The study of establishing a gold exchange has once again been brought to the table for discussion, as the market has undergone significant changes after more than a decade. Experts caution that Viet Nam must clearly identify the appropriate operating model, particularly by drawing a clear distinction between physical gold and price-difference–based trading instruments to avoid repeating past risks and to lay the foundation for a transparent and stable market.

Speaking at the seminar “Vietnam’s Gold Market: Opportunities and Challenges in the New Phase,” co-organized by Kinh tế & Đô thị Newspaper and the Hanoi Gold and Silver Fine Arts Association on the afternoon of November 24, Mr. Trần Trọng Đức, CEO of Virtus Prosperity, said that he had studied materials from COMEX (under CME Group), which compile operational experience from the world’s two largest gold markets: COMEX and the Shanghai Gold Exchange (SGE).

Although the number of stock trading accounts in Vietnam has surpassed 11 million - far exceeding the target initially set for 2030, the market capitalization still falls short of this year’s goal of reaching 100% of GDP, currently standing at around USD 340 billion.

The Vietnam Association of Financial Investors (VAFI) has recently proposed imposing a 10% value-added tax (VAT) on gold bullion and jewelry sales, aiming to help stabilize the domestic gold market.