Singapore Bullion Market Association https://sbma.org.sg/ Singapore Bullion Market Association Wed, 01 Apr 2026 08:20:52 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://sbma.org.sg/wp-content/uploads/2016/11/cropped-site-identity-logo-32x32.jpg Singapore Bullion Market Association https://sbma.org.sg/ 32 32 SBMA WELCOME LE FREEPORT MANAGEMENT PTE LTD AS NEW LOCAL ASSOCIATE MEMBER https://sbma.org.sg/activities/sbma-newsroom/sbma-welcome-le-freeport-management-pte-ltd-as-new-local-associate-member/ Wed, 01 Apr 2026 04:39:08 +0000 https://sbma.org.sg/?p=47826 Past Event SBMA WELCOME LE FREEPORT MANAGEMENT PTE LTD AS NEW LOCAL ASSOCIATE MEMBER SBMA is proud to welcome Le Freeport Management Pte Ltd as one of our new Local Associate Member for Q1 2026! This marks an exciting milestone for the Association, as Le Freeport joins us as our first storage member. The membership…

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SBMA WELCOME LE FREEPORT MANAGEMENT PTE LTD AS NEW LOCAL ASSOCIATE MEMBER

SBMA is proud to welcome Le Freeport Management Pte Ltd as one of our new Local Associate Member for Q1 2026!

This marks an exciting milestone for the Association, as Le Freeport joins us as our first storage member. The membership certificate presentation was led by SBMA Honorary Treasurer, Andrew Clarke, and our Executive Director – Head of Operations, Margaret Wong.

Related: SBMA Corporate Membership List 

Prior to the membership certificate presentation, SBMA Secretariat also met up with our three logistics members at Le Freeport.

SBMA with representatives from the three logistics companies - Brink’s, Loomis and Malca-Amit.

As our membership base continues to grow, SBMA would also like to remind the public that SBMA does not engage in, support, promote, or endorse any marketing or product advertising activities conducted by its members, including those carried out by related third parties or affiliates, whether directly or indirectly.

Members of the public are strongly advised to exercise due diligence and independently verify all relevant information before participating in any investment-related activities. For further enquiries, please contact the SBMA Secretariat.

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]]> SINGAPORE SETS OUT KEY FOCUS AREAS TO DEVELOP SINGAPORE AS A GOLD TRADING CENTRE https://sbma.org.sg/activities/sbma-newsroom/singapore-sets-out-key-focus-areas-to-develop-singapore-as-a-gold-trading-centre/ Wed, 01 Apr 2026 04:36:48 +0000 https://sbma.org.sg/?p=47820 Past Event SINGAPORE SETS OUT KEY FOCUS AREAS TO DEVELOP SINGAPORE AS A GOLD TRADING CENTRE Singapore plans to strengthen its gold ecosystem as investor interest grows, according to joint release by Monetary Authority of Singapore (MAS) and Singapore Bullion Market Association yesterday (27 March 2026). Press Release: Singapore Sets out Key Focus Areas to Develop…

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SINGAPORE SETS OUT KEY FOCUS AREAS TO DEVELOP SINGAPORE AS A GOLD TRADING CENTRE

Singapore plans to strengthen its gold ecosystem as investor interest grows, according to joint release by Monetary Authority of Singapore (MAS) and Singapore Bullion Market Association yesterday (27 March 2026). 

Press Release: Singapore Sets out Key Focus Areas to Develop Singapore as a Gold Trading Centre

SBMA Management Committee (Nov 2025 – Nov 2027)

The focus will be on improving storage and transport infrastructure, offering vaulting services to foreign institutions, expanding gold-related financial products, and building a secure clearing and settlement system for gold trading.

Watch Channel News Asia (CNA) Report: Singapore unveils plan to become gold trading hub, build stronger ecosystem

The progress we are making would not be possible without the unwavering dedication of our SBMA Management Committee. They are the stalwart partners driving our ecosystem forward. Thank you to the committee for your continued leadership!

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]]> SBMA MEMBERS NETWORKING EVENT https://sbma.org.sg/activities/sbma-newsroom/sbma-members-networking-event/ Wed, 01 Apr 2026 04:32:11 +0000 https://sbma.org.sg/?p=47813 Past Event SBMA MEMBERS NETWORKING EVENT What a fantastic evening! A huge thank you to the more than 70 members and invited guests who joined us last Friday, March 27th, for our bi-annual SBMA Members’ Networking Event.Albert Cheng, our CEO shared the positive news jointly outlined by the Monetary Authority of Singapore (MAS) and the…

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SBMA MEMBERS NETWORKING EVENT

What a fantastic evening! A huge thank you to the more than 70 members and invited guests who joined us last Friday, March 27th, for our bi-annual SBMA Members’ Networking Event.

Albert Cheng, our CEO shared the positive news jointly outlined by the Monetary Authority of Singapore (MAS) and the Singapore Bullion Market Association, which is a result of extensive consultations with industry players under a dedicated working group formed in January.

Press Release: Singapore Sets out Key Focus Areas to Develop Singapore as a Gold Trading Centre

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This development marks an important milestone for our industry, and it would not have been possible without the strong support, insights, and collaboration from our members. Albert took the opportunity to express his sincere appreciation to everyone for their continued engagement and contributions.

Albert added that this is a long-term initiative and members’ support and engagement will remain critical as we collectively shape and advance this effort for the benefit of the broader ecosystem.

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During the event, SBMA Chairman KL YAP also shared the encouraging news that the Association has reached an important milestone of 90 corporate members. This achievement reflects the growing interest and active participation within Singapore’s precious metals ecosystem, and underscores SBMA’s continued role in supporting Singapore’s position as a global bullion hub.

We extend a warm welcome to our new members, and to all our members, we sincerely thank you for your continued support and partnership.

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]]> SBMA SECRETARIAT AT THE 2026 SINGAPORE INTERNATIONAL COIN FAIR https://sbma.org.sg/activities/sbma-newsroom/sbma-secretariat-at-the-2026-singapore-international-coin-fair/ Mon, 23 Mar 2026 02:15:18 +0000 https://sbma.org.sg/?p=47737 Past Event SBMA SECRETARIAT AT THE 2026 SINGAPORE INTERNATIONAL COIN FAIR The SBMA secretariat visited our Local Member, The Singapore Mint, at the 2026 Singapore International Coin Fair today! This is our first close encounter of their Singapore Lion Bullion™ gold coin and checking out the range of products exhibited at their booth. Related: Singapore Mint…

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SBMA SECRETARIAT AT THE 2026 SINGAPORE INTERNATIONAL COIN FAIR

The SBMA secretariat visited our Local Member, The Singapore Mint, at the 2026 Singapore International Coin Fair today!

singapore bullion market association

This is our first close encounter of their Singapore Lion Bullion™ gold coin and checking out the range of products exhibited at their booth. 

Related: Singapore Mint launches investment-grade Lion Bullion bars as gold prices climb to new high

singapore bullion market association Lion bullion coin

Special thanks to Catherina Ler, Mint Director at The Singapore Mint, and Tay Hwee Ping, Head, Programme Management at The Singapore Mint, for the warm hospitality and for taking the time to show us around.

Singapore Precision Industries Pte Ltd, The Singapore Mint at 2026 Singapore International Coin Fair

Wishing the team a successful exhibition this weekend. Look forward to connecting again soon!

 

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]]> SBMA WARMLY WELCOMES ABAXX SINGAPORE PTE. LTD. AS ONE OF OUR NEWEST LOCAL ASSOCIATE MEMBER https://sbma.org.sg/activities/sbma-newsroom/sbma-warmly-welcomes-abaxx-singapore-pte-ltd-as-one-of-our-newest-local-associate-member/ Wed, 18 Mar 2026 02:17:21 +0000 https://sbma.org.sg/?p=47695 Past Event SBMA WARMLY WELCOMES ABAXX SINGAPORE PTE. LTD. AS ONE OF OUR NEWEST LOCAL ASSOCIATE MEMBER SBMA is pleased to welcome Abaxx Exchange as a new Local Associate Member of the Association!Read Abaxx Press Release here. Their newly launched Abaxx Gold Singapore Futures Contract is bringing exciting developments to Asia’s gold market. As our…

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SBMA WARMLY WELCOMES ABAXX SINGAPORE PTE. LTD. AS ONE OF OUR NEWEST LOCAL ASSOCIATE MEMBER

SBMA is pleased to welcome Abaxx Exchange as a new Local Associate Member of the Association!

Read Abaxx Press Release here.

Their newly launched Abaxx Gold Singapore Futures Contract is bringing exciting developments to Asia’s gold market. As our CEO, Mr. Albert Cheng, notes:

“More than simply listing another futures contract, it seeks to establish a Singapore-based, kilobar-native, physically deliverable benchmark… This integrated approach has the potential to strengthen hedging efficiency and further connect physical and derivatives markets within the Asian time zone.”

We look forward to working closely together to support the continued growth and international standing of Singapore’s bullion market. Welcome to the Association!

More links:

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]]> WELCOMING EIGHT NEW ASSOCIATE MEMBERS TO SBMA IN Q1 2026 https://sbma.org.sg/activities/sbma-newsroom/welcoming-eight-new-associate-members-to-sbma-in-q1-2026/ Tue, 10 Mar 2026 09:24:18 +0000 https://sbma.org.sg/?p=47655 Past Event Welcoming Eight New Associate Members to SBMA in Q1 2026 In the first quarter of 2026, SBMA welcomed eight new member companies, bringing our total membership to 90 corporate members as of March 2026. This includes 4 Category 1 Members, 50 Local Associate Members, 33 Foreign Associate Members, and 3 Affiliate Members. The…

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Welcoming Eight New Associate Members to SBMA in Q1 2026

In the first quarter of 2026, SBMA welcomed eight new member companies, bringing our total membership to 90 corporate members as of March 2026. This includes 4 Category 1 Members, 50 Local Associate Members, 33 Foreign Associate Members, and 3 Affiliate Members.

New Singapore Bullion Market Association SBMA members in Q1 2026

The continued growth of our membership reflects the strengthening of Singapore’s precious metals ecosystem and reinforces SBMA’s pivotal role in supporting Singapore’s development as a global bullion hub.

We look forward to working closely with all our members to foster innovation, uphold market integrity, and support the long-term growth of Singapore’s bullion market.

Related: SBMA Corporate Members

As our membership base continues to grow, SBMA would also like to remind the public that SBMA does not engage in, support, promote, or endorse any marketing or product advertising activities conducted by its members, including those carried out by related third parties or affiliates, whether directly or indirectly.

Members of the public are strongly advised to exercise due diligence and independently verify all relevant information before participating in any investment-related activities.

For further enquiries, please contact the SBMA Secretariat.

Looking for Us?

Let us contact you!

SBMA Contact

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]]> SBMA MEMBER ENGAGEMENT: CLASIC BULLION JEWELLERY PTE LTD https://sbma.org.sg/activities/sbma-newsroom/sbma-member-engagement-clasic-bullion-jewellery-pte-ltd/ Wed, 04 Mar 2026 02:20:26 +0000 https://sbma.org.sg/?p=47472 Past Event SBMA Member Engagement: Clasic Bullion Jewellery Pte Ltd Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo. Last week, as part of our SBMA Members’ Engagement, the SBMA Secretariat visited our Local Associate Member, Clasic Bullion Jewellery. Thank you for hosting us and for…

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SBMA Member Engagement:
Clasic Bullion Jewellery Pte Ltd

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Last week, as part of our SBMA Members’ Engagement, the SBMA Secretariat visited our Local Associate Member, Clasic Bullion Jewellery.

Thank you for hosting us and for the tour of your retail shop. We appreciated the open and informative discussion, including the exchange of market insights and developments in Singapore and the surrounding region, as well as the sharing of your company’s aspirations and strategic plans for growth.

We are also grateful for Clasic Bullion’s active participation in SBMA activities since joining in 2025. Thank you for your continued support, and we look forward to deeper collaboration and more engagement in the years ahead.

For more info about the SBMA Members’ Engagement Initiatives, visit Members Spotlight.

Related:

SBMA would like to remind all business partners, associates, and stakeholders that only companies listed on the official SBMA website are recognised members.

View the official list of SBMA members here.

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]]> SBMA NEWS https://sbma.org.sg/media-centre/publication/crucible/crucible-37/sbma-news-37/ Tue, 03 Mar 2026 09:22:13 +0000 https://sbma.org.sg/?p=47437 Navigate Article List China’s VAT Reform and Its Implications for the Gold MarketBy RAY JIA, Head of Research (Asia Pacific, ex-India) and Deputy Head of Trade Engagement (China), World Gold CouncilPlatinum Group Metals: A New Era for ChinaBy WEIBIN DENG, Regional Head of Asia Pacific, World Platinum Investment CouncilIndia’s Precious Metals Reset in 2025: Policy…

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Article List

Article List

SBMA News

By SBMA

As we move through 2026, the Year of the Horse, we are reminded of the qualities this symbol embodies: courage, progress, and determination. Just as the horse gallops forward with strength and focus, SBMA too must harness this momentum to propel our strategic initiatives, deepen regional collaborations, and future-proof our role as a precious metals hub in the Asia-Pacific. Your partnership remains vital to these efforts, and we look forward to building on this momentum throughout 2026!
Here are highlights of SBMA’s activities from the past quarter:
January - February 2026

The SBMA Secretariat continued our ongoing member engagement initiative, meeting with FinMet Group and Clasic Bullion Jewellery Pte Ltd.

The SBMA secretariat met Pramod Mohan, Co-Founder & Director at FinMet Group.
The SBMA secretariat with Rajesh Shankar and Lalitha Srinivasan, Clasic Bullion Jewellery Pte Ltd.
January 19, 2026

We are pleased to welcome DBS Bank as our newest Local Associate Member. DBS Bank is the second Singapore-headquartered bank to join SBMA, joining a membership that includes many major international banks.

From left: Poh Chee Wei, Head of Precious Metals, Global Financial Markets; Li Zhen, Head of Foreign Exchange and Digital Assets, Global Financial Markets; Jacky Tai, Group Head of Trading & Structuring, Global Financial Markets, DBS Bank; Albert Cheng, CEO; Margaret Wong, Executive Director – Head of Operations, SBMA.
January 22, 2026

SBMA attended affiliate member Integral Software Singapore Pte Ltd’s “Integral Sunset Fiesta – Client Appreciation Night.”

The SBMA Secretariat at the event with industry friends and fellow SBMA members.
January 29, 2026

The SBMA Secretariat attended J. Rotbart & Co’s 10th anniversary celebration in Singapore. We congratulate Joshua Rotbart and the team on this milestone and wish them continued growth and success.

The SBMA Secretariat and other SBMA members at J. Rotbart & Co’s 10th anniversary celebration, with founder Joshua Rotbart.
February 9, 2026
The SBMA Secretariat attended an early Lunar New Year lunch hosted by YLG Bullion Singapore, an SBMA Management Committee member. We thank YLG Bullion Singapore for the opportunity to usher in the festive season together and celebrate our partnership.
The SBMA Secretariat with Vincent Voon, Managing Director, and Adrian Goh, Sales and Marketing Director of YLG Bullion Singapore Pte Ltd.
February 26, 2026

Following the monthly Management Committee meeting, SBMA committee members gathered to celebrate the Lunar New Year over drinks and Lo hei. We wish all our SBMA members, business associates, and friends of SBMA a prosperous, healthy, and successful Year of the Horse.

Management Committee members and friends of SBMA gathered to celebrate the Lunar New Year together.

UPCOMING EVENTS

June 14-16, 2026, Singapore

2026 Asia Pacific Precious Metals Conference (9th Edition)

The conference will be held at the Shangri-La Hotel in Singapore. Registration is now open, with early bird pricing available until 10 April 2026. For more details, visit
https://asiapacificpmc.com/.

July 6-10, 2026, Shanghai, China

Shanghai Platinum Week (SPW) 2026

For more information, visit www.shanghaiplatinumweek.com.
September 11-13, 2026, Vientiane, Laos

Lao Gold Festival

The second Lao Gold Festival will be held at the National Convention Centre in Vientiane, Laos.
Email info@laobullionbank.com for registration and event details.

Membership

This quarter, we welcomed:
  • Local Associate Corporate Members: Abaxx Singapore Pte. Ltd., DBS Bank Ltd, Deutsche Bank Aktiengesellschaft, Le Freeport Management Pte Ltd, Marex Spectron Asia Pte Ltd, Oversea-Chinese Banking Corporation Limited, and Singapore Exchange Limited.
  • Foreign Associate Corporate Member: The Hongkong and Shanghai Banking Corporation Limited
As of March 2026, SBMA’s total corporate membership now stands at 90 member companies, including 4 Category 1 members, 50 Local Associate Corporate members, 33 Foreign Associate Corporate members, and 3 Affiliate members.

Disclaimer

© 2026 Singapore Bullion Market Association

The information and articles provided in Crucible are intended to be a guide of a general nature and for information purposes only. They are not intended to be recommendations or advice of any sort and therefore must not be construed as such. While we try to ensure that the information contained in Crucible is accurate, SBMA, the article contributors and their organisations do not accept any liability for any mistakes, errors, or omissions for any loss or damage arising from any reliance thereon. SBMA, the article contributors and their organisations also disclaim all responsibility for any loss, injury, claim, liability, expense, or damage of any kind resulting from, arising out of, or in any way related to any errors in, omissions from, or reliance on any part of the information, views, or opinions expressed in this publication.

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]]> PLATINUM GROUP METALS: A NEW ERA FOR CHINA https://sbma.org.sg/media-centre/publication/crucible/crucible-37/platinum-group-metals-a-new-era-for-china/ Tue, 03 Mar 2026 08:36:41 +0000 https://sbma.org.sg/?p=47383 Navigate Article List China’s VAT Reform and Its Implications for the Gold MarketBy RAY JIA, Head of Research (Asia Pacific, ex-India) and Deputy Head of Trade Engagement (China), World Gold CouncilPlatinum Group Metals: A New Era for ChinaBy WEIBIN DENG, Regional Head of Asia Pacific, World Platinum Investment CouncilIndia’s Precious Metals Reset in 2025: Policy…

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Platinum Group Metals: A New Era for China

By WEIBIN DENG, Regional Head of Asia Pacific, World Platinum Investment Council

China leads global platinum demand, and its significance was further consolidated in late 2025 with two key developments that have elevated the impact of China’s demand on platinum’s market value globally.
The launch of platinum and palladium futures and options contracts on the Guangzhou Futures Exchange (GFEX) has given domestic industrial users and fabricators a direct, regulated tool to hedge against the metals’ price volatility. Previously, many were exposed to this price risk without an efficient hedging mechanism. This development is expected to boost consumer confidence and support demand growth, while also encouraging a more robust domestic recycling ecosystem.

China Leads Global Platinum Demand

Source: WPIC
The listing of platinum and palladium derivatives was preceded by another significant development that also heralded a step-change in China’s platinum market, paving the way for the GFEX launch. The Chinese Ministry of Finance, the General Administration of Customs, and the State Taxation Administration announced amendments to Value-Added Tax (VAT) policies, including the cancellation of the 13% VAT exemption on platinum and platinum products at the import stage, effective 1 November 2025.
While the change in VAT treatment for platinum imports could be perceived as disadvantageous to the platinum market in China, it in fact forms part of a broader set of measures aimed at levelling the playing field between imported platinum and domestic supply (from recycling or mining). Separately, gold’s VAT exemption has been removed, with the exception of gold purchased through the Shanghai Gold Exchange (SGE) for investment purposes, which may increase platinum’s relative attractiveness within jewellery markets.

GFEX’s launch of platinum and palladium contracts

Both platinum and palladium futures and options began trading on GFEX in November 2025, offering domestic participants increased ability to hedge price risk and offering financial participants an alternative mechanism to gain exposure to platinum and palladium. This should support broader liquidity and potentially improve global price discovery. It could also be advantageous across, for example, the jewellery and bullion bar supply chains, helping stabilise margins and buyback discounts, encouraging higher demand.
The most distinctive aspect of the futures contracts is the ability to take delivery of sponge as well as conventional ingot and bars – an option that is highly attractive to industrial and automotive end users.

Platinum and palladium contracts do not currently have Qualified Foreign Institutional Investor (QFII) status.

Platinum and palladium contracts do not currently have Qualified Foreign Institutional Investor (QFII) status. However, previous GFEX contracts for lithium carbonate, industrial silicon, and polysilicon have all received QFII status after initial domestic launch. For both metals, international participation may align with plans for offshore warehousing agreements, and further enhance the exchange’s liquidity.
Previously, despite being the largest consumer of PGMs globally, the semi-closed nature of the China market, combined with the one-way flow of metal on the SGE, meant that China was typically a price taker, with only its varying levels of imports impacting international price discovery. Listing platinum futures in China, with the potential for international participation, increases the influence of China’s future demand expectations on global price discovery. Since launch, volumes and open interest have shown strong institutional participation, with GFEX managing initial volatility to ensure orderly trading.
Source: CITIC, Bloomberg and WPIC
GFEX has indicated that it will begin disclosing exchange stocks (warrants) that back margin requirements in the second quarter of 2026. There may be a demand uplift from an initial accumulation of warrant-related exchange stocks; however, WPIC’s supply and demand forecast for 2026 does not currently capture any investment demand increase from GFEX. Even without considering the potential upside from GFEX’s platinum and palladium futures, physical bar and coin investment demand in China is expected to grow for the seventh consecutive year in 2026, by 8% to reach 453 koz.

VAT policy change

Prior to the change, platinum imported through one particular Chinese state-owned company had a VAT exemption which allowed for instant VAT refunds for platinum purchased on the SGE. This exemption has now been cancelled, and the revised tax policy is expected to increase the cost of platinum sold via the SGE and align it with the over-the-counter (OTC) market, thereby levelling the playing field between competing markets and increasing competition. It was also a prerequisite for the launch of the contracts on GFEX.

Chinese platinum demand has historically been price sensitive and is likely to soften on higher costs, potentially dampening short-term demand whilst consumers normalise to new price levels that include VAT.

The change has put upward pressure on SGE’s platinum quotes. Chinese platinum demand has historically been price sensitive and is likely to soften on higher costs, potentially dampening short-term demand whilst consumers normalise to new price levels that include VAT.
Beyond fundamentals, the policy change may result in the approximately 3% levy currently on SGE sales receding, since primary sales are no longer VAT-advantaged relative to secondary sales. We expect that the SGE will accept delivery of platinum from other sellers under 13% VAT in the future, improving two-way spot market liquidity in China. Two-way SGE trade, OTC parity and the recent listing of futures should help liquidity and lower buyback discounts, further enhancing market efficiency.

The Removal of the VAT Exemption on SGE Platinum Sales From 1 November 2025 Caused SGE Prices to Broadly Align With OTC Prices

Source: SPW, Bloomberg, WPIC research. OTC indices refer to Rong Tong Gold data prior to 25 Nov 2025 and Bai De Jin data from 6 Dec 2025; VAT is 13% in China

Impact on recycling

Both the new platinum futures and options and the VAT reform are expected to positively impact PGM recycling in China.
From a futures and options contract perspective, recyclers now can lock in future selling prices, enabling better scrap purchasing decisions and more margin stability. Further, recyclers are no longer disadvantaged by selling PGMs on OTC markets, with tax treatment now aligning SGE and OTC prices in China.

Bar and coin investment demand growth

Amidst these changes, China – the single largest consumer of platinum globally and an underdeveloped market for platinum investment prior to 2019 – has grown to be the number one market for platinum bar and coin investment, accounting for an estimated 80% of total platinum bar and coin demand in 2025 (including platinum investment bars equal to or greater than 500 g). This leading position is forecast to be maintained in 2026, albeit with a reduced market share of 64%, as other markets are expected to strengthen.

China Has Grown to Become the Largest Single Market for Platinum Bar and Coin Investment Demand

Source: WPIC, Metals Focus
China Emerges as a Key Pillar of the Global PGM Market: Highlights from Shanghai Platinum Week 2025
WEIBIN DENG joined WPIC in 2017 and has played a pivotal role in establishing and growing the physical platinum investment market in China, expanding it from scratch to over 300 Koz in 2025. He has also been instrumental in creating and co-hosting the annual Shanghai Platinum Week. Prior to joining WPIC, Weibin gained extensive experience in commodity trading, investment, operations, and risk management while working with global banks in New York and Singapore.
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]]> VIETNAM CHARTS PATH TOWARD NATIONAL GOLD EXCHANGE: REGIONAL EXPERTS CONTRIBUTE TO POLICY DEVELOPMENT https://sbma.org.sg/media-centre/publication/crucible/crucible-37/vietnam-charts-path-toward-national-gold-exchange-regional-experts-contribute-to-policy-development/ Tue, 03 Mar 2026 08:01:10 +0000 https://sbma.org.sg/?p=47353 Navigate Article List China’s VAT Reform and Its Implications for the Gold MarketBy RAY JIA, Head of Research (Asia Pacific, ex-India) and Deputy Head of Trade Engagement (China), World Gold CouncilPlatinum Group Metals: A New Era for ChinaBy WEIBIN DENG, Regional Head of Asia Pacific, World Platinum Investment CouncilIndia’s Precious Metals Reset in 2025: Policy…

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Vietnam Charts Path Toward National Gold Exchange: Regional Experts Contribute to Policy Development

By HUYNH TRUNG KHANH, Vice-Chairman, Vietnam Gold Trading Association

On December 11, the Vietnam Gold Trading Association (VGTA), World Gold Council, and Singapore Bullion Market Association (SBMA) jointly convened a seminar in Hanoi addressing the development of Vietnam’s gold jewellery industry and the establishment of a national gold exchange.
The event brought together over 60 delegates from key governmental agencies, industry associations, and regional market experts to explore pathways for modernizing Vietnam’s gold market infrastructure.
The seminar drew significant official representation, including Đào Xuân Tuấn, General Director of the State Bank of Vietnam (SBV) Forex Department; officials from the Ministry of Industry and Trade, the Ministry of Finance; Shaokai Fan, Global Head of Central Banks & Head of Asia-Pacific (ex-China) at the World Gold Council, and committee members from both VGTA and SBMA.
This engagement reflects growing recognition that Vietnam’s gold market, characterised by surging retail investment demand over the past two years, requires institutional infrastructure commensurate with its scale and economic significance.

Case for a National Exchange

In his opening remarks, VGTA chairman Dinh Nho Bang noted that the developments in the global precious metals market have, once again, reaffirmed gold’s historical role as a preferred safe haven during periods of geopolitical and economic uncertainty. In Vietnam, gold retail investment demand among individual and institutional investors has surged over the past two years, despite domestic gold prices repeatedly reaching new highs, he noted.
Bang emphasised that international experience consistently demonstrates the importance of efficiently operated gold exchanges in developing healthy domestic gold markets, contributing to the broader development of financial markets and the economy as a whole. This is even more important in periods when gold trading becomes highly active, as is currently the case, he observed.
However, Vietnam still does not have a national gold exchange. “This has long been a major concern for the VGTA and other small businesses in the sector”, he said, adding that establishing, managing, and operating a gold exchange in an effective and transparent manner would generate significant benefits for the public, investors, enterprises, and the economy.
In reality, most of the world’s leading gold jewellery exporting countries operate national gold exchanges, such as China, India, and Turkey. Through the effective functioning of these exchanges, these countries are able to secure a stable supply of raw gold for jewellery manufacturing, create substantial employment, generate large foreign-exchange earnings, and make positive contributions to economic growth.
“Therefore, establishing a national gold exchange is a legitimate aspiration of Vietnamese gold businesses, particularly as many enterprises have already invested heavily in infrastructure, machinery, and human resources to expand jewellery production for export, while raw material supply remains unstable and insufficient,” Bang stated.

International Perspectives on Market Development

The seminar featured case studies from established precious metals markets, including Singapore, India, Turkey, Shanghai, and Hong Kong, enabling Vietnamese stakeholders to select, adapt, and apply strategies suitable for domestic adaptation.
Albert Cheng, CEO of SBMA, saw the strong potential for cooperation between the two associations, both in policy implementation and market development, as Vietnam strengthens its position as a key gold market in the region.
Drawing from Singapore’s experience, he noted that Singapore followed and adapted Switzerland’s model rather than copying it outright. “By 2030, Singapore aims to promote the development of a modern, open OTC gold market supported by high-standard storage infrastructure and, in the future, custody services for central banks. Its long-term goal is to position Singapore as Asia’s alternative hub on par with London and Zurich in the global gold market,” he said.
Cheng outlined factors that have attracted gold trading operations to Singapore: elimination of Goods and Services Tax (GST) on investment precious metals; tax benefits for refiners, including GST suspension mechanisms for eligible imported shipments; strong government support; and an open economy with one of the world’s major financial systems.
Cheng also acknowledged Vietnam’s recent regulatory progress, including Decree No.232/2025/ND-CP, revising gold market management rules; Circular No.34/2025/TT-NHNN, providing detailed implementation guidance; and planning for a national gold exchange or equivalent mechanism.

Regulatory Evolution and Market Integration

SBMA Chairman KL Yap and Vice-Chairman Vinh Nguyen provided additional perspective on Vietnam’s regulatory trajectory. They observed that Vietnam’s gold market has historically lacked strong integration with global markets, with domestic prices often diverging significantly from international benchmarks. The new regulations, coming after more than 10 years, are expected to narrow the gap between domestic and international gold prices, establish pricing mechanisms more aligned with global markets, and move Vietnam closer to international standards. This will enable both domestic and international participants to engage more actively in Vietnam’s gold market, Vinh said.
He emphasised that exchange establishment represents an initial step requiring supporting regulatory measures: “The goal is to ensure price transparency for all market participants, while the government continues to manage and regulate the gold market step by step. Opening a gold exchange is only the first step; additional regulatory measures will be needed”.
Regarding the establishment of a national gold exchange or further opening of the domestic gold market, the World Gold Council’s Fan highlighted critical considerations: “It is essential to address several fundamental questions. And another major challenge is ensuring that gold market activities do not disrupt key macroeconomic indicators, such as exchange rates or the balance of payments”.

Government Commitment and Timeline

In concluding remarks, the SBV’s Tuấn outlined the government’s policy direction, including the abolition of the monopoly on gold tael bar production, allocation of gold import quotas to major commercial banks and gold enterprises, and liberalisation of gold jewellery manufacturing and trading as unconditional business sector. Tuấn also revealed that the SBV is currently drafting a Vietnamese gold exchange model based on the Shanghai Gold Exchange framework, to be presented to the government for ratification before promulgation of enabling legislation in the first quarter of 2026.
On the sidelines of the seminar, a joint delegation from the SBMA, VGTA and WGC, led by Albert Cheng, met with SBV Deputy Governor Pham Quang Dzung at the SBV headquarters on December 10. The Deputy Governor expressed appreciation for the technical assistance and support provided by international experts in developing the national gold exchange framework, while noting opportunities for expanded business cooperation between SBMA and VGTA members.
Singapore Bullion Market Association VGTA Driving Growth and Connection in Vietnam’s Gold Market
HUYNH TRUNG KHANH, has more than 25 years of experience in the Vietnamese gold industry, first working for the World Gold Council (Asia) as Vietnam Country Manager before setting up his own gold consultancy business (VGC) in 2003 providing brokering and consultancy services to Saigon Jewellery Company (SJC), PhuNhuan Jewellery Joint-Stock Company (PNJ), Standard Bank Plc, StoneX and World Gold Council.
As a founding member of the Vietnam Gold Traders Association (VGTA), since 1998, Khanh has actively participated in the deregulation of the Vietnam gold market as Vice Chairman of VGTA, heading the External Relations Department of its Executive Committee.
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