Seven companies are applying for licenses to produce gold bars.
According to Decree 232/2025, the State Bank of Vietnam (SBV) will grant import quotas for raw gold to businesses and commercial banks before December 15th of each year for the following years.
Mr. Huynh Trung Khanh, Vice Chairman of the Vietnam Gold Business Association, stated that to date, none of the association's units have been granted licenses to produce and trade gold bars, and therefore have not yet reached the stage of being granted gold import licenses. Furthermore, a number of previously announced violations by businesses and banks must rectify their violations before they are eligible for licenses.
In relation to this, in mid-November, in response to a letter from the State Bank of Vietnam, the Ministry of Finance provided information on the decision to inspect and audit seven businesses and commercial banks applying for licenses to produce gold bars, includingACB , Techcombank, VPBank, ASEAN Gold and Gemstone Joint Stock Company (AJC), Doji Gold and Gemstone Group, Saigon Gold and Gemstone Company Limited - SJC, and Phu Nhuan Gold and Gemstone Joint Stock Company (PNJ). As of November 14th, no units had been found to have committed any administrative violations related to customs.
The State Bank of Vietnam has not yet issued import permits for raw gold.
PHOTO: DAO NGOC THACH
Although the State Bank of Vietnam has not yet granted import quotas for gold to any entity, the gold market is no longer experiencing the previous shortage. Some companies are now selling more gold. For example, on December 5th, Bao Tin Minh Chau Company sold each customer 50 taels of plain gold rings (Thang Long Dragon Gold), with immediate payment instead of waiting several days for pickup as before. Bao Tin Minh Hai Company has implemented a "pre-order - delivery later" policy since December 5th: for purchases of 50 taels or less, the delivery time is 15 days; for 51-100 taels, the delivery time is 20 days; and for over 100 taels, the delivery time is 25 days. Furthermore, the company also stated: "Gold for investment purposes will not be sold in limited quantities, but will be subject to the pre-order and delivery policy as above. BTMH does not yet support online gold investment orders." Meanwhile, SJC Company still applies a limit of 1 tael of SJC gold bar and 1 chỉ (unit) of gold ring per customer.
The market is awaiting news on the gold license.
In recent days, gold prices have rebounded, but buying and selling activity in the market remains very weak. On December 5th, gold trading companies increased the price of SJC gold bars twice, by 1.1 million VND per tael. SJC Company and Doji Group bought at 152.9 million VND and sold at 154.9 million VND/tael; Bao Tin Minh Chau Company bought at 153 million VND and sold at 154.5 million VND/tael; Phu Quy Company bought at 151.9 million VND and sold at 154.9 million VND/tael… In just one month, the price of SJC gold bars has increased by nearly 8 million VND, equivalent to a 5.3% increase. Gold rings saw an even stronger increase, rising by 9 million VND/tael, equivalent to 6.1%. On December 5th, the price of gold rings at SJC Company reached 150 million VND and the selling price was 152.6 million VND. Bao Tin Minh Chau Company has the highest gold ring prices on the market, buying at 151 million VND and selling at 154 million VND per tael...
Mr. Nguyen Ngoc Trong, Director of New Partner Gold Company, explained that the supply of gold on the market has become more abundant due to weaker buying demand. Another reason is that the current price of raw gold on the market is around 140 million VND/ounce, while the selling price of finished products is high. Each ounce of gold rings sold yields a profit of 12-14 million VND/ounce, bringing significant profits, so companies are also increasing their supply. In reality, there is no information yet on any unit being licensed to produce gold bars or import raw gold, so this information has not yet impacted the market. Similarly, Mr. Huynh Trung Khanh also stated: "The market will show clear signs closer to December 15th. But with the licensing and gold import process, units that have been granted licenses will have to wait until after 2026 to be able to operate. When the State Bank of Vietnam grants quotas to units and supplements the supply, then the high price of gold in the domestic market will be reduced."
According to calculations by the Vietnam Gold Business Association, the demand for gold as raw material for the production of gold bars and jewelry averages about 50 tons per year, equivalent to approximately 5 billion USD per year (about 420 million USD per month). After processing, half is used to meet domestic demand, and the other half is for export, meaning 25 tons are exported, potentially generating 3.5 - 5 billion USD in revenue; with labor costs accounting for over 30% of the export value. Therefore, allowing businesses to import raw gold for the production and processing of gold jewelry and handicrafts not only meets domestic market demand but also generates a significant amount of foreign exchange for the country.
Source: https://thanhnien.vn/gia-vang-neo-cao-18525120523020578.htm
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