Regulations for payment by bank transfer
The draft requires that all gold transactions of VND20 million or more per day by a customer must be made through a payment account between the customer and the gold trading enterprise at a commercial bank or foreign bank branch.
With the current price of SJC gold bars at around 12.15 million VND/tael, this regulation applies to transactions of nearly 2 taels of gold or more.
The goal is to increase transparency and verify customer information. The Ministry of Public Security proposed to clarify whether this regulation applies to each transaction or the total transaction value of the day to avoid circumvention of the law by dividing transactions. The State Bank has adjusted and determined that VND20 million is the total transaction value of a customer in a day.
People expressed concerns about how to apply it. Mr. Bui Khanh Duy ( Hanoi ) asked: "If I buy 10 million VND of gold in cash in the morning and buy another 12 million VND in the afternoon, do I have to transfer the money in the afternoon, and do I need to return the money in the morning by transfer?" The State Bank of Vietnam said it will continue to clarify specific situations to ensure feasibility.
Eliminate monopoly on gold bar production
The draft proposes to remove the State Bank's monopoly on gold bar production, allowing qualified businesses and commercial banks to participate in production, in addition to the SJC brand.
Conditions include a minimum charter capital of VND1,000 billion for enterprises and VND50,000 billion for banks, along with the requirement of not violating or having remedied violations related to gold trading.
The State Bank will also issue annual quotas and one-time licenses for the import and export of gold bars and raw gold. Enterprises are allowed to import gold to produce gold bars, fine art jewelry and resell raw materials to licensed entities.
This regulation aims to increase competition, diversify supply sources and reduce the difference in gold prices between brands.
Strengthening gold import management
To support the production of gold jewelry, the draft allows large enterprises and commercial banks to import raw gold under license.
The State Bank believes that this model, similar to the Chinese gold market (licensed to 13 commercial banks), will ensure competition and transparency.
However, some businesses and associations believe that the charter capital requirement of VND1,000 billion is too high, which could limit the participation of many businesses and reduce competitiveness.
In addition, the regulation on controlling gold imports through many levels may increase administrative procedures and sub-licenses, causing difficulties for businesses. The State Bank of Vietnam is finalizing the draft to submit to the Government before the deadline of July 15, 2025, as requested by the Prime Minister .
The draft amendment to Decree 24 of the State Bank aims to make gold transactions transparent, remove the monopoly on gold bar production and strengthen import management.
However, new regulations, especially on transfer payments and market participation conditions, need to be clarified to avoid causing difficulties for people and businesses.
The State Bank of Vietnam is committed to receiving comments to ensure policies are consistent with reality, promoting sustainable development of the gold market.
Source: https://baonghean.vn/bat-buoc-mua-tu-2-chi-vang-tro-len-phai-chuyen-khoan-10302275.html
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