VINACHEM

Vietnam lifts its gold monopoly, opening the door for major banks as SJC gold hits a record high.

The government has officially ended the monopoly on gold bar production, opening the door for major banks to enter the  - . The decision comes as SJC gold soars to 128 million VND ($5,040) per tael and bank stocks surge, promising fresh momentum for Vietnam’s financial giants.

Bank stocks rally alongside soaring gold

On the morning of August 27, Vietnam’s stock  -  witnessed a sharp rise in banking shares, driving the VN-Index to a new historic high.

By 9 AM, VPBank (VPB) rose 800 VND to 35,100 VND per share, VietinBank (CTG) gained 1,100 VND to 52,300 VND, Vietcombank (VCB) added 700 VND to 65,300 VND, Sacombank (STB) increased 500 VND to 55,500 VND, MBBank (MBB) climbed 750 VND to 28,300 VND, SeABank (SSB) rose 400 VND to 22,200 VND, and BIDV (BID) gained 600 VND to 42,400 VND.

By 9:50 AM, VCB hit its ceiling price at 69,100 VND per share and maintained the gain throughout the session. Banking stocks have now risen for two straight sessions, propping up the  -  and helping VN-Index gain over 17 points early on August 27 to reach a new peak.

On August 26, the VN-Index jumped 53.6 points (+3.32%) to 1,667.63.

The appeal of banking stocks is fueled by strong business results in recent quarters, with credit growth in the first seven months of the year reaching high levels as liquidity flowed into the economy, boosting lending and bank profits.

Adding to this momentum is a game-changing policy: the removal of the state monopoly on gold bar production, along with new permissions for gold export and import.

Monopoly abolished: New opportunities for banks

Under Decree 232/2025/NĐ-CP, which took effect on August 26, the government ended exclusive control over gold bar production, allowing qualified enterprises and banks to participate. Enterprises must hold minimum charter capital of 1 trillion VND ($39 million), while banks must have at least 50 trillion VND ($2 billion), in addition to holding a State Bank license to trade precious metals and maintain regulatory compliance.

Gold production and trading have become increasingly lucrative as prices surge. Since the beginning of the year, global spot gold has risen 28% to nearly $3,390 per ounce as of August 27.

Meanwhile, SJC gold bars in Vietnam have skyrocketed by about 50%, hitting 128 million VND ($5,040) per tael. This price is around 19 million VND ($750) higher than global rates, while gold jewelry is about 13 million VND ($510) higher.

Analysts expect gold prices to remain on an upward trajectory as the US Federal Reserve is likely to ease monetary policy, with an 87% probability of a 0.25% rate cut at its September 17 meeting, according to CME FedWatch. A weaker US dollar could further boost gold’s appeal as a safe-haven asset.

Big banks well-positioned to capitalize

The policy shift opens the door for large banks to enter the gold bar  - , including production, exports, and imports. This diversification could strengthen revenue streams, especially given high domestic premiums. By integrating supply chains, banks can also reduce price volatility risks and reinforce their role as providers of safe investment channels for customers during economic uncertainty.

Based on current charter capital, banks eligible to participate include Vietcombank, BIDV, VietinBank, Agribank, VPBank, Techcombank, MB, and ACB, all exceeding the 50 trillion VND ($2 billion) threshold.

Some banks already have a head start. VietinBank wholly owns VietinBank Gold, established in 2010, making it a strong candidate for gold bar production. Similarly, Sacombank owns Sacombank-SBJ, a gold and jewelry company founded in 2008, which could support its expansion into gold production and trade.

TPBank is closely tied to Doji Group, Vietnam’s leading gold and jewelry firm. Doji holds a 5.9% stake in TPBank, and TPBank Chairman Do Minh Phu is also the founder of Doji, creating a natural alliance.

SeABank also has links to the precious metals sector through ASEAN Jewelry Company (AJC), formerly under Agribank and later linked to BRG Group, led by Nguyen Thi Nga, SeABank’s Vice Chairwoman.

ACB, which once operated a gold trading floor, is also considered a potential contender.

Overall, participation in gold bar production promises not only direct profits but also strategic positioning within Vietnam’s financial ecosystem, especially as gold prices continue to climb.