On April 26, 2025, the economic landscape in Vietnam saw significant fluctuations, particularly in the gold market and land rental fees, amid ongoing global economic challenges. The spot gold price on Kitco recorded a decrease, while domestic prices exhibited surprising increases, reflecting the complex interplay of local and international market forces.
At 4:55 AM, the spot gold price was reported at $3,318.47 per ounce, a drop of $16.18 or 0.49% over the past 24 hours. This decline in the global market contrasts sharply with the domestic gold scene, where prices have unexpectedly surged. By the afternoon of the same day, SJC gold bars were being bought at 119 million VND per tael and sold at 121 million VND, marking an increase of 500,000 VND from the previous day. Additionally, gold rings of SJC brand were listed at 114-116.5 million VND per tael, reflecting a rise of 1.5 million VND for buying and over 1 million VND for selling compared to the previous session.
As the global gold price continues to fluctuate, experts suggest that the precious metal remains a safe haven for investors amid geopolitical and economic instability. Fawad Razaqzada, a market analyst from City Index and FOREX.com, noted that ongoing trade tensions between the U.S. and China have historically driven up gold purchases. He stated, "Concerns about trade wars are the main driving force for previous gold purchases. Although there are signs of a cooldown, it will take more time to see clear progress, so these concerns have not completely vanished." Ryan McIntyre further emphasized that gold still has significant growth potential, especially as demand from central banks continues to support its price.
In addition to the gold market dynamics, the Vietnamese government is responding to economic pressures by proposing a 30% reduction in land rental fees for 2025. This decision was discussed during a meeting of the National Assembly Standing Committee, where all members unanimously agreed to this measure. Minister of Finance Nguyen Van Thang highlighted that the reduction aims to adapt to the current economic situation and broaden the scope of beneficiaries compared to previous policies.
Meanwhile, Vietnam's rice export figures reveal a mixed bag. From the beginning of 2025 until April 15, the country exported 2.85 million tons of rice, a 6.4% increase year-on-year. However, the average export price plummeted by 20.1%, resulting in a total export turnover of only $1.47 billion, a decrease of 14.9% compared to the previous year. Notably, exports to the Philippines, the largest market for Vietnamese rice, fell by 24.6% in the first quarter, while exports to Ivory Coast surged by 138%.
In international trade news, Canada has initiated an anti-dumping investigation into carbon steel wire imports from Vietnam. The Canada Border Services Agency (CBSA) is expected to release a statement regarding the investigation in 15 days, with a preliminary conclusion anticipated within 90 days. This investigation was prompted by a complaint from Sivaco Wire Group, a leading Canadian wire manufacturer.
In related developments, the U.S. Department of Commerce has concluded its investigation into anti-dumping and countervailing duties on solar energy batteries imported from Vietnam and several other countries. The final anti-dumping tax rate for Vietnam has been set between 52.54% and 120.38% for two mandatory companies, while nine other companies will face a tax rate of 77.12%. Companies that did not cooperate with the investigation could face a staggering tax rate of 271.28%.
As Vietnam prepares for the upcoming holidays on April 30 and May 1, officials are ensuring that fuel supplies remain stable. The Department of Domestic Market Management and Development has mandated that distributors and traders focus their resources to meet the anticipated demand during this five-day holiday, which commemorates significant historical events in Vietnam.
In the broader context of the global economy, the U.S. Dollar Index (DXY) fell by 0.56% to 99.29, reflecting investor concerns over the ongoing trade war with China. Recent statements from U.S. President Donald Trump, who softened his stance towards China and abandoned threats against the Federal Reserve Chairman Jerome Powell, initially boosted U.S. assets. However, uncertainty remains as China has indicated that no economic negotiations are currently taking place and has called for the removal of unilateral tariffs.
As the situation develops, analysts suggest that the ongoing trade tensions and economic policies will continue to shape the financial landscape in Vietnam and beyond. The interplay between domestic initiatives, such as the proposed land rent reduction, and external pressures, like international trade investigations and currency fluctuations, will be critical to watch in the coming months.
