Officially abolish the State monopoly on gold bars

Buying and selling gold 20 million VND/day must transfer money

On August 26, the Government issued Decree No. 232/2025 amending and supplementing a number of articles of Decree No. 24/2012 of the Government on management of gold trading activities.

"Gold bars are gold products stamped into pieces, stamped with letters, weight and quality numbers, and marked with codes of enterprises and commercial banks licensed by the State Bank of Vietnam to produce; gold bars are produced by the State Bank in each period," the decree clearly states.

Accordingly, the newly issued Decree clearly stipulates gold trading activities, including: Production and processing of gold jewelry and fine arts; production of gold bars; buying and selling of gold bars; gold export and import activities and other gold trading activities, including gold trading on accounts and gold derivative activities...

Officially abolish the gold bar monopoly.

Notably, this is a conditional business activity and must be granted a license to produce gold bars, a business license to buy and sell gold bars, and a certificate of eligibility to produce gold jewelry and fine arts by the State Bank.

This amendment clearly stipulates that payments for buying and selling gold worth VND20 million or more per day by a customer must be made through the customer's payment account and the payment account of the gold trading enterprise opened at a commercial bank or foreign bank branch.

When selling raw gold purchased from enterprises, commercial banks must create and use electronic invoices in accordance with the provisions of law; fully and accurately store data on raw gold sales transactions; and connect to provide information to the State Bank in accordance with the regulations of the Governor of the State Bank.

Abolish the monopoly on gold bars

Regarding gold import and export, the new decree clearly states that, based on monetary policy goals and gold supply and demand in each period, the State Bank will grant licenses to import and export raw gold to enterprises according to regulations.

The State Bank's activities of exporting and importing raw gold are exempt from export and import taxes according to the Prime Minister 's decision.

The newly issued Decree also amends and supplements Article 20 of Decree 24 in the direction that: Enterprises and commercial banks operating in gold trading must report on the production, purchase and sale of gold jewelry and fine arts.

In particular, the new Decree also abolishes the provision that "the State has a monopoly on the production of gold bars, the export of raw gold and the import of raw gold to produce gold bars.

The Decree assigns the Governor of the State Bank the responsibility to guide and organize the implementation of this Decree.

Only those with charter capital of 1,000 billion VND or more are licensed.

Enterprises are considered by the State Bank for granting licenses to produce gold bars when they meet the following conditions: Having a business license to buy and sell gold bars; having a charter capital of VND 1,000 billion or more; not being administratively sanctioned for violations in gold trading activities or being administratively sanctioned for violations in gold trading activities but having completed remedial measures according to the decision on administrative sanctions, recommendations with implementation deadlines in the Inspection and Examination Conclusion of competent state agencies (if any); having internal regulations on gold bar production including basic contents such as raw material import process; gold bar production process; production supervision process; product quality control process.

The State Bank will consider granting a gold bar production license to a commercial bank if it meets the following conditions: It has a gold bar trading license; it has a charter capital of VND50,000 billion or more. In addition, the bank must not have been administratively sanctioned for gold trading activities and must have internal regulations similar to those of the above-mentioned enterprises.

Source: https://baonghean.vn/chinh-thuc-bai-bo-quy-dinh-nha-nuoc-doc-quyen-vang-mieng-10305317.html