Prime Minister Pham Minh Chinh has directed the State Bank of Vietnam (SBV) to finalize a document this month regarding a proposal for the creation of a national gold trading platform, as a component of a broader effort to achieve double-digit economic expansion in 2026.
The guidance was outlined in the Official Dispatch No. 6 issued on January 24, detailing the essential steps required to achieve the growth objectives for the initial year of the socio-economic development plan for 2026-2030.
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The Prime Minister emphasized that 2026 would signify the commencement of a fresh era of development, necessitating enhanced synchronization among fiscal, monetary, and other macroeconomic policies to uphold stability while propelling growth forward.
The central bank was urged to actively oversee interest rates and exchange rates in accordance with macroeconomic conditions, curb inflation, maintain the stability of the Vietnamese đồng, and channel credit towards production, essential sectors, social housing, infrastructure, and digital technology. SBV must accelerate the process of reorganizing underperforming financial institutions, address existing non-performing loans, and implement measures to prevent the recurrence of such issues.
One crucial responsibility is to promptly complete research and assessments necessary for establishing a national gold exchange or trading center, and present findings to the Government Standing Committee by the end of January. For years, economists have advocated for the establishment of a gold exchange, contending that it would facilitate the trading of the valuable metal and enhance the synchronization of domestic prices with international markets.
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The proposal gained traction following the National Assembly's request last month for the government to expeditiously investigate a strategy for creating a gold exchange in order to mitigate market fluctuations.
SBV is currently conducting an analysis of a comprehensive legal structure for the exchange, with intentions to implement it through a methodical three-phase trial process.
The Prime Minister implored for a strategic fiscal policy beyond the realm of gold trading, advocating for a prudent and expansive approach, increased budgetary control, and initiatives to boost State budget income by a minimum of 10 percent from the previous year. The Ministry of Finance was urged to persist in implementing reductions and extensions of taxes, fees, and land rents to provide assistance to individuals and businesses, particularly small and medium-sized enterprises. It was recommended that public debt and deficit levels be managed prudently to facilitate resource mobilization for investments.
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The government is also interested in enhancing the stability, safety, and effectiveness of the stock market and corporate bond market to facilitate the mobilization of medium- and long-term capital, which is necessary to sustain double-digit economic growth. It is imperative that all public investments are disbursed according to the assigned plan, with a focus on expediting allocation at the beginning of the fiscal year and promptly addressing any delays or obstacles hindering project completion.
Authorities were instructed to intensify their endeavors in order to draw significant, advanced foreign direct investment and offer assistance to multinational corporations and strategic investors, with a particular focus on sectors such as semiconductors, AI, and digital technology.