Buying gold from 20 million VND paying by credit card, voucher... is invalid

The State Bank affirmed that payment methods not through payment accounts are not in accordance with regulations. The regulation that gold purchases and sales of 20 million VND or more per day must be made through payment accounts is to increase transparency and avoid legal loopholes.

Gold trading from 20 million VND/day or more must be done using a payment account.

Decree 232/2025/ND-CP (effective from October 10, 2025) stipulates that 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.

This regulation is considered a big step forward to tighten transparency in the circulation of gold bars, limit money laundering risks and transfer of underground money flows through the gold channel.

However, regarding this regulation, many gold trading enterprises still have questions.

Representatives of DOJI and PNJ wondered: "Payment for buying and selling gold with a value of 20 million VND or more in a day" is understood as a separate buying or selling transaction with a value of 20 million VND or more or is the total value of buying and selling transactions accumulated in one day reaching 20 million VND or more?

According to DOJI, the "20 million VND level" may cause problems in implementation, because customers can make many small transactions on the same day.

However, the State Bank ( SBV) believes that Decree 232 has clearly defined the regulations, so there is no need for further guidance. According to SBV, the daily value of 20 million VND or more per customer is to avoid the situation of "circumventing the law", dividing transactions (under 20 million VND) to avoid having to pay through the account.

Also related to payment for gold transactions, PNJ requests clarification on whether the payment method when customers pay by credit card, e-wallet or through a payment intermediary (such as e-commerce platforms, COD delivery services) is considered to meet the regulations of "payment via payment account" of customers and businesses or not?

At the same time, the enterprise also requested the management agency to clarify whether the case where a customer buys a Voucher/gift certificate (with face value) through an intermediary or at the seller, then uses or gives/exchanges these certificates to another third party to receive gold products, is it considered in accordance with the regulations on payment via account or not?

According to the State Bank of Vietnam and the Law on Credit Institutions 2024, a payment account is a non-term linked account opened by a customer at a bank or foreign bank branch to use payment services provided by the bank.

Thus, payment methods not through payment accounts are not in accordance with the provisions of Decree 232.

In other words, for gold transactions of 20 million VND or more, payment by credit card, voucher, etc. is not in accordance with the new regulations.

Another common practice in gold payments today is that due to the scarcity of supply, businesses often collect money in advance, "sell promissory notes" and then pay for the gold after a certain period (sometimes lasting up to 1-3 months).

Some commercial banks have proposed that the State Bank allow businesses to "collect deposits" or freeze customers' money when trading spot but deliver gold later according to the import schedule, in order to reduce pressure on physical gold liquidity.

Regarding this issue, the State Bank said that the collection and delivery of gold between commercial banks and customers depends on the sales contract with customers according to regulations.

Source: https://baodautu.vn/mua-vang-tu-20-trieu-dong-thanh-toan-bang-the-tin-dung-voucher-la-khong-hop-le-d414089.html