Major changes are coming to the gold market.

According to the draft of the new decree, the production, processing, and trading of gold jewelry and handicrafts will officially no longer be a conditional business activity.

According to the new proposal, businesses, organizations, and individuals operating in the gold jewelry sector will no longer have to apply for sub-licenses issued by the State Bank of Vietnam as before. Photo: Viet Linh.

The State Bank of Vietnam is seeking feedback on the draft Decree amending and supplementing a number of articles of Decree No. 24/2012 on the management of gold trading activities.

Eliminate sub-licenses for gold jewelry.

Previously, the Government issued Decree 232 dated August 26, 2025, amending and supplementing Decree 24/2012, focusing on revising the contents regarding the management of production, business, and import of gold bars.

A draft of the new Decree, currently under review by the State Bank of Vietnam, proposes removing the production, processing, and trading of gold jewelry and handicrafts from the list of conditional investment and business sectors. This means that businesses and establishments in this field will no longer need to apply for licenses or certificates of eligibility from the State Bank of Vietnam as before.

Instead of managing through a licensing mechanism, the draft Decree stipulates that organizations and individuals producing and trading gold jewelry and handicrafts must fully comply with all legal regulations regarding product quality, measurement standards, labeling, price listing, invoices and documents, tax obligations, fire prevention and control, environmental protection, consumer rights protection, anti-money laundering, and other related regulations.

In line with this direction, the State Bank of Vietnam proposes abolishing a number of current regulations on the conditions for the production and trading of gold jewelry and handicrafts, as well as the responsibilities of businesses in this field. Notably, the production and trading of gold jewelry and handicrafts will no longer be subject to specialized inspection and supervision by the State Bank of Vietnam.

According to the draft, this agency will only conduct inspections and audits of activities within the scope of state management of gold, such as the production of gold bars, trading of gold bars, import and export of gold bars and raw gold. Compliance with regulations on licensing, quotas, reporting requirements, and the use of imported raw gold will also continue to be under supervision.

The draft also adds a management mechanism for the import of raw gold for the production of export goods. Accordingly, enterprises registered to produce and process gold jewelry and handicrafts and that have signed processing contracts with foreign partners may be considered by the State Bank of Vietnam for temporary import of raw gold for production and re-export. The volume of imported gold must conform to the processing contract and may only be used for the purpose of fulfilling the registered contract.

For foreign-invested enterprises, the State Bank of Vietnam will consider granting annual import quotas for raw gold based on production capacity and the results of processing or export contracts. This raw gold can only be used for the production of export goods and cannot be sold or transferred on the domestic market without the approval of the regulatory authority.

Another notable point is that certificates of eligibility for the production of gold jewelry and handicrafts previously issued by the State Bank will no longer be a mandatory requirement for organizations and individuals to continue operating when the new decree comes into effect.

Still tightly controlling gold bars.

Contrary to the trend of loosening regulations on gold jewelry and handicrafts, the draft of the new Decree maintains a strict control mechanism for gold bars. Accordingly, the production and trading of gold bars continues to be a conditional business sector, only permitted with a license from the State Bank of Vietnam.

A notable new point is the addition of regulations on payment methods in gold transactions. Specifically, gold buying and selling transactions with a total value of 20 million VND or more in a single day by a single customer must be conducted using non-cash payment methods as prescribed by law.

For transactions involving gold bars, the use of credit cards or other payment methods funded by credit activities must comply with current regulations on credit granting.

The draft also strengthens data management requirements for entities licensed to import and export gold. Accordingly, businesses and banks must build information technology systems to manage and store complete data on the import, export, purchase, sale, use, and inventory of raw gold. These entities must also connect to and provide data to the State Bank of Vietnam as stipulated by the Governor.

Source: https://znews.vn/sap-co-thay-doi-lon-tren-thi-truong-vang-post1655697.html