According to Deputy Governor Pham Thanh Ha, in the first months of the year, due to many objective factors, the world gold price continuously increased and broke previous records. Domestically, the SJC gold price increased in the same direction as the world gold price.
With the synchronous solutions of the State Bank and coordination with functional agencies, by early April 2025, the difference between the domestic SJC gold bar price and the world gold price has been controlled within a suitable range, at about 3-5 million VND/tael, equivalent to about 5-7%; at times it was only about 1 million VND/tael, equivalent to about 1-2%.
Along with the solutions for gold market management being implemented and to adapt to the new market context, the State Bank has urgently researched, proposed and received approval from the Prime Minister to develop a Decree amending and supplementing a number of articles of Decree 24/2012/ND-CP on gold market management according to simplified procedures. In early June, the State Bank sent an official dispatch to relevant ministries, branches and units to solicit opinions and the draft Decree has also been posted on the State Bank's electronic information portal for comments.
Providing further information on the amendment of Decree 24, Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department - State Bank, said that the State Bank has institutionalized the instructions and has widely solicited opinions on the mass media about the draft Decree.
"We are synthesizing opinions and will ask for the Ministry of Justice 's appraisal opinion, trying to achieve the goal of submitting to the Government before July 15 as directed by the Prime Minister," Mr. Dao Xuan Tuan emphasized.
Previously, in Official Dispatch No. 104/CD-TTg dated July 6, 2025 on enhancing the effectiveness of monetary and fiscal policy management and organizing a preliminary review of the first 6 months of 2025, Prime Minister Pham Minh Chinh requested the State Bank to strengthen appropriate, timely and effective gold market management measures; urgently submit to the Government a Decree amending Decree No. 24/2012/ND-CP on gold trading management before July 15, 2025.
Issued in 2012, Decree 24/2012/ND-CP on gold market management plays an important role in controlling gold bar trading and raw gold import. However, after more than a decade of implementation, strong market fluctuations and changes in the economic environment have made many regulations in this Decree obsolete. The large gap between domestic and international gold prices, along with limitations on competition and transparency in the gold market, have created an urgent need to review and update the legal framework for managing this sector.
In recent times, the State Bank has actively coordinated with relevant ministries and branches to summarize and evaluate the implementation of Decree 24, as a basis for developing new management orientations in accordance with the direction of the Government and competent authorities.
In particular, following the direction of General Secretary To Lam on enhancing the effectiveness of gold market management, the State Bank has urgently completed the draft amendment to Decree 24. This draft has been officially announced by the monetary management agency, marking an important shift in the current gold market management mindset.
Accordingly, the draft Decree not only updates legal concepts but also expands the scope of regulation to activities related to gold jewelry, raw gold and gold bars.
One of the highlights of this draft is the proposal to end the State monopoly mechanism in the production of gold bars, thereby creating conditions for the market to develop in a more healthy competitive direction. In addition, the conditions for granting gold trading licenses are also tightened, while at the same time, monitoring measures are strengthened to ensure compliance with the law and transparency of operations in the market.
Talking to reporters about the new points in the draft Decree 24, Lawyer Nguyen Thanh Ha, Chairman of SBLAW Law Firm, said that gold is not simply a commodity like many other commodities, but is also closely linked to important factors such as exchange rates, capital flows and the stability of the national financial system. Therefore, expanding the right to participate in the production of gold bars outside the state sector needs to be accompanied by a legal framework that is tight enough to both control risks and ensure the promotion of a healthy competitive environment.
Lawyer Nguyen Thanh Ha said that if the door is opened for private enterprises to participate in the production and trading of gold bars, the management agency needs to establish a set of licensing criteria with high requirements such as enterprises must have large charter capital, from 500 to 1,000 billion VND, an internal control system that meets international standards, have independent audits and have practical experience in the gold trading sector. In addition, strict post-licensing monitoring regulations are indispensable, including periodic reporting, surprise inspections and the application of strict sanctions against speculative behavior and price manipulation in the gold market.
Lawyer Nguyen Thanh Ha also emphasized the need to ensure a balance between the State's management rights and the people's legal ownership rights to gold. If the management policy is designed too rigidly, such as tightening the buying, selling, storing or transferring of gold, it can lead to people switching to underground transactions, creating conditions for the development of the informal market and causing unnecessary instability. The effective solution does not lie in controlling by administrative orders but in the mechanism of making transactions transparent through mandatory declaration, traceability and electronic payment.
Source: https://baolaocai.vn/ngan-hang-nha-nuoc-cap-nhat-tien-do-sua-nghi-dinh-24-ve-quan-ly-thi-truong-vang-post648263.html
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