Deputy Governor of the State Bank of Vietnam Pham Quang Dung speaks at the meeting. Photo: Bank Times
Speaking at the meeting, Mr. Pham Quang Dung, Deputy Governor of the State Bank of Vietnam (SBV), said that there are three main new points in Decree 232. Firstly, it has abolished the State monopoly on gold bar production, instead allowing the SBV to grant licenses to qualified enterprises and commercial banks to produce gold bars. This will contribute to increasing supply and making the gold market more transparent.
Secondly, it permits qualified enterprises and banks to export and import gold bars and import gold materials, thereby increasing supply in the market and reducing the gap between domestic and international gold prices.
Thirdly, it amends and supplements the state management responsibilities of local authorities, ministries, and sectors, enhancing state management and inter-sectoral coordination in the management of the gold market.
Following the instructions of the General Secretary, the SBV is urgently studying and referencing international experience to propose the application, in a roadmap, of the establishment of a National Gold Exchange; or allowing gold to be traded on the Commodity Exchange; or establishing a Gold Exchange within the International Financial Center in Vietnam.
Mr. Dung also mentioned that the SBV is expediting the issuance of guiding documents to implement Decree 232, including specific instructions on the registration dossiers of enterprises and commercial banks for the SBV to carry out procedures for granting gold import and gold bar production licenses. This ensures that enterprises and commercial banks can quickly participate in the gold market and that Decree 232 is promptly put into practice.
The SBV will closely coordinate with the Ministry of Public Security, the Government Inspectorate, local authorities, and relevant agencies in inspecting and supervising gold trading enterprises to ensure a safe, healthy, and efficient gold market, preventing gold prices from affecting the stability and safety of the financial and monetary market and macroeconomic stability.
Additionally, the State Bank has directed the Directors of the State Bank in the Regions to coordinate with functional units in the area to conduct sudden inspections of a number of gold trading enterprises.
The inspection focuses on compliance with legal provisions in gold trading activities, accounting regulations, invoices and vouchers, anti-money laundering measures, as well as acts of manipulation, hoarding, price pushing, smuggling, speculation, and illegal trading.
Banks and Enterprises Ready for Gold Bar Production
According to Mr. Dao Cong Thang, Acting General Director of SJC, with the changes in regulations under Decree 232, which will take effect from October 10, the company will proceed to apply for a license for gold material import and gold bar production.
Once the SBV issues the guiding circular, the company will follow the requirements to import gold materials. The company already has a production line with a daily capacity of 5,000 taels. As soon as the licensing procedure is completed, the company can start production.
Representing the banks, Mr. Pham Quang Thang, Deputy General Director of Techcombank, said that in the past, the bank had participated in the gold sector. However, in recent years, this has not been a primary activity, and it has been temporarily halted. With the opening up brought about by Decree 232, the bank has been making active preparations to be ready to participate immediately. Once the guiding circular is issued, the bank will officially request permission from the SBV to engage in gold material imports and gold bar production for the market. The representative of Techcombank stated that they have prepared by identifying and selecting partners abroad for both gold material supply and gold bar crafting under the Techcombank brand.
Domestically, the bank has also prepared in terms of physical infrastructure, human resources, equipment, warehouses, measuring instruments, distribution channels, and distribution points within the Techcombank system to be able to supply gold to the people.
The bank has also prepared software systems to manage, circulate, buy, and sell gold, as well as to enable people to access gold bars not only at physical locations but also through digital channels.
Unlocking Golden Opportunities: The Central Bank’s Imminent Move to Grant Gold Import and Bar Manufacturing Licenses to Businesses and Banks
The State Bank of Vietnam is expediting the release of guidelines for the implementation of Decree 232/2025/ND-CP. According to Vice Governor Pham Quang Dung, these guidelines will provide detailed instructions on the registration process for enterprises and commercial banks to obtain licenses for gold imports and gold bar production. The aim is to ensure a swift entry into the gold market for these entities.
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In recent times, long queues have been forming outside gold shops in Ho Chi Minh City as residents rush to buy gold. In response, the State Bank of Vietnam’s Branch in Zone 2 (Ho Chi Minh City) has requested that local units and organizations enhance their information and propaganda efforts to ensure that citizens are well-informed about the legal regulations governing gold trading and business activities.
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