State monopoly on gold bar production ends after 13 years
VOV.VN - Vietnam has officially apolished the State’s 13-year monopoly on gold bar production, allowing qualified banks and enterprises to engage in the business under a new decree effective from October 10.
The change is stipulated in Government Decree No. 232/2025, which amends Decree No. 24/2012 on gold trading management. The new regulation authorizes the State Bank of Vietnam (SBV) to license eligible insituttions to import and produce gold bars, replacing the previous state-exclusive mechanism.
To qualify, enterprises must already hold gold trading licenses and meet capital requirements of at least VND1 trillion, while banks must have a minimum charter capital of VND50 trillion.
According to initial assessments, eight banks, including Agribank, BIDV, MB, Techcombank, VPBank, Vietcombank, and VietinBank, along with three major firms, PNJ, DOJI, and SJC, currently meet these criteria.
The SBV Governor will set out detailed licensing procedures to ensure only organizations with sufficient experience, financial strength, and regulatory compliance are authorized to produce gold bars.
Licensed producers must disclose product standards, purity levels, and warranty policies; maintain full records on materials and production; and link their data systems with the SBV for supervision. Gold trading entities are required to post buying and selling prices publicly, ensure transaction security, and store customer data, including identification, tax codes, and transaction values for SBV access.
Transactions worth VND20 million (US$780) or more per day must be conducted via payment accounts at commercial banks or foreign bank branches in Vietnam to enhance transparency and customer verification.
Gold jewelry and fine-art manufacturers selling raw gold purchased from banks must issue e-invoices, keep complete transaction records, and connect their databases with the SBV to ensure proper supervsision.
With the new decree taking effect, several commercial banks have begun preparing gold bar trading plans, marking a new stage in Vietnam’s gold market liberalization and greater participation by private enterprises.
Gold bar prices plunge as Deputy PM orders report on market management
VOV.VN - The domestic gold market continued to fall sharply on September 12, with gold bar prices dropping by VND3.8 million per tael for buying and VND2.5 million for selling compared to the previous day.
