Following the instructions of Party General Secretary To Lam, as stated in Official Notice No. 211-TB/VPTW from May 30, 2025, the State Bank of Vietnam (SBV) is quickly researching and looking at international practices to create a plan for this initiative.
On September 8, in official dispatch No. 7781/NHNN-QLNH sent to the Ministry of Culture, Sports and Tourism, the State Bank of Vietnam (SBV) announced that ending the State’s monopoly on gold bullion branding, expanding the number of entities authorized to produce gold bullion, and allowing the import of raw gold would help diversify the gold supply in the domestic market. As a result, consumers would have greater access to a wider range of choices.
Accordingly, Decree No. 232/2025/ND-CP, issued on August 26, 2025, amends and supplements Decree No. 24/2012/ND-CP on the management of gold trading activities. The updated decree aligns closely with the policies of the Party and the State, particularly the directive of Party General Secretary To Lam as stated in Official Notice No. 211-TB/VPTW dated May 30, 2025. It aims to gradually and prudently eliminate the State’s monopoly over gold bullion while maintaining government oversight of gold bullion production.
With regard to the gold bullion market, Decree No. 232/2025/ND-CP stipulates that enterprises and commercial banks licensed to import gold are only permitted to import gold bullion or raw gold with a purity of 99.5 percent or higher. These entities are required to publicly declare the applicable standards, weight, and purity of the imported gold in accordance with legal regulations and are held legally accountable for ensuring that the imported products meet the declared specifications.
Enterprises and commercial banks are fully responsible for the gold bullion they produce and must provide product warranties to customers in accordance with the law. They are also required to maintain complete and accurate records of all gold bullion produced and to ensure timely data connectivity and information sharing with the State Bank of Vietnam (SBV) as stipulated by the SBV Governor.
Thus, Decree No. 232/2025/ND-CP sets out comprehensive responsibilities for enterprises and commercial banks from the import and production to the trading of gold bullion with the aim of safeguarding consumer interests. The State Bank of Vietnam (SBV) advises the public to conduct gold bullion transactions only with licensed entities and to request valid electronic invoices and all relevant documentation to ensure their legal rights and protections.
With regard to the gold jewelry, Decree No. 232/2025/ND-CP allows enterprises and commercial banks that meet certain conditions to import raw gold. This provision is expected to boost the supply of officially imported gold, enhance market transparency, and stabilize the supply chain, thereby creating a more secure foundation for long-term investment by gold jewelry manufacturers.
The decree also introduces additional responsibilities for State agencies, ministries, sectors, and local authorities in managing the gold market, with the goal of improving regulatory effectiveness and strengthening inter-agency coordination.
In addition, the State Bank of Vietnam (SBV) has called on relevant ministries and sectors to consider and propose solutions for developing alternative investment channels to better mobilize gold resources among the people for socio-economic development. The SBV also recommends studying appropriate tax policies for gold trading activities in order to enhance market transparency and support the State’s regulatory objectives.
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