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Vietnam Charts Path Toward National Gold Exchange: Regional Experts Contribute to Policy Development

By HUYNH TRUNG KHANH, Vice-Chairman, Vietnam Gold Trading Association

On December 11, the Vietnam Gold Trading Association (VGTA), World Gold Council, and Singapore Bullion Market Association (SBMA) jointly convened a seminar in Hanoi addressing the development of Vietnam’s gold jewellery industry and the establishment of a national gold exchange.
The event brought together over 60 delegates from key governmental agencies, industry associations, and regional market experts to explore pathways for modernizing Vietnam’s gold market infrastructure.
The seminar drew significant official representation, including Đào Xuân Tuấn, General Director of the State Bank of Vietnam (SBV) Forex Department; officials from the Ministry of Industry and Trade, the Ministry of Finance; Shaokai Fan, Global Head of Central Banks & Head of Asia-Pacific (ex-China) at the World Gold Council, and committee members from both VGTA and SBMA.
This engagement reflects growing recognition that Vietnam’s gold market, characterised by surging retail investment demand over the past two years, requires institutional infrastructure commensurate with its scale and economic significance.

Case for a National Exchange

In his opening remarks, VGTA chairman Dinh Nho Bang noted that the developments in the global precious metals market have, once again, reaffirmed gold’s historical role as a preferred safe haven during periods of geopolitical and economic uncertainty. In Vietnam, gold retail investment demand among individual and institutional investors has surged over the past two years, despite domestic gold prices repeatedly reaching new highs, he noted.
Bang emphasised that international experience consistently demonstrates the importance of efficiently operated gold exchanges in developing healthy domestic gold markets, contributing to the broader development of financial markets and the economy as a whole. This is even more important in periods when gold trading becomes highly active, as is currently the case, he observed.
However, Vietnam still does not have a national gold exchange. “This has long been a major concern for the VGTA and other small businesses in the sector”, he said, adding that establishing, managing, and operating a gold exchange in an effective and transparent manner would generate significant benefits for the public, investors, enterprises, and the economy.
In reality, most of the world’s leading gold jewellery exporting countries operate national gold exchanges, such as China, India, and Turkey. Through the effective functioning of these exchanges, these countries are able to secure a stable supply of raw gold for jewellery manufacturing, create substantial employment, generate large foreign-exchange earnings, and make positive contributions to economic growth.
“Therefore, establishing a national gold exchange is a legitimate aspiration of Vietnamese gold businesses, particularly as many enterprises have already invested heavily in infrastructure, machinery, and human resources to expand jewellery production for export, while raw material supply remains unstable and insufficient,” Bang stated.

International Perspectives on Market Development

The seminar featured case studies from established precious metals markets, including Singapore, India, Turkey, Shanghai, and Hong Kong, enabling Vietnamese stakeholders to select, adapt, and apply strategies suitable for domestic adaptation.
Albert Cheng, CEO of SBMA, saw the strong potential for cooperation between the two associations, both in policy implementation and market development, as Vietnam strengthens its position as a key gold market in the region.
Drawing from Singapore’s experience, he noted that Singapore followed and adapted Switzerland’s model rather than copying it outright. “By 2030, Singapore aims to promote the development of a modern, open OTC gold market supported by high-standard storage infrastructure and, in the future, custody services for central banks. Its long-term goal is to position Singapore as Asia’s alternative hub on par with London and Zurich in the global gold market,” he said.
Cheng outlined factors that have attracted gold trading operations to Singapore: elimination of Goods and Services Tax (GST) on investment precious metals; tax benefits for refiners, including GST suspension mechanisms for eligible imported shipments; strong government support; and an open economy with one of the world’s major financial systems.
Cheng also acknowledged Vietnam’s recent regulatory progress, including Decree No.232/2025/ND-CP, revising gold market management rules; Circular No.34/2025/TT-NHNN, providing detailed implementation guidance; and planning for a national gold exchange or equivalent mechanism.

Regulatory Evolution and Market Integration

SBMA Chairman KL Yap and Vice-Chairman Vinh Nguyen provided additional perspective on Vietnam’s regulatory trajectory. They observed that Vietnam’s gold market has historically lacked strong integration with global markets, with domestic prices often diverging significantly from international benchmarks. The new regulations, coming after more than 10 years, are expected to narrow the gap between domestic and international gold prices, establish pricing mechanisms more aligned with global markets, and move Vietnam closer to international standards. This will enable both domestic and international participants to engage more actively in Vietnam’s gold market, Vinh said.
He emphasised that exchange establishment represents an initial step requiring supporting regulatory measures: “The goal is to ensure price transparency for all market participants, while the government continues to manage and regulate the gold market step by step. Opening a gold exchange is only the first step; additional regulatory measures will be needed”.
Regarding the establishment of a national gold exchange or further opening of the domestic gold market, the World Gold Council’s Fan highlighted critical considerations: “It is essential to address several fundamental questions. And another major challenge is ensuring that gold market activities do not disrupt key macroeconomic indicators, such as exchange rates or the balance of payments”.

Government Commitment and Timeline

In concluding remarks, the SBV’s Tuấn outlined the government’s policy direction, including the abolition of the monopoly on gold tael bar production, allocation of gold import quotas to major commercial banks and gold enterprises, and liberalisation of gold jewellery manufacturing and trading as unconditional business sector. Tuấn also revealed that the SBV is currently drafting a Vietnamese gold exchange model based on the Shanghai Gold Exchange framework, to be presented to the government for ratification before promulgation of enabling legislation in the first quarter of 2026.
On the sidelines of the seminar, a joint delegation from the SBMA, VGTA and WGC, led by Albert Cheng, met with SBV Deputy Governor Pham Quang Dzung at the SBV headquarters on December 10. The Deputy Governor expressed appreciation for the technical assistance and support provided by international experts in developing the national gold exchange framework, while noting opportunities for expanded business cooperation between SBMA and VGTA members.
Singapore Bullion Market Association VGTA Driving Growth and Connection in Vietnam’s Gold Market
HUYNH TRUNG KHANH, has more than 25 years of experience in the Vietnamese gold industry, first working for the World Gold Council (Asia) as Vietnam Country Manager before setting up his own gold consultancy business (VGC) in 2003 providing brokering and consultancy services to Saigon Jewellery Company (SJC), PhuNhuan Jewellery Joint-Stock Company (PNJ), Standard Bank Plc, StoneX and World Gold Council.
As a founding member of the Vietnam Gold Traders Association (VGTA), since 1998, Khanh has actively participated in the deregulation of the Vietnam gold market as Vice Chairman of VGTA, heading the External Relations Department of its Executive Committee.
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Mr Bernard Sin

Regional Director, Greater China
MKS PAMP (Singapore) Pte Ltd
Regional Director of Greater China since 2020, and previously Head of Trading. Bernard joined MKS PAMP as a country representative of Singapore in 1996 and moved to Switzerland in 1997. He holds an MBA in International Business from the European University in Geneva. Prior to joining MKS PAMP, Bernard worked 6 years for Standard Chartered Bank in Singapore and Hong Kong as an FX and Bullion Dealer.

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Albert Cheng

Chief Executive Officer

Albert Cheng joined the World Gold Council in March 1993 as a Regional Manager, becoming Managing Director, Far East in 2003. He retired at the end of March 2015 and was subsequently named its Advisor. He has also been an International Advisor to the Shanghai Gold Exchange since 2002.

His marketing career began with Dentsu Young & Rubicam, Hong Kong in the early 80’s. He began gold marketing in July 1985 when he joined the Royal Canadian Mint as a Regional Manager for Southeast Asia.

He was appointed honorary CEO of SBMA in November 2015. He is responsible for the success and strategic development of SBMA in partner with the Chairman and the Management Committee. Also, he is responsible for maintaining accountability to and the quality of, the Association’s Membership and the annual Asia Pacific Precious Metals Conference (APPMC) as well as representing the interests of the Association in relation to regulators, investors, media and international precious metal markets, and also responsible for all the legal and regulatory aspects of the work of the Association.

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BUSINESS DIRECTOR

Margaret Wong, Business Director at SBMA (Singapore Bullion Market Association), brought valuable experience from her previous role at the World Gold Council (WGC). Her tenure at WGC provided her with extensive exposure to the gold community in Singapore and the broader region. This background has been instrumental in establishing strong working relationships within the industry.

Margaret’s role at SBMA encompasses a diverse range of responsibilities. She oversees office management, business support processes, finance, and administrative functions essential for the smooth operation of the team and management committee. Additionally, Margaret handles membership matters, member communications, and addresses public inquiries related to SBMA.

One of Margaret’s key responsibilities is coordinating with the Event Management Company for SBMA’s prestigious annual event, the Asia Pacific Precious Metals Conference. This flagship conference plays a crucial role in the industry, making her involvement pivotal in its success.

Described as resourceful and self-motivated, Margaret Wong brings a wealth of skills and experience to her role at SBMA, ensuring efficient operations and effective engagement within the precious metals community in Singapore and beyond.

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Fabian Lew

MARKETING & COMMUNICATIONS OFFICER

Fabian was a Business Development and Marketing Associate before joining SBMA. He graduated from Singapore Management University with a Bachelor’s degree in Economics.

He has joined SBMA since February, 2022.

Ms Crystal Xu

Vice President
TD Securities
Based in Singapore, Crystal has over a decade of experience in the metals market, specializing in trading, structuring, and delivering solutions for institutional and commercial clients across Asia. She leads initiatives spanning both physical and derivative products and plays a central role in advancing TD’s regional metals strategy. With deep expertise in market dynamics and strong cross-functional collaboration, she helps drive business growth, product innovation, and risk-informed decision making across the firm’s Asia-Pacific platform.

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Clara Chang

MARKETING & COMMUNICATIONS EXECUTIVE
Clara Chang joins SBMA as the Marketing & Communications Executive, enriching the team with her extensive experience in content creation, social media management, and digital marketing. Prior to joining SBMA, Clara held the position of Marketing Executive at her previous job. She holds two bachelor’s degrees from the University at Buffalo, one in International Trade and another in Geographical Information Science. Her core duties will include maintaining the SBMA website, managing the quarterly Crucible newsletter, among other responsibilities.

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Emily Oh

OPERATIONS & ADMIN EXECUTIVE
Emily Oh is the Operations & Admin Executive, a seasoned professional who values teamwork and effective communication. She is skilled at adapting to new challenges and takes a proactive and resourceful approach to every task. Before joining SBMA, Emily had experience coordinating international travel arrangements and spearheading community initiatives. Her role at SBMA will be providing operational and administrative support for projects and other matters to the team.

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Lee Jia Yi

OPERATIONS & ADMIN EXECUTIVE
Before joining SBMA, Jia Yi worked as an Admin & Reporting Officer in her previous role. She holds a Diploma in Business & Social Enterprise from Ngee Ann Polytechnic. Jia Yi is responsible for managing and maintaining physical and digital files in SBMA, supporting invoicing processes, reconciling receivables and payables, coordinating meetings and conferences. Additionally, she will provide support to the team and assist the Business Director in managing the Association’s office operations and general administrative activities.

Ms Pawan Nawawattanasub

Ms Pawan Nawawattanasub

CEO
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Pawan is the CEO of YLG Bullion Singapore and founder of YLG Bullion International. She has almost 40 years of experience in the jewellery industry and established YLG in Thailand in 2003. In 2012, she brought YLG to Singapore. She sits on the Board of Directors of the Thailand Gold Traders Association, the Thailand Futures Exchange’s Arbitration Committee, and the Rotary Bangkok committee. She holds a master’s degree in Political Science.

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Mr Shaokai Fan

Head of Asia-Pacific (ex China) and Global Head of Central Banks
World Gold Council
Shaokai Fan is the Global Head of Central Banks at the World Gold Council, responsible for advising governments on gold matters, and enhancing the gold market through engagement, dialogue, and thought leadership. He works directly with central banks and sovereign wealth funds on investment considerations. Prior to this position, Shaokai held multiple roles at Standard Chartered Bank, including Director for Asia Strategic Initiatives and Associate-Director for Public Sector coverage. Shaokai holds a Masters of Public Administration from Columbia University and the London School of Economics, and an undergraduate degree in finance and economics from New York University.

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Mr Alan Liew

Head of Bullion & Commodities Trading
United Overseas Bank Limited
Alan is Head of Bullion and Commodities Trading for Group Trading in Global Markets, United Overseas Bank (UOB). Alan joined UOB and started the bank’s commodities trading business in 2014, previously he spent eight years in Standard Chartered Bank (SCB) trading both precious and base metals. During his tenure at SCB, he obtained the SGE gold trader licence and was part of the pioneering team for the SGE business and the FX quantitative trading team. Prior to trading, he worked for Monetary Authority of Singapore in the Financial Risk Management Division. He holds a BSc (Hon) in Computer Science at National University of Singapore and a MSc in Financial Engineering at Nanyang Technological University.

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Mr KL Yap

General Manager, Singapore Refining Business Unit
Metalor Technologies (Singapore) Pte Ltd
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Mr Vinh Nguyen

Head of Precious Metals, Asia
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Vinh Nguyen joined StoneX Group in Singapore at the beginning of 2008 and responsible for its APAC precious metals activities since 2019 until now.

SBMA Committee-Photo-Kazuya-Naoki

Mr Kazuya Naoki

Head of Metals, Asia
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Mr Andrew Clarke

Head of Brink’s Global Services
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Mr Raman Walia

Executive Director, Head of Commodities Sales – APAC
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Mr Nuttapong Hirunyasiri

CEO
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Mr Nikos Kavalis

Managing Director
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