The state's monopoly on gold bullion has been officially abolished.

The Decree amending and supplementing a number of articles of Government Decree No. 24/2012 has abolished the regulation that "the State has a monopoly on the production of gold bars, the export of raw gold, and the import of raw gold for the production of gold bars."

Buying and selling gold worth 20 million VND/day must be done via bank transfer.

On August 26, the Government issued Decree No. 232/2025 amending and supplementing a number of articles of Government Decree No. 24/2012 on the management of gold trading activities.

"Gold bars are gold products stamped into bars, bearing letters and numbers indicating weight and quality, and marked with the code of the enterprise and commercial bank authorized to produce them by the State Bank of Vietnam ; gold bars are produced by the State Bank of Vietnam in each period," the decree clearly states.

Accordingly, the newly issued Decree clearly regulates gold trading activities, including: the production and processing of gold jewelry and handicrafts; the production of gold bars; the buying and selling of gold bars; the export and import of gold; and other gold trading activities, including gold trading on accounts and gold derivatives…

The monopoly on gold bars has been officially abolished.

Notably, this is a conditional business activity and requires a license from the State Bank of Vietnam to produce gold bars, a license to trade in gold bars, and a certificate of eligibility to produce gold jewelry and handicrafts.

This amendment clearly stipulates that the purchase and sale of gold with a value of 20 million VND or more per day by a single customer must be conducted through the customer's payment account and the gold trading business's payment account opened at a commercial bank or a branch of a foreign bank.

When selling raw gold purchased from businesses, commercial banks must issue and use electronic invoices in accordance with the law; store complete and accurate data on raw gold sales transactions; and connect and provide information to the State Bank of Vietnam as prescribed by the Governor of the State Bank of Vietnam.

Abolish the monopoly on gold bullion.

Regarding gold exports and imports, the new decree clarifies that, based on monetary policy objectives and the supply and demand of gold in each period, the State Bank of Vietnam will grant import and export licenses for raw gold to businesses in accordance with regulations.

The State Bank of Vietnam's export and import of raw gold is exempt from export and import taxes, as decided by the Prime Minister .

The newly issued decree also amends and supplements Article 20 of Decree 24 as follows: Businesses and commercial banks engaged in gold trading must report on their production, purchase, and sale of gold jewelry and handicrafts.

In particular, the new Decree also abolishes the regulation that "the State has a monopoly on the production of gold bars, the export of raw gold, and the import of raw gold for the production of gold bars."

The Decree assigns the Governor of the State Bank of Vietnam the responsibility to guide and organize the implementation of this Decree.

Only those with a registered capital of 1,000 billion VND or more are eligible for a license.

Businesses are considered for a gold bar production license by the State Bank of Vietnam when they meet the following conditions: They possess a gold bar trading license; have a charter capital of VND 1,000 billion or more; have not been penalized for administrative violations related to gold trading activities, or have been penalized but have completed remedial measures as stipulated in the administrative penalty decision and recommendations within the timeframe specified in the inspection report of competent state agencies (if any); and they have internal regulations governing gold bar production, including basic provisions such as raw material import procedures; gold bar production procedures; production monitoring procedures; and product quality control procedures.

Commercial banks are considered by the State Bank of Vietnam for a license to produce gold bars when they meet the following conditions: They must possess a license to trade in gold bars; and have charter capital of VND 50,000 billion or more. In addition, the bank must not have been penalized for administrative violations related to gold trading activities and must have internal regulations similar to those of the aforementioned enterprises.

Source: https://baonghean.vn/chinh-thuc-bai-bo-quy-dinh-nha-nuoc-doc-quyen-vang-mieng-10305317.html