On September 24th, during a workshop organized by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with the Ministry of Finance to discuss the draft Law on Investment and Business, Mr. Nguyen Quoc Hung, Vice Chairman of the Vietnam Gold Business Association, highlighted the challenges faced by the gold trading sector due to outdated regulatory mechanisms. Currently, the State Bank of Vietnam holds the monopoly on producing gold bars, while businesses are limited to distribution roles.
Mr. Hung questioned the necessity of requiring businesses with established retail networks in major cities to obtain permits to purchase gold bars from Saigon Jewelry Company (SJC) for consumer sales. He argued that gold trading does not pose risks to national defense, security, or public health, making its classification as a conditional business sector unjustified.
Businesses face supply shortages due to restrictions on importing raw gold for manufacturing.
Over the past decade, no company has been granted licenses to import raw gold. This scarcity has driven domestic gold prices up to $870 per tael higher than global rates. Mr. Hung emphasized that prohibitions on raw gold imports hinder local manufacturers and create export barriers, contrasting with incentives for other industries.
These constraints prevent Vietnam’s gold craftsmanship sector from competing with regional leaders like Thailand, Singapore, and Indonesia, stifling foreign exchange earnings and national brand development. To address these issues, Mr. Hung proposed redefining conditional business scopes by changing “gold trading” to “gold bar production,” thereby removing barriers and fostering industry growth.
