Prime Minister Pham Minh Chinh assigned this requirement to the banking sector in his latest official dispatch, outlining tasks to boost economic growth.

The State Bank of Vietnam previously indicated that establishing a gold trading floor, commencing in October, would involve a three-phase pilot program, initially focusing on physical gold products.

In its initial phase, the gold trading floor will operate exclusively within Vietnam, without international connections. This means individuals will not be able to trade directly on the platform during this period; instead, it will serve as a channel for distributing raw gold to businesses in the market.

Jewelry gold on display at a store on 16/10. *Hoang Giang*

In addition to the gold exchange, the prime minister instructed the State Bank of Vietnam to manage monetary policy proactively and in harmony with a reasonably expansive, focused fiscal policy.

The State Bank of Vietnam must flexibly and judiciously manage monetary policy tools, including exchange rates, interest rates, and credit, adapting to market changes. The regulator should implement measures to ensure the smooth, safe, and stable operation of the money market and banking system. This approach aims to facilitate business production, create livelihoods, and enhance investment attraction.

The prime minister also called for strict control over credit capital flows, directing them towards inclusive and sustainable growth drivers. These include: science and technology, green transformation, digital transformation, social housing, and natural disaster recovery efforts.

The official dispatch further instructs the Ministry of Finance to lead and coordinate with relevant ministries to promptly propose and finalize policies for the effective operation of Vietnam's International Financial Center. The ministry is also tasked with developing solutions to promote green bond markets, establish a controlled testing mechanism (sandbox), and create a regulatory framework for new financial instruments.

Additionally, the ministry is responsible for piloting a healthy and efficient digital asset market, ensuring the protection of investors' legal rights and interests.

Quynh Trang