers for traceability and legitimacy. Mr. Vũ Hùng Sơn expressed optimism that the planned gold exchange, set to launch in stages focusing initially on physical gold, will offer businesses legitimate access to raw materials at transparent prices, though licensed banks and enterprises alone cannot meet the entire market demand.

The government’s pilot gold exchange will unfold in three phases: starting with physical gold products, then gold bars, and finally integrating gold funds, certificates, derivatives, and international connections. Meanwhile, experts warned about risks associated with the black market, where gold is sold at inflated prices without quality assurance or legal documentation, exposing buyers to financial loss, fraud, and physical danger.

Công nghệ mở lối cho doanh nghiệp sản xuất, xuất khẩu thực thi ESG

Technology Paves the Way for Manufacturing and Exporting Enterprises to Implement ESG

Dantri | Local Language | News | Nov. 20, 2025 | UndeterminedTech Development/Adoption

ESG (Environment - Social - Governance) has evolved into a critical "green passport" for manufacturing and exporting enterprises to access international markets amid tightening sustainable development standards in global supply chains. Science and technology are pivotal in helping enterprises, including SMEs, enhance competitiveness and meet stringent environmental and labor regulations. A workshop in Hanoi, part of the Vietnam ESG Forum 2025, highlighted applications of technology—from data management to production digitization—as key enablers of ESG implementation.

Vietnam's agricultural, forestry, and fishery export turnover increased by 14% in the first nine months of 2025, reaching $52.31 billion, reflecting both potential and pressure to comply with international green standards. Companies like Refrigeration Electrical Engineering Joint Stock Company (REE) and Minh Phu Seafood Corporation have invested heavily in digitization, automation, and sustainability initiatives. REE’s digital transformation efforts improved efficiency, transparency, and reduced carbon emissions, while Minh Phu utilized IoT, AI, and robotics to boost productivity, cut costs by up to 50%, and promote a circular economy model.

In the electrical-electronics sector, Hanel PT New Generation Technology Joint Stock Company integrates intelligent management systems such as ERP, MES, IoT, and automation to optimize resource use, improve productivity, and reduce environmental impact. These technological applications help meet international quality standards and align with ESG values emphasizing sustainability.

The beverage industry, contributing significantly to Vietnam’s economy and employment, faces evolving consumption trends and green economy demands. Industry leaders stress the necessity for green transitions and technology adoption to maintain competitiveness and fulfill sustainability commitments.

Key challenges for enterprises include shifting organizational awareness about ESG from leadership to staff and managing high initial costs for advanced technology and energy-efficient systems. Success requires ongoing training, cultural adjustment, and effective use of digital platforms to monitor and report production, energy, and emissions data. The synchronized integration of ESG, digital transformation, and green transition is fundamental to improving productivity and international competitiveness.

Companies are also targeting automation to realize "dark factory" models for nearly fully automated operations, alongside prioritizing green transitions aimed at net-zero emissions by 2030. Strategies include increasing solar energy usage to over 50% and optimizing resource consumption across production. Enhancing human resource capabilities to align operational practices with sustainability goals remains a core focus to ensure long-term growth and influence sustainable business standards domestically.

Nhật Bản lập cơ quan do Thủ tướng đứng đầu ứng phó khủng hoảng dân số

Japan establishes agency led by Prime Minister to address population crisis

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

On November 18, 2025, the Japanese government established the "Population Strategy Headquarters," an agency led by Prime Minister Sanae Takaichi to address the country’s ongoing population crisis. The agency will coordinate with the Children and Families Agency, the Cabinet Office, and other ministries to implement comprehensive measures aimed at population decline, including support for local governments to revitalize non-urban areas and promote economic recovery.

Japan’s population continues to decline significantly, with a decrease of approximately 908,000 people from 2023 to 2024, bringing the total population to 120,653,227. The 2024 birth count fell to a historic low of 687,689, marking the 16th consecutive year of decline and the largest recorded drop since 1968. As of January 1, 2025, the total population, including foreign residents, was 124,330,690, a decrease of about 554,000 from the previous year. The elderly population (65 and over) now comprises 29.58%, and the working-age population (15-64) accounts for 59.04%, both figures showing slight increases.

The population decline is driven by multiple factors, including high child-rearing and housing costs, job insecurity, eldercare burdens, delayed or forgone marriage among young people, and women’s growing reluctance to have children due to insufficient work-family balance support. Although the government has introduced subsidies, expanded childcare, improved women’s working conditions, and provided housing support for young couples, experts view these efforts as inadequate to reverse the trend.

Prime Minister Takaichi has identified population decline as Japan’s biggest issue and has pledged to establish a robust framework for ongoing responses to the crisis. The new agency aims to coordinate government measures to create a society allowing people to live where they choose while addressing demographic challenges at both urban and regional levels.

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