Managing the gold market, ensuring compliance with legal regulations

Deputy Governor of the State Bank Pham Thanh Ha at the press conference on the afternoon of September 6. Photo: Dinh Hiep

On the afternoon of September 6, at the regular Government press conference, reporters from press agencies asked representatives of the State Bank of Vietnam about Decree 232, which has just been issued by the Government, and how the procedures for establishing gold bar production enterprises in particular and gold production and trading in general will be implemented to ensure publicity, transparency, and convenience, contributing to bringing gold prices closer to world gold prices and for the gold market to better promote the socio-economy .

Regarding this content, Deputy Governor of the State Bank of Vietnam Pham Thanh Ha said that Decree No. 232/2025/ND-CP amending and supplementing Decree No. 24/2012/ND-CP on management of gold trading activities was issued by the Government on August 26, 2025.

According to regulations, the State Bank licenses enterprises and commercial banks to carry out activities such as gold bar production; gold bar trading; gold jewelry and fine art production. The establishment of enterprises is carried out in accordance with the provisions of the Investment Law, the Enterprise Law and related regulations.

Regarding the licensing of gold bar production, Clause 7, Article 1 of Decree 232 stipulates specific conditions for enterprises and commercial banks to be considered for granting a license to produce gold bars. The Governor of the State Bank shall prescribe the dossier and procedures for granting the license. Decree 232 takes effect from October 10, 2025.

Therefore, the State Bank is urgently completing documents guiding the implementation of Decree 232 in accordance with the order and procedures prescribed by the Law on Promulgation of Legal Documents, ensuring that the effective date of these documents is consistent with the effective date of Decree 232.

The guidance documents will be designed to ensure publicity, transparency, cost reduction, time and resource savings for businesses in accordance with the Party and Government 's policies and directions on solutions to support businesses, as well as improve the business environment and enhance national competitiveness.

In addition, the State Bank will closely coordinate with the Ministry of Public Security, the Government Inspectorate and relevant agencies to immediately implement the Prime Minister's direction on gold market management, ensuring compliance with and strict implementation of legal regulations.

One of the notable contents of Decree 232 is the abolition of Clause 3, Article 4 of Decree 24/2012/ND-CP, which abolishes the State's monopoly mechanism on the production of gold bars, the export of raw gold, and the import of raw gold to produce gold bars.

Payments for gold purchases and sales 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.

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