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VGTA: Driving Growth and Connection in Vietnam’s Gold Market

By HUYNH TRUNG KHANH, Vice Chairman of VGTA

Singapore Bullion Market Association VGTA Driving Growth and Connection in Vietnam’s Gold Market
From shaping policy to fostering international collaboration, the Vietnam Gold Traders Association (VGTA) has been a cornerstone of Vietnam’s gold market for over two decades. Founding member Huynh Trung Khanh shares how this dynamic organisation is driving change and connecting Vietnam to the global gold community.
For over two decades, the Vietnam Gold Traders Association (VGTA) has played a pivotal role in shaping Vietnam’s gold market, advocating for policy improvements, and fostering international cooperation.
As a non-profit NGO licensed by Vietnam’s Ministry of Interior, VGTA represents a powerful coalition of 108 members, including major gold enterprises such as Saigon Jewelry Company (SJC), Phu Nhuan Jewelry Company (PNJ), and DOJI Group, as well as commercial banks like Asia Commercial Bank (ACB), VietinBank, Eximbank, and TP Bank. The association also collaborates with foreign associate members, including Pranda Vietnam, TOMEI Vietnam, Brinks VN, and Malca-Amit VN.
Singapore Bullion Market Association VGTA Driving Growth and Connection in Vietnam’s Gold Market
The 5th Grand Meeting of the VGTA with the newly elected Executive Committee.

Advocating for a Thriving Gold Industry

One of VGTA’s key missions is to serve as a bridge between its members and government agencies, particularly the State Bank of Vietnam (SBV). In response to the regulatory constraints imposed by Decree 24, which grants SBV a monopoly over gold raw material imports and gold tael bar production, VGTA has continuously engaged in policy discussions to ease restrictions and promote a more dynamic gold market.
Beyond advocacy, VGTA ensures its members stay informed about global market trends. Through the publication of Gold World magazine and weekly news bulletins, the association provides crucial insights into international gold developments.

Through the publication of Gold World magazine and weekly news bulletins, the association provides crucial insights into international gold developments.

Additionally, VGTA organises trade delegations to major international fairs such as the Hong Kong Jewelry Fair, Bangkok Jewelry Fair, Vicenza Oro Fair, and JCK Fair. Closer to home, it co-hosts the annual Vietnam International Jewelry Fair in Ho Chi Minh City every November.
Singapore Bullion Market Association VGTA Driving Growth and Connection in Vietnam’s Gold Market

Strengthening Global Partnerships

To enhance Vietnam’s position in the global gold market, VGTA has actively fostered international collaborations. Over the years, the association has built strong ties with industry bodies like the World Gold Council (WGC), Singapore Bullion Market Association (SBMA), Thailand Gold Traders Association (TGTA), and China Gold Association (CGA).
Singapore Bullion Market Association VGTA Driving Growth and Connection in Vietnam’s Gold Market
Meeting of the VGTA/SBV delegation with the Indonesian delegates at the APPMC 2023
These partnerships have facilitated knowledge exchange and business cooperation, benefiting both Vietnamese and international stakeholders.
Recent highlights underscore the VGTA’s growing influence:
  • Strengthening regional ties: The VGTA’s active participation in the Asia Pacific Precious Metals Conference (APPMC) has led to significant collaborations, including a Memorandum of Understanding with the SBMA in 2018.
  • Expanding international membership: PNJ’s 2019 inclusion as an associate member of the SBMA marked a significant milestone, integrating Vietnamese businesses further into the regional gold market.
  • Hosting key forums: The 2022 Hanoi Gold Forum, in collaboration with the SBV, WGC, and SBMA, showcased Vietnam’s potential in the gold jewellery market, attracting over 100 delegates from across the region.
Singapore Bullion Market Association VGTA Driving Growth and Connection in Vietnam’s Gold Market
Mr David Tait , WGC Global CEO with Mr Dao Xuân Tuan, Director of the SBV Forex Department at the Hanoi Summit on Nov. 26, 2023.
  • Facilitating government engagement: The VGTA has organized delegations for Vietnamese government agencies, including the SBV and the Ministry of Justice, to participate in international conferences, fostering a deeper understanding of regional gold market mechanisms.
  • Strategic partnerships: The 2023 summit between the SBV Deputy Governor and the WGC Global CEO highlighted the ongoing collaboration between the two entities, signaling potential future policy changes.
  • Leadership transition and future vision: The 5th Grand Meeting of the VGTA in December 2024, with representatives from the SBV and WGC, saw the election of Mr. Dinh Nho Bang as the new Chairman, setting the stage for the association’s strategic direction for 2025-2029.

Looking Ahead

As Vietnam’s gold market continues to evolve, VGTA remains committed to advocating for favourable policies, expanding global partnerships, and equipping its members with the insights needed to thrive in an increasingly complex industry.
With a forward-looking strategy set for the next five years, VGTA aims to reinforce its role as a key driver of Vietnam’s gold industry, ensuring its members stay competitive on the global stage.
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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Singapore Bullion Market Association Secretariat-Lee-Jia-Yi

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.

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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.

SECRETARIAT SBMA Clara-Chang

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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Mr John Levin

Global Metals
TD Securities
John Levin is the Head of Metal Sales & Trading – APAC at the Toronto Dominion Bank’s Singapore office. Prior to this role, he devoted seven years to leading precious metal sales for the ANZ banking group in his home country, Australia. Notably, from 2009 to 2011, John played a significant role on the management committee of the London Bullion Market Association while serving as the Head of Precious Metals Sales for HSBC Global Banking and Markets in the UK.

SBMA Secretariat-Fabian-Lew

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.

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Margaret Wong

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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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, represents the interests of the Association, and is responsible for all the legal and regulatory aspects of the work of the Association. He is the primary contact for regulators and government bodies on bullion market development.

Ms Pawan Nawawattanasub

Ms Pawan Nawawattanasub

CEO
YLG Bullion Singapore Pte Ltd

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.

SBMA-Shaokai-Fan

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.

SBMA-Committee-Nikos

Mr Nikos Kavalis

Managing Director
Metals Focus Singapore Pte Ltd
Nikos Kavalis is a founding partner of Metals Focus. He has over 20 years of experience in precious metals, having previously worked for the Royal Bank of Scotland and GFMS. Since September 2019, Nikos has been based in Singapore, where he also runs the local subsidiary of Metals Focus.

SBMA-Committee-khun nuttapong

Mr Nuttapong Hirunyasiri

CEO
MTS Gold Global Trading Pte Ltd
Nuttapong Hirunyasiri is the CEO of MTS Gold Group, one of Thailand’s top 10 companies and top 3 bullion companies. He started MTS Gold Group’s first overseas office in Singapore and has been expanding the group business internationally. He focuses on product development and innovation for gold investment, with the aim of being a leader in providing the full suite of gold investment services in the ASEAN region.

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Mr Raman Walia

Executive Director, Head of Commodities Sales – APAC
JP Morgan Chase Bank N.A.

Raman is Executive Director and Head of Commodities Sales, APAC, for J.P. Morgan. He joined JPMorgan in 2008 in New York, moved to Singapore in 2011, and helped expand the precious metals business in the region. Raman has an MBA from Cornell University, and likes to travel in his spare time.

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Mr Andrew Clarke

Head of Brink’s Global Services
Brink’s Global Services Pte Ltd

Andrew Clarke is the Head of BGS (Brink’s Global Services) for Singapore, Indonesia, Malaysia and Brunei. He has held various leadership positions throughout his career in secure logistics and risk management with Brink’s, which started in Hong Kong in 2010. Andrew relocated to Singapore in 2018 to expand the precious metals line of business along with Brink’s portfolio of services and industries.

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Mr Kazuya Naoki

Head of Metals, Asia
ICBC Standard Bank Plc, Singapore Branch

Kazuya (Kaz) Naoki is the Head of Metals, Asia of ICBC Standard Bank in Singapore and is responsible for the precious & base metals sales and trading in the region. He joined Standard Bank Plc Tokyo Branch in 2008 and was relocated to its Singapore Branch in 2013 whose controlling stake was acquired by the Industrial and Commercial Bank of China in 2015. Prior to joining Standard Bank, Kaz spent 11 years focusing on commodity trading and risk management with Mitsui & Co in Tokyo, Sydney and London. Kaz has been serving on the SBMA Management Committee since 2016.

SBMA Committee-Photo-Vinh-Nguyen

Mr Vinh Nguyen

Head of Precious Metals, Asia
StoneX APAC Pte Ltd

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

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Mr KL Yap

General Manager, Singapore Refining Business Unit
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KL YAP is the General Manager of Metalor Technologies (Singapore) Pte Ltd’s Singapore Refining Business Unit. He joined Metalor in 2013, initially in Refining Sales. In 2014, he became Refining Business Unit Manager, leading the development of a new precious metal refinery. KL was Vice Chairman of SBMA from 2017 to 2021, now serving as Chairman. With a degree in business commerce, finance, and marketing, he brings prior experience from refinery and heavy industries.