Starting October 10, 2025, all gold transactions valued at 20 million VND or more per day must be conducted through a bank payment account to enhance transparency and combat money laundering.
According to Decree 232/2025/NĐ-CP effective from October 10, any purchase or sale of gold by a customer totaling 20 million VND or more in a single day must be settled via a payment account held at a commercial bank or foreign bank branch.
Gold purchases of 20 million VND or more per tael require bank account payment. (Illustrative image)
This regulation marks a significant step in regulating the gold market, curbing money laundering, underground cash flows, and improving transaction traceability. It’s a key amendment in Decree 232, which revises Decree 24/2012 on gold trading management after 13 years of implementation.
The State Bank of Vietnam clarifies that the 20 million VND threshold applies to the total daily transactions of a single customer, preventing circumvention through split transactions.
Under the 2024 Law on Credit Institutions, a payment account is a non-term account opened at a bank or foreign bank branch, used for bank-provided payment services.
Transactions not directly processed through a payment account—including credit cards, e-wallets, gift vouchers, e-commerce platforms, or cash-on-delivery (COD) services—do not comply with Decree 232/2025.
Consequently, gold purchases of 20 million VND or more per day using these methods will be deemed invalid.
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Golden Enterprises Revamp Transaction Processes to Align with New Regulations
Following the enactment of Decree No. 232/2025/NĐ-CP by the Government, effective from August 26, 2025, and Circular No. 34/2025/TT-NHNN guiding certain provisions of Decree No. 24/2012/NĐ-CP dated April 3, 2012, on the management of gold trading activities, as amended and supplemented by Decree No. 232, leading precious metals enterprises such as Bảo Tín Mạnh Hải, SJC, and Phú Quý have issued significant adjustments to their gold and silver trading operations.
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On October 9, 2025, the Governor of the State Bank of Vietnam signed and issued Circular No. 34/2025/TT-NHNN, providing guidance on several provisions of Government Decree No. 24/2012/NĐ-CP dated April 3, 2012, regarding the management of gold trading activities. This circular incorporates amendments and supplements introduced by Decree No. 232/2025/NĐ-CP.
