Detailed instructions on procedures for licensing gold bar production

(Dan Tri) - (Dan Tri) - On October 10, the State Bank officially issued Circular 34, regulating the licensing of gold bar production, gold trading and gold import and export.

The State Bank has issued Circular No. 34 guiding a number of articles of Decree No. 24/2012 of the Government on management of gold trading activities, amended and supplemented by Decree No. 232.

This Circular consists of 9 chapters and 33 articles, issued to provide guidance on the issuance, amendment, supplementation and revocation of certificates and licenses for gold jewelry and fine art production activities, gold bar trading and trading activities, gold bar production activities, gold import and export activities; the issuance of gold import and export limits; the connection and provision of information of enterprises and credit institutions engaged in gold business activities and the reporting regime.

The Circular takes effect from October 10. Licenses issued before this date will continue to be valid until their expiration date as prescribed.

Accordingly, the time to start connecting information of enterprises and credit institutions to the State Bank must be no later than March 31, 2026.

The time to start connecting and providing information of businesses and credit institutions licensed to buy and sell gold bars at the listed price to the State Bank must be no later than December 31.

The establishment, adjustment and granting of export quotas for gold bars, import quotas for gold bars, import quotas for raw gold and the deadline for submitting applications for export quotas for gold bars, import quotas for gold bars, import quotas for raw gold this year are applied based on the actual situation, not according to the provisions in Clause 3, Article 20 of this Circular.

Gold bars are displayed for sale by businesses (Photo: Thanh Dong).

According to Decree No. 232, from October 10, each customer who buys or sells gold worth 20 million VND or more per day must transfer money (from the buyer's account to the business's account). This is to ensure the requirements for authenticating customer information and increase publicity and transparency in gold buying and selling transactions.

At the same time, the State Bank also abolished the monopoly mechanism for gold bar production. Accordingly, the operator will issue limits and licenses for each time to businesses and commercial banks that meet the conditions to export and import gold bars and licenses for each time to import raw gold.

Banks and businesses wishing to be licensed to produce gold bars must meet capital requirements, with businesses requiring 1,000 billion VND or more, and banks requiring 50,000 billion VND.

However, up to now, the State Bank has not had any information on which units are licensed to produce gold bars.

Source: https://dantri.com.vn/kinh-doanh/huong-dan-chi-tiet-thu-tuc-cap-phep-san-xuat-vang-mieng-20251010192817906.htm