Vietnam’s plans to loosen the state’s grip and reform the gold market will help reduce currency volatility and narrow an outsized gap between domestic and global prices, according to the nation’s gold association.
Gold often appears as a particularly attractive investment in times of uncertainty
“The policy move will better regulate the gold market, limit smuggling and help stabilise the dong,” Huynh Trung Khanh, vice chairman of the Vietnam Gold Traders Association, said in an interview in Ho Chi Minh City.
The government has outlined plans to end its monopoly on imports and exports of raw bullion, let some companies and banks obtain licenses, and allow trading on a state-run exchange. The moves come because prices in Vietnam’s existing gold market have become distorted, with the local premium over offshore prices leading to smuggling and pressure on the dong.
“The Vietnamese government is proceeding with the opening of its market in a careful and controlled manner, given that more than half of the eight approved banks are state-owned,” said Lee Liang Le, a Singapore-based analyst from Kallanish Index Services. “Nonetheless, this is welcome progress for both Vietnam and its regional counterparts, particularly the easing of restrictions on gold imports.”
The changes have been described as representing a “pivotal shift” for Vietnam, and encapsulate the country’s broader move away from state control to private enterprise.
They also come as investor and central bank demand have helped gold become one of the world’s best-performing commodities this year. But Vietnam’s prices have often run ahead of global rates, despite government efforts to reduce the difference.
The price gap surged to as much as 20 million dong ($758) per tael last month before easing to about 14 million dong, or a 10% premium to offshore prices, according to Khanh. The government aims to narrow the spread to just 2–3%, he added.
Still, investors are awaiting detailed guidelines from the central bank. The decree on gold market changes formally takes effect Oct. 10, and the central bank is preparing a circular with details.
“Some dealers see it as a good business opportunity to sell gold to Vietnam, but they are waiting for more details on rules around gold imports,” Kallanish’s Lee said.
Vietnamese authorities have said they plan to impose a personal income tax on gold trading to curb speculation in the metal. They are also weighing a requirement for gold transactions to be conducted via bank transfers, to improve market transparency.
That comes after neighbouring Thailand said it’s considering a tax on baht-denominated gold trades, amid concern at the market’s impact on the Thai currency.
Khanh said the reforms could have a broader impact than just the gold market.
“Vietnam has the skills and low labour costs to build a world-class jewellery industry,” Khanh said. “With the right policies, we could export billions of dollars’ worth of jewellery, just like our neighbouring countries, and we can import gold from the US to process and re-export to China, helping balance trade with both countries.”
Based on import licenses issued in the past, Vietnamese households could be sitting on at least 500 tons of gold, according to Khanh. With the country having seen multiple conflicts in the past century, many people hoard their gold at home, away from the banking system.
“That’s a huge volume of gold sitting idle,” he said. “Bringing it into circulation would spur business activity, curb hoarding and speculation, and ease pressure on the dong.”
Tapestry Inc reported a record first quarter revenue total of $1.7 billion for its 2026 financial year, led by double digit pro forma revenue growth at Coach, and has raised its outlook for the full fiscal year.
Tapestry Inc runs the Coach and Kate Spade brands, known for their accessories – Tapestry Inc
On November 6, the business reported a 13% year on year increase in revenue (12% in constant currency terms) in the first quarter, ending September 27, 2025. Tapestry’s gross profit totalled $1.3 billion compared to $1.1 billion in the first quarter of its 2025 fiscal year and its gross margin was at 76.3% compared to 75.3% a year prior.
“At our investor day in September, we introduced our Amplify plan– a bold vision to bring Tapestry’s iconic brands to new generations of consumers and drive durable growth,” said Tapestry Inc’s CEO Joanne Crevoiserat in a press release. “Our first quarter outperformance marked a powerful start to this next chapter. Through focused execution of our strategies, we brought creativity and craftsmanship to our customers around the world, achieving revenue and earnings increases ahead of expectations. From this position of strength, we are raising our full year outlook, reinforcing that our advantages are structural and sustainable.”
Tapestry noted that its accessories brand Coach’s pro forma revenue increased by 22% to total $1.43 billion while Kate Spade’s total came in at $260.2 million. The business saw its most positive overall brand revenue growth in Europe at 39%, followed by Greater China at 20% and North America at 18%.
During its first fiscal quarter of the year, Tapestry acquired more than 2.2 million new customers globally, noting that Gen Z consumers made up around 35% of new customers. “We remain confident in our bright future, with a proven track record and an unwavering commitment to deliver compounding growth and long-term shareholder value,” said Crevoiserat.
Kering has launched Kering Craft in China, an innovative program to support fledgling local talent, developed in tandem with Shanghai’s key designer council.
From left to right: Mr. Li Guoqing, Deputy Director of China International Import Expo Bureau; Mr. Liu Wei, Level-II Inspector of Shanghai Municipal Commission of Commerce; Mr. Nicolas Forissier, French Minister Delegate for Foreign Trade and Economic Attractiveness; Mr. Luca de Meo, Chief Executive Officer, Kering; Mr. Ji Shengjun, Director of the Shanghai Fashion Week Organizing Committee – Kering
The Kering CRAFT program’s goal is to identify promising Chinese designers hand-picked by an international jury of industry leaders and experts, in collaboration with the Shanghai Fashion Designers Association. CRAFT stands for Creative Residency for Artisanship, Fashion and Technology.
Selected talents will be chosen to participate in a cross-continental residency program spanning Milan, Paris, and Shanghai, curated by Kering. An immersive experience combining artisanship, design, and business insights, encouraging dialogue around creativity, craftsmanship, and the future of luxury, the Paris-based luxury conglomerate announced in a release.
The program is designed to empower Chinese designers to build strong brand and business capabilities, fostering the emergence of “glocal” brands. Meaning local Chinese houses with the potential to scale globally and create synergies with Kering’s Houses.
“China is one of the world’s most dynamic innovation hubs, impressing with its remarkable creativity and speed. This vibrant creative energy perfectly aligns with Kering’s vision,” said Luca de Meo, CEO of Kering.
“As we partner with Shanghai Fashion Week in this groundbreaking initiative, we are honoured to play an active role in fostering international exchange in business, culture and innovation,” added de Meo, who joined Kering in June this year.
As the world’s second largest luxury group, Kering controls six powerhouse runway brands: Gucci, Saint Laurent, Balenciaga, Bottega Veneta, Alexander McQueen, and Brioni, as well as Boucheron, Pomellato, Dodo, Qeelin, and Ginori 1735.
Kering announced the new initiative during the unveiling ceremony of the Kering Pavilion at the 8th China International Import Expo (CIIE), marking a significant step in the group’s deepening engagement with China’s fashion and creative industries.
“Guided by the philosophy of ‘integration of local and international visions’, we are proud to collaborate with Kering to nurture emerging talent in China’s fashion and creative industries,” said Ji Shengjun, Director of Shanghai Fashion Week Organizing Committee. “Together, we aim to build a platform that empowers local designers to engage globally, spark creativity, and strengthen brand-building capabilities- expanding the fashion ecosystem.”
In the past two decades, Shanghai Fashion Week has evolved from a small runway showcase to become the leading fashion week in Asia.
Kering has an estimated 6,000 staff members and more than 400 stores- almost a quarter of its global retail network- across 40 Chinese cities. Half of Kering’s stores in China were opened during the past decade. Among Kering’s top 10 cities in terms of global sales, five are located in China.
Barcelona-based fashion giant Mango reaffirms its commitment to sustainability. The business has announced a collaboration with TextileGenesis, the leading traceability platform for the textile and fashion industry, to guarantee the traceability of its natural, synthetic, and cellulosic fibres, as well as leather, from source to finished product. The alliance will enable the company to ensure a transparent and digitised value chain.
Barcelona-based Mango has announced an alliance with the traceability platform TextileGenesis. – Mango
“Achieving this level of transparency poses a significant challenge for brands like Mango, due to the complexity of their global supply chains,” explained TextileGenesis CEO Amit Gautam, stressing that the platform “makes it possible to provide verifiable, detailed information at every stage of production, helping the company to meet its sustainability goals.”
Through this new partnership, Mango aims to strengthen its commitment to circularity, addressing challenges associated with tighter regulation and rising consumer expectations regarding sustainability and ethical practices. Since an initial pilot launched in 2023, the collaboration with the Dutch platform has enabled the Barcelona-based company to digitally map more than 6,000 tonnes of sustainable fibres and 40 million finished products, involving over 1,000 supply chain stakeholders across 23 countries.
Founded in 1984 by Isak Andic, the Catalan company operates in more than 120 markets through a retail network of over 2,800 stores. In the first half of the current financial year, Mango posted turnover of €1.728 billion, up 12% on the previous year. Looking ahead, the company expects to end 2026 with €4 billion in sales and 500 additional points of sale, both domestically and internationally.
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Politics8 years ago