Vietnamese legislators are raising alarm bells. The government's monopoly on gold has driven its price significantly above the global rate, causing a notable supply shortage. A staggering gap is evident between Saigon Jewelry Company (SJC) gold prices and international rates.

Since 2012, the entire oversight of gold manufacturing and management has rested with the State Bank of Vietnam (SBV). The result? SJC gold remains the only acknowledged brand in the Vietnamese market. Though initially aiming to stabilize gold and currency rates, a tael of gold in Vietnam now costs a staggering VND14.5 million ($590.63) more than its global counterpart.

Legislators, including National Assembly member Nguyen Thi Yen, emphasize the necessity for revamped regulations, permitting businesses to both import and manufacture gold. A synchronized legal framework linking Vietnam’s gold market with global markets is a pivotal need. Yen's recommendation? "Vietnam needs a national gold trading exchange and the issuance of gold bonds (!!) to ensure transparency." Vietnam seems to be leading the way to put gold on the yield curve again - a role model for Central Banks and states drowning in debt.

This growing divergence between national and global rates calls for immediate action. It's time to reevaluate and recalibrate for a more synchronized, transparent gold market in Vietnam to integrate the coming bonds into the international capital markets.