On September 9, 2025, the State Bank of Vietnam (SBV) held a meeting with credit institutions and enterprises to communicate the Prime Minister’s directives regarding the gold market and the implementation of Decree 232/2025/ND-CP.
Speaking at the meeting, SBV Deputy Governor Pham Quang Dung noted that Decree 232/2025/ND-CP, issued on August 26, 2025, amends and supplements the Government’s Decree 24/2012/ND-CP on gold business management. This new decree aims to address shortcomings and limitations arising from the implementation of the previous decree.
According to the Deputy Governor, Decree 232/2025/ND-CP introduces three key changes: first, it abolishes the state monopoly on gold bar production and instead allows the SBV to grant licenses to qualified enterprises and commercial banks for gold bar production. This will increase supply and enhance market transparency. Second, it permits qualified enterprises and commercial banks to export and import gold bars and raw gold, thereby increasing supply and reducing the price gap between domestic and international gold prices. Third, it amends and supplements the state management responsibilities of local authorities, ministries, and sectors, enhancing inter-sector coordination in gold market management.
Additionally, the government issued Official Dispatch No. 159/CD-TTg on September 7, 2025, providing orientations for fiscal and monetary policy management, including important directives related to gold market management. The dispatch emphasizes the need to tighten discipline in gold-related activities while implementing the new mechanisms for gold business outlined in Decree 232/2025/ND-CP.
The SBV stated that Decree 232/2025/ND-CP aligns with the policies of the Party and the State, particularly the instructions of the General Secretary communicated in Notice No. 211-TB/VPTW dated May 30, 2025, on abolishing state monopolies in a controlled manner, with the state retaining management over gold bar production activities. By ending the state monopoly on gold bar brands and expanding the range of gold bar producers and raw gold importers, the decree will diversify the gold supply in the market. Consumers will have more choices, leading to increased competition and transparency in the market, thereby narrowing the gap between domestic and international gold prices, as well as between gold brands.
Regarding the gold bar market, Decree 232/2025/ND-CP stipulates that enterprises and commercial banks granted import licenses are only permitted to import gold bars and raw gold with a fineness of 99.5% or higher. They must also publish applicable standards, weight, and fineness of imported gold bars and raw gold in accordance with legal regulations and take responsibility for the accuracy of their published information. Enterprises and commercial banks are fully accountable for the gold bars they produce and must provide product warranties to customers as per legal regulations. They are also required to maintain accurate and comprehensive data on gold bar production, including input materials, production times, and output products, and to establish information systems for processing and storing gold bar production data. Furthermore, they must connect and provide information to the SBV as per the Governor’s regulations.
Enterprises and credit institutions engaged in gold bar trading are responsible for establishing internal regulations on gold bar trading, clearly defining the process of gold bar transactions with customers. They must also publicly disclose information about the rights and obligations of customers on their electronic information pages or display it at their transaction offices. Accurate and comprehensive data on gold bar transactions must be maintained.
Decree 232/2025/ND-CP comprehensively outlines the responsibilities of enterprises and commercial banks, from gold import and production to gold bar trading, thereby safeguarding consumer rights. The SBV advises consumers to purchase gold bars only from licensed entities and to request electronic invoices and relevant documents to protect their interests.
SBV Deputy Governor Pham Quang Dung speaking at the meeting. (Photo: SBV)
In terms of the gold jewelry and handicraft market, Decree 232/2025/ND-CP permits qualified enterprises and commercial banks to import raw gold. This will increase the official gold supply, enhance transparency and stability, and provide a foundation for gold jewelry and handicraft manufacturers to confidently invest for the long term. With the involvement of enterprises and commercial banks with strong capabilities, the import and distribution of raw gold will be conducted professionally and transparently, ensuring the needs of the gold jewelry and handicraft industry nationwide are met.
Moreover, the SBV is expediting research and drawing on international experience to propose the establishment of a National Gold Exchange or the inclusion of gold in commodity exchange trading, or the development of a Gold Exchange within the International Financial Center in Vietnam, following a roadmap.
The SBV is also working swiftly to issue guiding documents for the implementation of Decree 232/2025/ND-CP, including detailed instructions on the registration process for enterprises and commercial banks to obtain import and gold bar production licenses from the SBV. This will enable businesses and banks to quickly enter the gold market and put Decree 232/2025/ND-CP 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 that does not affect the stability and safety of the financial and monetary market or macroeconomic stability. Additionally, the SBV has directed its regional branches to collaborate with functional units in conducting sudden inspections of several gold trading enterprises. These inspections focus on compliance with legal provisions related to gold trading activities, accounting regulations, invoices and vouchers, anti-money laundering measures, as well as behaviors such as market manipulation, hoarding, price pushing, smuggling, speculation, and illegal gold business activities.
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