National Assembly tells government to set up gold exchange

Lawmakers have been saying that the exchange is necessary to ensure transparency in gold trading. Gold price in Vietnam is now around 15% higher than global rates.

The State Bank of Vietnam plans to pilot a gold trading platform and set it up in three phases, starting with raw gold trading, then gold bars and finally gold certificates and derivatives.

Saigon Jewelry Company gold Thursday was priced at VND154.7 million (US$5,873.31) per tael of 37.5 grams, slightly lower than the historic peak achieved on Dec. 1.

Gold price in Vietnam has surged more than 80% since the beginning of the year.

The government lifted its monopoly on gold production in October, allowing private companies that meet certain financial conditions to make bullion.