State Bank of Vietnam Warns Vinhomes on Gold-for-Real-Estate Programs

Overview

The State Bank of Vietnam (SBV) has issued a formal statement regarding Vinhomes’ (VHM) gold-for-real-estate programs, emphasizing the need for full compliance with existing laws on monetary, credit, and gold market activities. The SBV reiterated the long-standing ban on using gold as a payment method in the economy, signaling potential regulatory risks for VHM’s promotional initiatives. VHM shares closed at VND 156,000 (-1.08%) on May 29, 2026, on the HOSE.

Key Facts

• The SBV issued a statement specifically addressing Vinhomes’ gold-for-real-estate programs.
• The SBV emphasized compliance with the Law on Credit Institutions, the Ordinance on Foreign Exchange, and Decree 24/2012/ND-CP on gold business management (as amended by Decree 232/2025/ND-CP).
• The SBV reiterated the principle that gold cannot be used as a payment method in the economy.
• The SBV stated that any programs involving gold mobilization or payment, directly or indirectly, must adhere to the legal framework.
• The SBV warned that violations will be strictly handled according to law.
• VHM shares closed at VND 156,000, down 1.08% on May 29, 2026, with a volume of 5,608,600 shares.

What Happened

On May 29, 2026, the State Bank of Vietnam released a statement addressing Vinhomes’ gold-for-real-estate programs. The central bank demanded that Vinhomes ensure full compliance with all applicable laws, particularly those related to monetary, credit, and gold market activities. The SBV highlighted that the programs must align with the Law on Credit Institutions, the Ordinance on Foreign Exchange, and Decree 24/2012/ND-CP on gold business management, as amended by Decree 232/2025/ND-CP.

The SBV also reiterated the government’s consistent policy of encouraging the mobilization of gold resources for economic development while discouraging gold hoarding and preventing the ‘goldization’ of the economy. Crucially, the central bank reaffirmed the ban on using gold as a payment method, a stance that has been maintained for years to preserve the role of the legal tender. The SBV stated that it is ready to guide and support new initiatives, provided they comply with legal requirements and do not create market risks.

Market Context

VHM shares closed at VND 156,000 on May 29, 2026, down 1.08% from the previous session, with a trading volume of 5.6 million shares. The stock has been under pressure amid regulatory uncertainty surrounding its gold-for-real-estate programs. The real estate sector in Vietnam has faced increased scrutiny from regulators, particularly regarding promotional schemes that involve alternative payment methods. The SBV’s statement adds to the regulatory headwinds for VHM, which is listed on the HOSE and is one of the largest real estate developers in Vietnam.

Strategic Significance

The SBV’s statement underscores the regulatory risks associated with innovative payment schemes in Vietnam’s real estate market. For Vinhomes, the gold-for-real-estate programs were likely designed to attract buyers amid high gold prices and a preference for gold as a store of value. However, the central bank’s reaffirmation of the ban on gold as a payment method could force VHM to restructure or abandon these programs. This development highlights the tension between market innovation and regulatory compliance in Vietnam’s evolving financial landscape. Long-term investors should monitor how VHM adapts its sales strategies to comply with SBV guidelines without losing competitive edge.

What to Watch

• VHM’s official response and any adjustments to its gold-for-real-estate programs.
• Potential fines or penalties if the SBV finds violations.
• Impact on VHM’s sales volume and revenue in the upcoming quarters.
• Any further regulatory guidance from the SBV on gold-related transactions in real estate.
• Market reaction to similar promotional schemes by other developers.