Draft Decree 24 will abolish the State monopoly on gold bar production. Photo: VnE
Recently, the State Bank has announced the Draft Decree amending and supplementing a number of articles of Decree No. 24/2012/ND-CP. The draft is designed to update concepts, expand the scope of regulation, tighten licensing conditions and enhance supervision of activities related to gold bars, raw gold and gold jewelry.
structure, the scope of regulation is supplemented with the production of gold bars, which is expected to eliminate the State monopoly on the production of gold bars. The scope of regulation includes: production, processing, and trading of gold jewelry and fine arts; production, purchase and sale of gold bars; gold import and export; other gold business activities such as gold account transactions and gold derivatives.
The concept of gold bars is also more clearly defined as gold products stamped into pieces, stamped with letters and numbers showing the weight, quality, and code of the enterprise or credit institution licensed by the State Bank to produce, including gold bars directly organized by the State Bank.
In particular, one of the issues that received attention in the draft is the addition of Article 11a, which stipulates strict conditions for being licensed to produce gold bars.
specifically, enterprises must have a gold bar trading license, a minimum charter capital of VND 1,000 billion, not be subject to administrative sanctions (or have remedied the consequences), and have a clear internal production process.
For credit institutions, in addition to the gold bar trading license, the charter capital requirement is from 50,000 billion VND or more and meets the same conditions as enterprises. The State Bank will specify the procedures and documents for granting licenses to produce gold bars...
After more than a decade of application, the amendment and supplementation of Decree 24/2012/ND-CP has become urgent to overcome some concerns in the market, the difference between domestic gold prices and world gold prices as well as promote transparency and healthy competition in the gold market. However, besides the positive points and comments on the draft decree, some opinions say that the regulations on the conditions for trading in gold bars are not really suitable.
In a document providing comments on the draft Decree amending and supplementing a number of articles of Decree 24/2012/ND-CP on the management of gold trading activities recently, citing feedback from businesses, the Vietnam Federation of Commerce and Industry (VCCI) expressed that the regulation requiring a minimum charter capital of VND1,000 billion or more for businesses is too strict, will eliminate most businesses from the ability to participate in the market... limiting competitiveness, not expanding supply sources, thereby affecting the rights and choices of the people.
The Vietnam Gold Trading Association (VGTA) also proposed to abolish regulations such as: "enterprises must have a license to trade in gold bars" and "minimum charter capital of 1,000 billion VND" to be licensed to produce gold bars.
According to VGTA, only about three businesses currently meet this capital criterion, which invisibly maintains a monopoly on the production and supply of gold bars - contrary to the market expansion spirit of the new policy.
Instead of the regulations as proposed in the draft, VGTA recommends that the management agency should base on actual production capacity (facilities, techniques), business efficiency, brand reputation and practical capital needs. Experience from SJC shows that an investment level of about VND500 billion is appropriate to build a systematic gold bar production system.
Previously, at the meeting with the Central Policy and Strategy Committee on May 28, 2025, General Secretary To Lam requested to shift from administrative thinking to disciplined market thinking, from "tightening to control" to "opening to management"; it is imperative to thoroughly understand and eliminate the thinking of "if you can't manage, then ban"; At the same time, it is necessary to make the gold market operate in accordance with market principles, under State management.
“Ensure the principle of respecting ownership rights, property rights, and freedom of business of people and enterprises; ensure transparency in the market. At the same time, it is necessary to identify people's gold storage as a form of savings and investment, a legitimate need, which needs to be respected, and approach the development of appropriate management mechanisms and policies based on this viewpoint,” the General Secretary requested.
It is known that, in the face of the limitations of the gold market, in the recent Official Dispatch No. 104/CD-TTg dated July 6, 2025 on enhancing the effectiveness of monetary policy management, fiscal policy and organizing the preliminary review of the work in the first 6 months of 2025, the Prime Minister requested to strengthen appropriate, timely and effective gold market management measures; urgently submitted to the Government a Decree amending Decree No. 24/2012/ND-CP on management of gold trading activities before July 15, 2025.
PV
Source: https://baohaiphongplus.vn/chot-thoi-han-trinh-chinh-phu-sua-doi-nghi-dinh-24-bo-doc-quyen-vang-mieng-415874.html
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