The State Bank has just announced to collect opinions on the draft amendment to Decree 24/2012/ND-CP of the Government on the management of gold trading activities with many new points in the gold management policy, notably the removal of the monopoly mechanism for producing gold bars.
Accordingly, the management agency will control the market by granting import limits and licenses each time to qualified credit institutions and enterprises.
Credit institutions are considered by the State Bank to be granted a License to produce gold bars when they meet all the conditions: they are credit institutions with a License to buy and sell gold bars; and have a charter capital of VND 50,000 billion or more.
For enterprises, the State Bank considers granting a License to produce gold bars when they meet all the conditions: the enterprise has a License to buy and sell gold bars; has a charter capital of 1,000 billion VND or more...
According to the State Bank's report, by the end of the first quarter of 2025, there were 22 credit institutions and 16 enterprises licensed to trade gold bars with 2,564 locations nationwide. Of these 22 units, 4 state-owned commercial banks have hardly participated in the business of buying and selling gold bars from 2012 until June 2024 (when participating in buying gold bars directly from the State Bank to sell to intervene in the market).
The State Bank is seeking comments on the draft amendment to Decree 24 on gold trading management.
With the draft just announced by the State Bank, banks with charter capital under 50,000 billion VND or large gold companies with less than 1,000 billion VND in charter capital will not be granted a license to produce gold bars?
Speaking to a reporter from Nguoi Lao Dong Newspaper on June 13, Mr. Huynh Trung Khanh, Vice President of the Vietnam Gold Business Association, said the association will give comments on regulations on minimum charter capital to be licensed to produce gold bars.
"In reality, many banks are licensed to trade in gold bars and have many years of experience in this field such as Eximbank, ACB , TPBank, Sacombank or companies such as Bao Tin Minh Chau, Mi Hong, Bao Tin Manh Hai... but are not qualified to produce gold bars" - Mr. Khanh said.
Currently, banks with charter capital of over 50,000 billion VND such as Vietcombank, Agribank , BIDV, VietinBank, MB, Techcombank...
Experts from the Vietnam Gold Business Association assessed that the amendment of Decree 24 in the direction of removing the monopoly mechanism of SJC gold bars, paving the way for many businesses and banks to participate in production will help the market develop more sustainably; reduce the gap between domestic and world gold prices after the supply increases...
Enterprises and banks are only allowed to import gold bars and raw gold from gold producers certified by the London Bullion Market Association (LBMA). At the same time, they must announce the applicable standards, weight and content of imported gold bars and raw gold and be legally responsible for the weight and content standards of imported products that are consistent with the announced weight and content standards.
In the summary report on Decree 24, after more than ten years of its promulgation, the State Bank admitted that maintaining the current gold bar monopoly policy is inappropriate. The method of monopolizing the production of gold bars, exporting and importing raw materials to produce gold bars has revealed some limitations.
Because continuing to depend on SJC Company while the technology and equipment are currently outdated, it makes it difficult for the State Bank to proactively supply SJC gold bars in case it needs to intervene with large volumes...
Source: https://nld.com.vn/ngoai-sjc-don-vi-nao-sap-duoc-cap-phep-san-xuat-vang-mieng-196250613125822911.htm
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