On 18/3, the Domestic Market Management and Development Department (Ministry of Industry and Trade), the Vietnam Commodity Exchange (MXV), along with various businesses and banks, convened to discuss the plan for listing and operating silver bar trading.
According to MXV's proposal, the roadmap for listing silver will be implemented in two phases. The initial phase will involve a pilot program where silver bars are listed domestically, featuring physical trading and delivery. Once the market operates stably, the system will gradually link with regional and international commodity exchanges.
At the meeting, major gold and silver trading businesses, including Phu Quy, Bao Tin Manh Hai, Bao Tin Minh Chau, SBJ, and Digi Invest, expressed their readiness to ensure production and delivery capacity. These entities will directly participate in the supply chain, custody, and operation of silver trading. A representative from Vietnam Maritime Commercial Joint Stock Bank (MSB), the institution expected to provide custody services, detailed the conditions of their facilities, storage systems, and safety plans for preserving silver bars.
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One-kilogram silver bars are traded on the market. *Photo: Phu Quy*
Currently, silver trading in Vietnam primarily occurs through direct transactions between parties. However, this model is fragmented, lacking a centralized price formation mechanism, standardized information and goods, and risk hedging tools. This situation poses risks for individuals, investors, and businesses, necessitating an improved management mechanism.
On the international market, silver prices have recently increased, following the general trend of precious metals. At one point, global silver prices peaked at nearly 108,6 USD per ounce on 26/1. Domestically, silver bar prices also saw continuous adjustments, at times exceeding 111 million VND per kilogram. Currently, the price has decreased to 76,2 - 78,5 million VND per kilogram.
Tran Huu Linh, Director of the Domestic Market Management and Development Department, assessed that the demand for silver trading in the market has been increasing recently. According to Linh, researching the listing of silver on MXV aims to gradually standardize trading activities amidst the strong fluctuations, large volatility, and unpredictability of this commodity's price. However, he noted that implementation requires a comprehensive assessment to ensure transparency, system safety, and the rights of market participants. Accordingly, the regulator will evaluate socio-economic and market impacts, and study risk management mechanisms regarding trading position limits, speculation control, system safety, and market stability.
Phuong Dung
