The State Bank of Vietnam (SBV) convened credit institutions and businesses to implement the Prime Minister’s directions on gold market management and roll out the Government’s amended framework for gold trading under Decree 232/2025/NĐ-CP. The new regime replaces the state monopoly on gold bar production with an SBV licensing model for eligible enterprises and commercial banks and expands permitted gold bar and raw gold imports, alongside tighter discipline and oversight. Decree 232/2025/NĐ-CP amends Decree 24/2012/NĐ-CP and introduces three core changes: licensing of gold bar production by qualified enterprises and commercial banks, permission for qualified enterprises and commercial banks to export and import gold bars and import raw gold, and expanded responsibilities for local authorities and ministries to strengthen inter-agency coordination. Licensed importers may only import gold bars and raw materials with purity of at least 99.5%, must publish applicable standards, weight and purity, and are legally responsible for conformity with what is disclosed. Producers must take full responsibility for gold bars they manufacture, provide warranties as required, maintain complete production records, build information systems capturing key inputs, production timing and outputs, and connect information to SBV as required; gold bar dealers must establish internal transaction rules, publicly disclose customer rights and obligations, and retain complete transaction data. For jewellery and fine arts gold, the decree permits qualified enterprises and commercial banks to import raw gold. SBV indicated it is preparing implementing guidance, including detailed application documentation for import and gold bar production licences, and is studying options under a roadmap to establish a national gold exchange, allow gold to be traded on a commodity exchange, or create a gold trading platform within an international financial centre in Vietnam. Supervisory follow-up will include coordination with the Ministry of Public Security, the Government Inspectorate and local authorities, as well as surprise inspections by SBV regional offices focused on legal compliance in gold trading, accounting and invoicing, anti-money laundering controls, and market abuse and illicit activity such as manipulation, hoarding, price pushing, smuggling and illegal trading.
State Bank of Vietnam 2025-09-09
State Bank of Vietnam launches implementation of new gold rules ending the state monopoly on gold bar production and opening imports
The State Bank of Vietnam (SBV) is implementing a new framework for gold trading under Decree 232/2025/NĐ-CP, replacing the state monopoly on gold bar production with an SBV licensing model for eligible enterprises and banks. The decree allows qualified entities to import and export gold bars and raw gold, mandates strict compliance and transparency standards, and expands oversight responsibilities. SBV is also exploring a national gold exchange and enhancing supervisory measures to prevent illegal activities in the gold market.