Official guidance on gold import quota issuance process

The State Bank will grant quotas to each enterprise and bank according to capital scale, raw gold import situation, and raw gold usage situation depending on purpose.

The domestic gold market is waiting for new gold supply.

The State Bank will grant gold import quotas according to capital scale.

The Governor of the State Bank has just signed and issued Circular 34 guiding a number of articles of Decree 24 on the management of gold trading activities (amended and supplemented by Decree 232). The Circular takes effect from October 10.

Enterprises and commercial banks that need to be granted a license to produce gold bars must submit their application to the State Bank. Within 30 working days from the date of receiving the complete application, the State Bank will consider granting the license to produce gold bars to the unit or refuse to grant it (clearly stating the reason).

Depending on the monetary policy objectives and gold supply and demand in each period, the scale of state foreign exchange reserves, import and export activities, the State Bank will adjust the total annual limit.

On this basis, the State Bank will grant quotas to each enterprise and bank according to capital scale, gold bar export situation, gold bar import situation, raw gold import situation, and raw gold use situation depending on the purpose.

The Governor decided to establish a Council to develop and adjust the limits for gold bar exports, gold bar imports, and raw gold imports. The deadline for developing and granting gold export and import limits is no later than December 15 every year.

In addition, businesses and credit institutions licensed to buy and sell gold bars also need to report sales to the State Bank, periodically daily or when necessary.

Tighten the process of connecting information and granting gold limits

According to the new regulations, enterprises and credit institutions must connect information with the State Bank no later than March 31, 2026. For units licensed to buy and sell gold bars, providing information on listed prices to the State Bank must be completed no later than December 31, 2025.

Notably, the establishment, adjustment and granting of limits for gold bar exports, gold bar imports, raw gold imports and the deadline for submitting applications for limits for gold bar exports, gold bar imports, and raw gold imports in 2025 are applied based on the actual situation, not according to the provisions in Clause 3, Article 19 and Article 20 of this Circular.

Currently, there are 3 gold enterprises and 8 commercial banks that meet the financial, administrative and data transparency conditions to be allowed to import raw gold for the production and trading of gold bars.

At the end of August, the Government issued Decree 232 amending and supplementing Decree 24 on the management of gold trading activities. This is a turning point for the gold market after 13 years and is also what the market has been expecting for a long time. In the near future, the market expects many gold bar brands to return to the market as before 2012.

Before 2012, there were many domestic gold bar brands such as Phuong Hoang gold bars of PNJ Company, gold bars of Saigon Thuong Tin Bank Jewelry Company (SBJ),ACB brand gold bars of Asia Commercial Joint Stock Bank, AAA gold bars of Agribank...

On October 2, ACB became the first bank to announce the restart of its gold trading segment from October 10 and the relaunch of the ACB gold bar brand.

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Source: https://tuoitre.vn/chinh-thuc-huong-dan-quy-trinh-cap-quota-nhap-vang-20251011155933327.htm