Vietnam’s gold market is set for a major overhaul as the State Bank of Vietnam (SBV) prepares to allow eligible banks and enterprises to import raw gold and produce bullion. This move aims to break the long-standing monopoly and boost competition within the sector.
Dao Xuan Tuan, Director of the Foreign Exchange Management Department at the SBV, told Lao dong (Labour) daily that the central bank is finalizing a draft government decree to amend existing regulations under Decree 24/2012/ND-CP. The update is designed to gradually liberalize the gold bullion market while maintaining strict regulatory oversight.
Under the draft decree, licensed credit institutions and enterprises that meet the necessary criteria will receive permits to import raw gold. These entities can either produce bullion or use the gold to manufacture jewelry, a task previously reserved for a single authorized entity.
Import quotas will be allocated based on macroeconomic factors, monetary policy, and market conditions to ensure stability and avoid disruption. This strategy intends to dismantle the current monopoly while preserving the state’s regulatory authority.
Licensed bullion producers will be required to publicly declare their quality standards, keep detailed transaction records, and integrate their data systems with those of regulatory bodies. Tuan stressed that producers will be held accountable if their products fail to meet declared quality levels and that transaction data must remain transparent and subject to audits.
The introduction of multiple bullion brands is expected to foster a competitive environment, narrow price differences, and ultimately benefit consumers.
To enhance market transparency and control, all bullion transactions must be conducted through bank accounts and supported by electronic invoices. This measure aims to improve financial tracking and prevent illicit activities.
In the jewelry sector, over 6,000 businesses are active, though most are small-scale and lack the financial capacity to obtain import licenses. The draft decree clarifies that only credit institutions and bullion producers licensed to import raw gold can supply materials to domestic jewelry manufacturers. This approach will increase raw gold supply while keeping imports under close supervision.
Licensed importers must also establish transparent internal processes, maintain comprehensive transaction records, and link their information systems with authorities to facilitate inspection and monitoring.
The revised decree marks a significant step toward a more competitive, transparent, and law-compliant gold market in Vietnam, reflecting ongoing market evolution and regulatory modernization.
