New regulations on gold trading from October 10: Mandatory transfer for large transactions

(NLDO) - Today (October 10), the new regulation on gold buying and selling by bank transfer officially takes effect.

People buying gold under 20 million VND pay both in cash and by bank transfer.

According to Decree 232/2025/ND-CP amending Decree 24/2012/ND-CP on the management of gold trading activities, effective from October 10, all gold trading enterprises (including gold bars, gold rings and jewelry) must make payments via bank transfer for buying and selling transactions worth VND20 million or more in one day with a customer.

At the same time, gold bar trading enterprises must publicly disclose buying and selling prices, store customer information (including citizen identification information and tax codes), transaction values, and connect and provide information to the State Bank.

In a field survey on the morning of October 10, a reporter from the Lao Dong Newspaper noted that most businesses and gold shops have announced and seriously implemented the new regulations on gold trading.

At a PNJ store, some customers buying and selling gold worth less than 20 million VND paid by both bank transfer and cash. Customers buying and selling gold worth 20 million VND or more were asked by PNJ staff to pay through a bank account.

When we asked the question: "If the gold seller does not have a bank account, can he/she receive cash payment?", PNJ staff said that the customer provides the account number of a relative to receive the money. Conversely, if the gold buyer does not have a bank account, they can ask a relative to transfer money to PNJ's account to complete the transaction.

"Accordingly, the transaction document will show information including the identity and citizen identification number of the person directly transacting (not information of relatives)" - PNJ staff added.

First day of implementing new regulations on gold buying and selling

Meanwhile, Mr. Minh Thanh, owner of a gold shop in the Ba Chieu market area, said that the shop is having difficulty trading gold worth over 20 million VND with elderly customers. Because these people often do not have bank accounts and only agree to pay in cash.

"If we accept cash payments, we violate the law, but if we refuse to do so, we fear losing customers," Mr. Thanh lamented.

Similarly, Mr. Le Chanh - owner of a gold shop on Nguyen Van Nghi Street, Go Vap Ward - said that the State has issued new regulations requiring gold transactions over 20 million VND to be transferred, and market members are forced to comply.

However, this regulation can make buying and selling gold more difficult. When gold buyers or sellers do not have bank accounts, they have to ask someone else to transfer money. This can lead to risks for customers, because the person with the account may not make the transfer, causing instability or disputes.

Speaking to a reporter from the Lao Dong Newspaper , a senior leader of the State Bank said the goal of the new regulations on gold trading is to control the cash flow of participants in the gold market. From there, the authorities have a basis to strengthen anti-money laundering work and gradually prevent tax evasion.

"People who do not have a bank account should open one soon for convenience when buying and selling gold, or ask a trusted relative to transfer and receive payment for gold transactions on their behalf," the State Bank leader recommended.

Source: https://nld.com.vn/lung-tung-quy-dinh-moi-khi-mua-ban-vang-tu-10-10-196251010124457296.htm