Improved Gold Supply on the Horizon
Mr. Pham Quang Thang, Deputy General Director of Techcombank, applauds the government’s Decree 232, amending and supplementing Decree 24, as a timely and prudent decision.
According to Mr. Thang, the new regulations enable financially strong credit institutions and gold companies to participate in gold bar import and production, increasing supply and fostering a more transparent market.
Techcombank, with its prior experience in the gold industry, is poised to re-enter the market, having prepared in multiple aspects. The bank has sought international partners for gold material imports and is capable of crafting gold bars bearing the Techcombank brand. Additionally, they have readied domestic infrastructure, including personnel, import-supply procedures, warehouses, weighing equipment, and distribution channels.
Furthermore, the bank is set to expand its distribution system through both branches and digital platforms, enabling convenient online gold trading services for customers.
The market will soon offer gold bar brands beyond SJC.
Regarding production, Mr. Thang acknowledges that establishing a gold bar crafting facility takes time and depends on market demand. However, Techcombank is prepared to initiate production when the market justifies it, emphasizing that “proactive production can reduce costs and narrow the gap between global and domestic gold prices.”
Mr. Dao Cong Thang, Acting General Director of Saigon Jewelry Company (SJC), welcomes Decree 232 as it provides favorable conditions for the company to be more proactive in gold bar production and market supply.
SJC will be able to recycle gold that does not meet circulation standards, such as bent, scratched, or damaged gold bars. By melting and recasting them, the company can reintroduce standard gold into the market to meet customer demand.
Additionally, the company will apply for permits from the State Bank to import gold materials for gold bar production. Mr. Thang assures that SJC, with its experience in producing gold bars for the State Bank, is ready to commence production once import procedures are finalized. Their current production line has a capacity of 5,000 taels per day.
The State Bank Outlines Permit Procedures
Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department of the State Bank, noted that at the Government meeting on September 6, Prime Minister Pham Minh Chinh instructed relevant agencies to promptly address the “noteworthy” volatility in the gold market.
On August 26, the Government issued Decree 232, amending Decree 24, ending the State’s monopoly on gold bar production and introducing a licensing mechanism for qualified enterprises and commercial banks.
These entities are permitted to import and export gold bars and raw gold. Additionally, transactions involving gold worth VND 20 million and above must now be conducted via bank transfers.
Mr. Tuan outlined the eligibility criteria for enterprises, including a gold bar business license, a minimum charter capital of VND 1,000 billion, no administrative penalties, and well-defined internal processes for importing raw materials, production, and quality control.
For commercial banks, the requirements include a gold bar business license, a minimum charter capital of VND 50,000 billion, no administrative penalties, and comprehensive internal procedures similar to those of enterprises.
The State Bank has also provided detailed guidance on permit application processes, amendments, and termination of gold bar production activities.
Governor Requests the State Bank to Increase Gold Supply to Stabilize the Market Without Exploiting Policies
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“The Prime Minister has instructed the State Bank to closely monitor global and domestic gold price fluctuations and, within its authority, promptly employ the necessary solutions and tools as stipulated to stabilize the gold market and reduce the gap between international and domestic gold prices.”
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