【Vietnam's soaring gold prices trigger smuggling and foreign exchange problems】 On April 7th, stable gold market has become an urgent issue in Vietnam, as smugglers take advantage of the local gold price increase to profit, leading to distortion and weakness in the Vietnamese dong exchange rate, thereby damaging the Vietnamese economy. Data from the World Gold Council shows that Vietnam's gold imports were 55.5 tons last year, and 39.8 tons in 2020. Individuals familiar with the Vietnamese gold market and its regulatory requirements have stated that these increases are mainly done through illegal channels, as Vietnam has strict regulations on gold imports. The increase in gold smuggling activities is due to the lack of official supply and an increase in demand for safe havens in times of economic downturn. This has put pressure on the Vietnamese dong, as smugglers need to buy US dollars on the black market to pay for this commodity. Last Friday, the Vietnamese dong closed at 1 US dollar to 24962 Vietnamese dong in Hanoi, close to historic lows. It has already dropped 2.9% since the beginning of this year.