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Vietnam tackles gold fever with black market crackdown
By Lien Hoang
Nikkei, Tokyo
Wednesday, February 18, 2026
HO CHI MINH CITY, Vietnam -- Vietnam has introduced fines to clamp down on illicit gold in a country where the metal is so popular that locals have quoted the prices of motorbikes and homes in gold instead of dong.
People can be penalized up to 300 million dong ($11,550) for producing gold illegally under the new Decree 340, effective Feb. 9. Vietnam, the top gold market in Southeast Asia, unveiled the rules months after the communist state surrendered its monopoly on trade and production in December.
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The one-party state held exclusive control of the gold market for more than a decade. In 2012 the government introduced a regulation centralizing bullion production and trade with foreign countries through the State Bank of Vietnam. It designated the Saigon Jewelry Co. as the sole producer.
The monopoly and the high demand for gold as a safe-haven asset led to higher domestic prices than abroad.
The price of gold was already elevated internationally last year, when it was one of the best-performing assets and rose 70%.
The latest regulation also fines anyone 100 million dong for smuggling gold across borders and 20 million dong for buying bullion through unlicensed sellers. ...
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