Leaving open the gold import quota in 2025; gold selling businesses must provide buyer information to the State Bank

The State Bank of Vietnam has just issued Circular No. 34/2025/TT-NHNN guiding the management of gold trading activities, amended and supplemented by Decree No. 232/2025/ND-CP.

Annual import quota closes on December 15

The Governor of the State Bank of Vietnam has signed and issued Circular No. 34/2025/TT-NHNN guiding a number of articles of Decree No. 24/2012/ND-CP dated April 3, 2012 of the Government on management of gold trading activities, amended and supplemented by Decree No. 232/2025/ND-CP.

Circular 34 provides guidance on the issuance, amendment, supplementation and revocation of certificates and licenses for gold jewelry and fine art production, gold bar trading, gold bar production, export and import; and the issuance of gold export and import limits. It also regulates the connection and provision of information for enterprises and credit institutions engaged in gold trading and the reporting regime as prescribed.

Regarding the gold export and import limit, the Circular stipulates that, based on the monetary policy objectives and gold supply and demand in each period, the scale of state foreign exchange reserves, the implementation of gold bar export and import activities, and raw gold, the State Bank of Vietnam shall establish and adjust the total annual limit for gold bar export, gold bar import, and raw gold import of enterprises and commercial banks as prescribed in Article 11a of Decree No. 24/2012/ND-CP.

Based on the total annual limit prescribed in Clause 1 of this Article, the State Bank of Vietnam shall issue and adjust the annual limit for each enterprise and commercial bank according to the charter capital scale; the situation of gold bar export, gold bar import, raw gold import (if any); the situation of using imported raw gold according to the purpose in the Import License and the needs of the enterprise and commercial bank.

The deadline for establishing and granting gold export and import limits is no later than December 15 of each year.

No later than November 15 of the year immediately preceding the year of request for limit issuance, enterprises and commercial banks specified in Article 11a of Decree No. 24/2012/ND-CP that need to be granted limit for gold bar export, gold bar import, and raw gold import for the following year must submit 01 set of documents specified in Article 10 and Article 12 of this Circular to the State Bank of Vietnam.

Before December 15 every year, pursuant to the provisions of Clause 2, Article 19, the State Bank of Vietnam shall grant a limit on gold bar export, gold bar import, and raw gold import to enterprises and commercial banks in Clause 1 of this Article according to the form in Appendix No. 17 issued with this Circular or issue a written notice of refusal (clearly stating the reason).

In particular, the Circular stipulates that 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 above-mentioned time limit regulations.

Thus, the State Bank is leaving open the possibility of granting gold import quotas in 2025. Most likely, this year the State Bank will not be able to grant gold import quotas to businesses in time due to the lack of time left.

This Circular takes effect from October 10, 2025. Licenses granted before the effective date of this Circular shall continue to be valid until such License expires.

Gold selling enterprises must provide information on buyers and purchase volume to the State Bank.

One of the notable contents of Circular 34 is the requirement on information provision connection.

Accordingly, the Circular stipulates that the information connected with the State Bank of Vietnam of enterprises and credit institutions granted Business Licenses to buy and sell gold bars includes: Personal identification information, business tax code; Volume of gold bar purchase and sale; Value of gold bar purchase and sale transactions.

Information connecting with the State Bank of Vietnam of enterprises and commercial banks granted a License to produce gold bars, a License to export gold bars, import gold bars, and import raw gold includes: Information on gold bar production activities (input materials, production time, output products); Information on gold export and import activities (gold volume, gold content, export and import value); Information on raw gold sales transactions (partners, volume, content and transaction value).

The time to start connecting information of enterprises and credit institutions specified in Chapter VI of this Circular to the State Bank of Vietnam shall be implemented no later than March 31, 2026. The time to start connecting and providing information of enterprises and credit institutions granted Business Licenses to buy and sell gold bars at listed prices to the State Bank of Vietnam shall be implemented no later than December 31, 2025.

Source: https://baodautu.vn/de-ngo-han-ngach-nhap-vang-nam-2025-doanh-nghiep-ban-vang-phai-cung-cap-thong-tin-nguoi-mua-cho-ngan-hang-nha-nuoc-d408997.html