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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Vietnam proposes license plate-style ID system for drones

Vietnam Net - E | English | News | Nov. 20, 2025 | Regulation

Vietnam is developing a drone supervision and management framework to address regulatory gaps arising from the unique behaviors of low-altitude UAVs, which differ significantly from traditional aircraft. Nguyen Thanh, a researcher at the Posts and Telecommunications Institute of Technology (PTIT), highlighted the need for legal frameworks and technical infrastructure to support safe and healthy development in this sector. He proposed creating a specialized "air traffic police" force and a robust drone monitoring system that would include a centralized control center, legal management via 4G/5G networks, radar detection of illegal drones, and countermeasures for neutralizing threats.

A key element of the plan is requiring drone owners to register devices to receive unique identification codes similar to vehicle license plates. Each drone would be equipped with communication modules to transmit real-time location and flight data via mobile networks. The proposed drone monitoring system envisions low-altitude radar networks to detect unauthorized UAV activity by comparing flight data against a centralized database. Vietnam plans to trial this system in a limited area by 2028, expand coverage to critical zones by 2030, provincial levels by 2032, and districts and communes by 2035.

The urgency of enhanced drone management is underscored by recent incidents, including UAV intrusions at Tho Xuan Airport in Thanh Hoa in June 2025, which disrupted civilian flights and prompted stricter security measures. Le Thi Phuong from the Vietnam Air Traffic Management Corporation noted the increasing safety risks due to the influx of low-altitude drones and the ongoing modernization of aviation infrastructure to mitigate these risks.

Vietnam’s regulatory approach is informed by international examples, such as the U.S. Federal Aviation Administration (FAA), which mandates real-time electronic identification of drones and establishes designated low-altitude corridors for safety. Successfully implementing a comprehensive drone regulatory framework could enable Vietnam to harness the low-altitude economy, projected to add $10 billion to the national economy by 2035.

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.

Hanoi and HCMC tighten emission rules, old cars face replacement

Vietnam Net - E | English | News | Nov. 20, 2025 | Pollution

The Ministry of Agriculture and Environment (MAE) in Vietnam has developed a draft decision to tighten national technical regulations on exhaust emissions for road vehicles, aiming to reduce air pollution and protect public health. This framework sets stricter emission standards tied to the vehicle's manufacturing year, aligning with Vietnam’s international commitments to lower greenhouse gas emissions and promote sustainable urban transportation.

Vehicles manufactured before 1999 must meet Emission Standard Level 1 (Euro 1 equivalent), affecting popular older models like the 1996 Toyota Corolla and Kia Pride, which are commonly used by middle-income earners. Cars made between 1999 and 2016 are subject to Level 2 standards (Euro 2 equivalent), impacting widely-used models such as Toyota Innova and Mazda 3. Non-compliant vehicles in these categories may face restrictions on inspection, registration, and sales.

From 2026, vehicles produced between 2017 and 2021 must meet Level 3 emissions standards (Euro 3), with Hanoi and Ho Chi Minh City (HCMC) enforcing the stricter Level 4 (Euro 4) by 2027. This includes many popular models like the Hyundai Accent and Toyota Corolla Cross, which dominate the used car market. Newer vehicles from 2022 onward are required to comply with Level 4 at the national level by 2026, upgrading to Level 5 (Euro 5) by 2032, and by 2028 specifically in Hanoi and HCMC.

Starting January 1, 2029, all cars operating in Hanoi and HCMC must meet at least Level 2 emissions standards, moving this deadline up by one year compared to earlier proposals. Vehicles assembled before 2022 with existing Technical Safety and Environmental Protection Certificates will continue to follow the Level 3 standard until their certificates expire.

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