Major changes are coming regarding gold jewelry.

TPO - According to the draft of the new decree, the production, processing, and trading of gold jewelry and handicrafts will no longer be a conditional business sector. Therefore, from July 1st, businesses operating in this field will no longer need to apply for sub-licenses.

Eliminate all 'sub-licenses' for gold jewelry.

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.

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

In the draft decree currently being circulated for public comment by the State Bank of Vietnam, the latest amendments relate to gold jewelry. According to the draft, the production, processing, and trading of gold jewelry and handicrafts will officially no longer be a conditional business activity. This means that businesses, organizations, and individuals operating in the gold jewelry sector will no longer need to apply for sub-licenses issued by the State Bank of Vietnam as before.

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

Will all sub-licenses for gold jewelry be eliminated from July 1, 2026?

In line with the above policy, the State Bank of Vietnam also proposed abolishing a number of current regulations related to the conditions for producing and trading 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, the State Bank of Vietnam will only conduct inspections and audits in areas under its state management of gold, including the production of gold bars, trading of gold bars, import and export of gold bars and raw gold, as well as compliance with regulations on licensing, quotas, reporting, and the use of imported raw gold.

Another new development is the mechanism for managing the import of raw gold for export production. Accordingly, businesses registered to manufacture and process gold jewelry and handicrafts, and with processing contracts with foreign partners, will be considered by the State Bank of Vietnam for the issuance of temporary import licenses for raw gold for re-export of finished products. The quantity of imported raw gold must conform to the processing contract and can 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 licenses for raw gold based on production capacity and the results of processing or exporting gold jewelry and handicrafts. Imported raw gold may only be used for the production of export goods and may not be sold or transferred on the domestic market without the approval of the State Bank of Vietnam.

The draft also clearly stipulates that certificates of eligibility for the production of gold jewelry and handicrafts previously issued by the State Bank of Vietnam will no longer be a mandatory condition for organizations and individuals to continue operating from the date the new decree takes effect.

Still tightly controlling gold bars.

While significantly easing restrictions on gold jewelry and handicrafts, the draft still maintains a strict management stance on gold bars. Accordingly, the production and trading of gold bars will continue to be conditional business activities, only permitted with a license issued by the State Bank of Vietnam.

Notably, the draft adds new regulations on payment methods for gold transactions. Specifically, gold buying and selling transactions with a value of 20 million VND or more per day by a single customer must be conducted using non-cash payment methods as prescribed by law. For gold bar transactions, the use of credit cards or other forms of payment funded by credit activities must comply with current credit granting regulations.

In addition, the draft requires businesses and banks licensed to import and export gold to 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 of the State Bank of Vietnam.

Source: https://tienphong.vn/sap-co-thay-doi-rat-lon-lien-quan-vang-trang-suc-post1847584.tpo