On August 26, 2025, the government issued Decree 232, amending Decree 24 on gold trading. This decree introduces two significant policy changes.
Ending the Monopoly on Gold Bar Production
One notable new development is the end of the state monopoly on gold bar production. Vietcap Securities Company analyzes that this move opens up opportunities for Phu Nhuan Jewelry Joint Stock Company ( PNJ ) to re-enter the gold bar business, an area the company ceased operating in 2012.
This means PNJ can issue and distribute gold bars under its brand, adding to the company’s revenue streams. However, Vietcap expects that this segment will not become PNJ’s strategic pillar due to low profit margins, while its jewelry retail segment remains more profitable.
Enterprises Allowed to Import Gold Materials
Another significant change is permitting qualified enterprises to import gold materials. Vietcap forecasts that PNJ may start receiving import licenses from 2026. This is expected to have two positive impacts.
First, it supports PNJ’s core retail segment and gives the company more control over its gold supply, reducing dependence on the domestic market.
Second, PNJ has the opportunity to expand its exports. Currently, PNJ’s exports account for only about 1% of retail revenue with single-digit profit margins. With imported materials, the company can increase production and strengthen its position in international markets such as the US, UK, and Australia.
The relaxation of gold management policies is considered a significant step forward for the market, enabling domestic enterprises to expand their operations and enhance their competitiveness. For PNJ, while gold bars may not become a focal segment, this addition can contribute to revenue growth and reinforce its brand position in the jewelry industry.
The Golden Opportunity: Governor Unveils Plans for Over 13 Tons of Gold to Hit the Market
The State Bank has conducted nine auctions, successfully selling approximately 1.82 tons of gold. In addition, 44 sessions of direct sales of SJC gold bars have been held, releasing about 11.46 tons of gold into the market.
Is It Worth Investing In Gold Rings At Their All-Time High Price?
The domestic gold ring price has been on a record-breaking streak over the past week, with gold ring prices matching those of gold bars for the first time ever at the 89 million VND per tael mark.
The Golden Question: What Do World Gold Council Experts Say About Investing in SJC Gold and Gold Rings Now?
The primary factor driving the recent volatility in gold prices is the decline in interest rates in developed markets, as global investors seek safe havens to hedge against risk.
The Shifting Landscape of Gold Investments: Unraveling the Intricacies
The near standstill of SJC gold prices and the difficulty in accessing gold purchases have made this investment avenue less alluring to prospective investors.
Proposed Import and Establishment of a Gold Trading Hub
The inadequacies of the gold market have prompted experts to propose amendments to Decree 24, which governs gold business management. They suggest that, for now, gold imports should be increased to boost supply, and in the long term, the authorities should restore the production and trading of gold bars to enterprises, establishing a centralized gold trading center.
