VINACHEM

The government has officially issued Decree No. 232/2025, amending and supplementing several articles of Decree No. 24/2012 on the management of gold trading activities.

A key highlight of Decree 232/2025 is the removal of the State monopoly mechanism on the production of gold bullion, and the export and import of raw gold for gold bullion production.

The decree regulates gold-related business activities, including: the production and processing of gold jewelry and fine art; trading in gold jewelry and fine art; gold bullion production; gold bullion trading; gold import and export; and other gold-related activities, including gold account trading and gold derivatives.

The decree also defines gold bullion as gold products cast into bars or ingots, stamped with identification marks, weight, and quality indicators, and bearing the code or logo of commercial banks and enterprises authorized by the State Bank of Vietnam (SBV) to produce them. Gold bullion may also be produced by the SBV in specific periods.

According to the new regulations, the term "credit institutions" is replaced with "commercial banks" to align with the operational scope defined in the Law on Credit Institutions and to reflect the government's intention of limiting the right to produce and trade in gold bullion, and to import and export gold, exclusively to commercial banks (excluding other credit institutions).

Decree 232/2025 also designates gold bullion production as a conditional business activity requiring a license issued by the SBV. This revision supports the shift from a state monopoly mechanism to a licensing regime for gold bullion production.

Gold purchases of over USD 785/day must be transacted via bank accounts

The decree stipulates that any gold purchase or sale worth VND 20 million (approximately USD 785) or more in a single day must be transacted via bank accounts held by the customer and the gold trading enterprise at commercial banks or branches of foreign banks.

This new rule ensures customer information verification without imposing additional obligations, as such verification already occurs when customers open and use bank accounts. It also aims to enhance transparency in gold transactions.

Decree 232/2025 also adds responsibilities for enterprises engaged in producing gold jewelry and fine art. When selling raw gold purchased from enterprises or commercial banks, they must issue and use electronic invoices as required by law, accurately store transaction data, and provide information to the SBV in accordance with regulations set by the Governor of the SBV.

These added responsibilities aim to ensure transparency and regulatory oversight of raw gold trading activities.

Conditions for gold bullion production licenses

Notably, the decree includes new criteria for obtaining a gold bullion production license.

Enterprises may be granted a license by the SBV if they meet the following conditions: possess a gold bullion trading license, have charter capital of at least VND 1 trillion (approximately USD 39.2 million), and have not been administratively sanctioned for gold trading violations, or have resolved all consequences if previously sanctioned.

Commercial banks may be licensed to produce gold bullion if they hold a gold bullion trading license, have charter capital of at least VND 50 trillion (approximately USD 1.96 billion), and similarly, have not been sanctioned or have fully addressed any past violations.