The State Bank is seeking comments on the draft amendment to Decree 24 on the management of gold trading activities, notably proposing to end the monopoly mechanism for producing gold bars and adding regulations on payment for buying and selling gold.
Instead of assigning it to a single unit as it is now, the management agency will monitor the market by granting limits and licenses to import gold each time to qualified credit institutions and businesses.
According to the draft, to be able to produce gold bars, businesses must have a minimum charter capital of VND1,000 billion, while banks must have VND50,000 billion. In addition, these units must be on the list of licensed traders of precious metals, not violating the law, or if they have, they must have corrected the violations.
Draft Decree amends and supplements conditions for granting licenses to produce gold bars and clearly stipulates the responsibilities of gold bar production organizations (Photo: Hai Long).
Accordingly, the country currently has 38 organizations licensed to trade in gold bars, but only a few large enterprises such as PNJ, DOJI, SJC have the capital to participate in production. In the banking group, Vietcombank, BIDV, VietinBank, MB, Agribank , VPBank and Techcombank are the names that meet the charter capital requirements.
The draft amended Decree also adds clear regulations on the responsibilities of credit institutions and enterprises licensed to produce gold bars.
Accordingly, units are only allowed to produce the prescribed type of gold bars. At the same time, they must announce the applicable standards, weight and gold content according to the law; and be responsible for the product's compliance with the announced standards.
Manufacturing enterprises must also guarantee gold bar products for customers and are fully responsible before the law for the products they produce.
In addition, units must build a system to store complete and accurate information on gold bar production data and are responsible for connecting and providing information to competent authorities as prescribed. Compliance with the provisions of the Decree and related laws is mandatory.
Speaking to Dan Tri newspaper reporter, Associate Professor Dr. Nguyen Huu Huan, Lecturer at Ho Chi Minh City University of Economics , said that the proposal to eliminate the monopoly in gold bar production is a step in the right direction, but it needs to be accompanied by a strict control mechanism to protect consumers and stabilize the market.
According to Mr. Huan, any market with a long-term monopoly element will distort the operating mechanism and hinder healthy development. However, eliminating the monopoly on gold bar production cannot be done hastily. “If many businesses are allowed to participate in gold bar production, it is necessary to set very clear conditions on production capacity, liquidity, and especially product quality,” he emphasized.
Another new point in the draft is that gold transactions of VND20 million or more must be made via bank transfer. The State Bank said the new regulation was added to ensure the requirement of customer information authentication.
However, this regulation does not create additional obligations for buyers because authentication has been performed when customers open and use payment accounts at commercial banks or foreign bank branches. At the same time, the regulation also aims to increase publicity and transparency in gold trading transactions.
In addition, the draft also paves the way for businesses to import raw gold to produce gold bars and fine art jewelry. They are allowed to resell raw materials to licensed business entities, provided that the raw materials are imported from manufacturers certified by the London Bullion Market Association (LMBA). Businesses must also clearly announce standards and gold content and develop internal procedures for import, export and production.
Source: https://dantri.com.vn/kinh-doanh/de-xuat-giao-dich-vang-tu-20-trieu-dong-tro-len-bat-buoc-phai-chuyen-khoan-20250613105219227.htm
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