Vietnam Opens Up Gold Market in ‘Pivotal Shift’ as Monopoly Ends

Vietnam is opening up its gold market, ending a state monopoly on imports and exports of raw bullion as well as producing bars, in a move that may boost supply and narrow a gap between local and global prices.

“This marks a pivotal shift,” Pham Luu Hung, chief economist at SSI Securities Corp., said in a note. It’s a move from a state-controlled model to a regulated, competitive market aimed at enhancing transparency and efficiency, Hung said.

Under a decree, companies and commercial banks that have central-bank approval can produce gold bars, according to a government statement. The State ...