Officially amending the Decree on gold trading: Abolishing monopoly, gold purchases of 20 million VND/day must be through an account

Abolish monopoly on gold bar production and gold import; banks with charter capital of 50,000 billion VND or more are allowed to produce gold bars.

The Government has just issued Decree No. 232/2025/ND-CP dated August 26, 2025 amending and supplementing a number of articles of Decree No. 24/2012/ND-CP dated April 3, 2012 of the Government on management of gold trading activities.

The notable content of Decree 232/2025/ND-CP is the abolition of Clause 3, Article 4 of Decree 24/2012/ND-CP, which abolishes the State's monopoly mechanism on gold bar production, raw gold export and raw gold import for gold bar production. Accordingly, gold bar production is a conditional business activity and must be licensed by the State Bank. The amendment and supplement are consistent with the goal of shifting from the monopoly mechanism on gold bar production to the licensing mechanism for gold bar production.

The Decree has added Article 11a after Article 11 of Decree No. 24/2012/ND-CP on conditions for granting License to produce gold bars.

Specifically, the State Bank will consider granting a license to produce gold bars if the enterprise meets the following conditions: Having a license to buy and sell gold bars; Having a charter capital of VND 1,000 billion or more; Not being administratively sanctioned for violations in gold trading activities or being administratively sanctioned for violations in gold trading activities but having completed remedial measures according to the Decision on handling administrative violations, recommendations with implementation deadlines in the Inspection and Examination Conclusion of competent state agencies (if any); Having internal regulations on gold bar production including basic contents such as raw material import process; gold bar production process; production supervision process; product quality control process.

Commercial banks are considered by the State Bank to be granted a License to produce gold bars when they meet the following conditions: Having a License to buy and sell gold bars; Having a charter capital of VND 50,000 billion or more; Not being administratively sanctioned for violations in gold trading activities or being administratively sanctioned for violations in gold trading activities but having completed remedial measures according to the Decision on handling administrative violations, recommendations with implementation deadlines in the Conclusion of inspection and examination of competent state agencies (if any); Having internal regulations on gold bar production including basic contents such as raw material import process; gold bar production process; production supervision process; product quality control process.

The Governor of the State Bank prescribes the documents and procedures for granting a License to produce gold bars.

The above conditions are stipulated to ensure that enterprises and commercial banks producing gold bars are experienced organizations with sufficient financial capacity and comply with the law on gold trading activities to produce gold bars. This is also a necessary basis for enterprises and commercial banks to immediately start producing gold bars when they are granted a license to produce gold bars, meeting the urgent requirement of effectively managing the gold market in the current context, ensuring the principle that the State still manages the production of gold bars.

Gold purchases of 20 million VND/day or more must be paid through a bank account.

Decree No. 232/2025/ND-CP also supplements Clause 10, Article 4 of Decree No. 24/2012/ND-CP on payment for buying and selling gold: "Payments for buying and selling gold worth VND 20 million or more per day by a customer must be made through the customer's payment account and the payment account of the gold trading enterprise opened at a commercial bank or foreign bank branch".

The addition of the above regulation is to ensure the requirement of customer information authentication, but does not create additional obligations for customers because authentication has been performed when customers open and use payment accounts at commercial banks and foreign bank branches. This regulation also aims to increase publicity and transparency in gold buying and selling transactions.

Decree No. 232/2025/ND-CP also supplements Clause 5a, Article 6 on the responsibilities of enterprises engaged in the production of gold jewelry and fine arts. Accordingly, when selling raw gold purchased from enterprises, commercial banks specified in Article 11a of this Decree must create and use electronic invoices in accordance with the provisions of law; fully and accurately store data on raw gold sales transactions; and connect to provide information to the State Bank in accordance with the regulations of the Governor of the State Bank.

Adding responsibilities of enterprises engaged in the production of gold jewelry and fine arts when selling raw gold purchased from enterprises and commercial banks must create and use electronic invoices; store data to ensure transparency and control in transactions of buying and selling raw gold.

Businesses and banks must store data of gold buyers

In addition, regarding the responsibilities of organizations licensed to produce, trade, and sell gold bars in Article 12 of Decree No. 24/2012/ND-CP, Decree 232/2025/ND-CP also adds some new contents in the direction of expansion, increasing the responsibilities of enterprises and commercial banks producing gold bars (Clause 3) and the responsibilities of enterprises and credit institutions trading in gold bars (Clause 4). Specifically: Only allowed to produce, trade, and sell the type of gold bars specified in Clause 2, Article 3 of this Decree; Comply with the provisions of law on accounting regime, preparation and use of invoices and documents.

In addition, enterprises and commercial banks producing gold bars are responsible for: Announcing the applicable standards, mass and content of the product according to the provisions of law and being responsible before the law for the mass and content standards of the produced products that are in accordance with the announced mass and content standards; Taking full responsibility for the gold bar products they produce, guaranteeing gold bar products for customers according to the provisions of law; fully and accurately storing data on produced gold bars; Building an information system to process and store data on produced gold bars with basic contents including information on input materials, production time, and output products; connecting to provide information to the State Bank according to the regulations of the Governor of the State Bank.

Enterprises and credit institutions engaged in the business of buying and selling gold bars must also be responsible for: Publicly posting the buying and selling prices of gold bars at the transaction location or on the electronic information page and connecting to provide information on the listed prices to the State Bank; Not being allowed to conduct gold bar trading through authorized agents; Having measures and equipment to ensure safety in business activities;

At the same time, it is necessary to develop internal regulations on buying and selling gold bars, which clearly stipulate the process of buying and selling gold bars with customers; publicly announce information on the rights and obligations of customers on the electronic information page of credit institutions and enterprises or publicly post at the transaction headquarters; fully and accurately store data on buying and selling gold bars; Build an information system to process and store data on buying and selling gold bars with basic contents including identification information for individuals, corporate tax codes for enterprises, transaction volume and value of buyers and sellers; connect to provide information to the State Bank according to regulations of the Governor of the State Bank.

Source: https://baodautu.vn/chinh-thuc-sua-nghi-dinh-ve-kinh-doanh-vang-bo-doc-quyen-mua-vang-20-trieu-dongngay-phai-qua-tai-khoan-d371652.html