Why Is Gold Importation Still Pending?

Supply Still Trickling In?

After the price of SJC gold bars peaked at 157.2 million VND per tael, it dropped to 155.6 million VND per tael this afternoon (December 16). However, SJC gold bars remain in a league of their own, priced 800,000 to 3.1 million VND per tael higher than other branded gold rings and approximately 20 million VND per tael above global gold prices.

SJC gold bar prices have surged consistently over the past two months, despite Decree 232 eliminating the monopoly on gold bars and Circular 34 guiding gold imports taking effect on October 10.

According to regulations, businesses seeking to produce gold bars must have a minimum charter capital of 1 trillion VND, while commercial banks need at least 50 trillion VND. Additionally, these entities must be on the list of organizations licensed by the State Bank to trade gold bars.

Currently, 38 businesses and banks nationwide are licensed to trade gold bars. However, only a few large enterprises and banks meet the capital requirements.

To date, the State Bank has not granted import licenses for gold bars or raw materials to any eligible entities. According to Circular 34, December 15 was the final day of the year to establish import quotas.

Domestic gold supply remains scarce. SJC gold bars are virtually unavailable, while gold rings are sold in limited quantities, ranging from 1 to 2 taels per day. In some cases, customers must wait five days before purchasing again.

Importing Gold is Essential

In an interview with Tiền Phong, economist Ngô Trí Long highlighted persistent issues in the gold market: a prolonged price gap between domestic and global markets, reaching up to 20 million VND per tael; a concentrated market structure dominated by a few major players, limiting competition; and opaque pricing and supply-demand information, fueling herd mentality, speculation, and price manipulation.

“During significant fluctuations, ‘black market gold’ emerges, alongside smuggling, underground transactions, and risks for consumers. This complicates monetary and foreign exchange management,” Long noted, attributing the delay in gold imports to incomplete procedures.

At a recent gold forum, Dr. Lê Xuân Nghĩa, a member of the Prime Minister’s Policy Advisory Council, stated, “If regulatory bodies do not import gold, citizens are forced to buy smuggled or substandard gold. This is unreasonable.”

Nghĩa argued that imports would align domestic gold prices with global rates, curb smuggling, and protect consumers. Initially, Vietnam could cautiously grant licenses but should soon expand import-export rights to qualified businesses, publish prices based on global standards, and combat smuggling through professional measures rather than supply restrictions.

Vũ Hùng Sơn, Vice Chairman of the Vietnam Gold Business Association, predicted that by 2026, supplementing domestic gold supply with imports would significantly narrow the price gap between domestic and global markets.