The bank wants to outsource the production of gold bars before it can produce them itself.

The bank wants guidance on the mechanism for hiring a processing unit to produce gold bars.

During the process of collecting comments on the draft Circular guiding Decree 232/2025/ND-CP on the management of gold trading activities, many commercial banks (CBs) made a series of notable recommendations, including the request to hire domestic and foreign gold bar processing units before meeting the conditions for self-producing gold bars.

Accordingly, Vietcombank and Techcombank requested the State Bank (SBV) to clarify the content of gold bar production activities of enterprises, allowing commercial banks to hire domestic or foreign gold bar processing units, similar to the mechanism of SBV assigning SJC to process gold bars under Decision 1623/QD-NHNN before. Decree 232 has eliminated the monopoly on gold bars, so the two banks proposed a corresponding legal framework similar to Decision 1623 so that commercial banks can hire qualified units to process gold bars.

“The production of gold bars for qualified commercial banks is a new mechanism and requires a lot of time for banks to build business documents, facilities, human resources as well as production lines. In the stage of completing the system for self-production, creating a legal mechanism for commercial banks to outsource processing to qualified and capable units will help reduce pressure on banks,” Vietcombank and Techcombank proposed.

According to these two banks, in the case of outsourcing, domestic enterprises and commercial banks cannot directly supervise production. At the same time, the outsourcing party has complied with the regulations on supervision, production, and quality management of a reputable third party. Therefore, the bank requested the State Bank to provide further guidance on the requirements for supervision and management of product quality in this case.

Regarding this proposal, the State Bank believes that the activities of processing gold bars domestically and internationally have been specifically regulated in the 2005 Commercial Law and the Law on Foreign Trade Management.

Accordingly, domestic processing activities "are carried out according to Articles 178, 181, 182 of the Commercial Law", while foreign processing "is according to Clause 1, Article 52 of the Foreign Trade Management Law", and enterprises must "take full responsibility for the gold bar products they produce or hire to process".

At the same time, businesses and banks must announce the applicable standards, volume and content of gold bars they produce and process.

Some banks also said that current regulations do not have specific instructions, leading to difficulties when temporarily exporting and re-importing gold for warranty or international quality inspection.

“We request that the State Bank provide guidance on procedures for applying for a license to temporarily export and re-import gold bars for warranty and repair purposes abroad. This activity should not be included in the annual gold import and export limit,” representatives of VietinBank, Vietcombank, and BIDV jointly commented.

However, the State Bank said it would not add a separate mechanism for temporary export and re-import of gold. Thus, warranty and inspection cases must still comply with the normal export licensing process.

Source: https://baodautu.vn/ngan-hang-muon-duoc-thue-gia-cong-san-xuat-vang-mieng-truoc-khi-co-the-tu-san-xuat-d413978.html