New proposal regarding gold bars

The State Bank of Vietnam (SBV) is currently seeking comments on a draft circular amending and supplementing a number of articles of Circular 17/2014/TT-NHNN related to regulations on classification, packaging and delivery of precious metals and gemstones. Since the beginning of the consultation, the document has received much attention from commercial banks because it is directly related to the management and preservation of gold bars - a valuable and sensitive asset.

In the summary of comments published by the State Bank, BIDV proposed to add regulations on packaging and sealing of precious metals, gemstones, gold bars and raw gold; proposed to add content allowing the application of QR code technology in packaging and sealing to facilitate management, counting and delivery.

With the same view of innovation, Sacombank proposed to allow gold bars to be packaged in many different types of boxes or bags such as nylon, cloth bags, wooden boxes, corrugated iron, thick plastic or stainless steel, instead of the current form limitation. The reason given is to diversify packaging means, suitable for transportation conditions and actual operations.

In addition, VietinBank and NCB also recommended adding information about "size" on the seal to facilitate inventory and tracking.

Đề xuất mới liên quan đến vàng miếng- Ảnh 2. — According to the State Bank's regulations, gold bars are gold stamped into pieces, stamped with letters, numbers indicating weight, quality...

However, in response to these proposals, the State Bank said it would maintain the provisions in the draft. The drafting agency emphasized that the circular only stipulates mandatory elements on the seal to ensure asset safety, while the application of technology or additional details will depend on the actual conditions of each unit.

The State Bank further explained: "Putting gold in soft cloth bags can easily cause impact, making the gold pieces warped and difficult to observe. Wooden or plastic boxes are at risk of termites, fire, and breakage when impacted. Therefore, the regulation on using stainless metal boxes is to ensure the most uniform and safe storage in the vault. The requirement to line the inside of the box with velvet is also to minimize scratches and warping during transportation and storage."

With the proposal to add the “size” element on the seal, the State Bank affirms that gold bars are classified by content and weight, not based on external size, so it is not necessary to add this detail.

Regarding domestic gold prices, this afternoon, August 26, the price of SJC gold bars was maintained at a historical peak, around 126.1 million VND/tael for buying and 127.7 million VND/tael for selling. The price of 99.99% gold rings and jewelry gold fluctuated from 119.6 million VND/tael for buying to 122.2 million VND/tael for selling.