More banks and businesses will soon produce gold bars

By the end of the first quarter of 2025, 22 credit institutions and 16 enterprises were licensed to trade in gold bars.

The State Bank of Vietnam (SBV) 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, notably the removal of the monopoly mechanism for producing gold bars.

Accordingly, the State Bank will control the market by granting import limits and licenses for each time to qualified credit institutions and enterprises. Credit institutions will be considered by the State Bank to be granted licenses to produce gold bars when they meet the following conditions: having a license to trade in gold bars; having a charter capital of VND50,000 billion or more. For enterprises, the State Bank will consider granting licenses to produce gold bars when they meet the following conditions: having a license to trade in gold bars; having a charter capital of VND1,000 billion or more...

By the end of the first quarter of 2025, there were 22 credit institutions and 16 enterprises licensed to trade in gold bars with 2,564 locations nationwide. Of these 22 units, 4 state-owned commercial banks had hardly participated in the trading of gold bars from 2012 until June 2024 (when they participated in buying gold bars directly from the State Bank to sell to intervene in the market).

Mr. Huynh Trung Khanh, Vice President of the Vietnam Gold Trading Association (VGTA), said that with the newly announced draft, banks with charter capital of less than VND50,000 billion or large gold companies with less than VND1,000 billion in charter capital will not be granted a license to produce gold bars.

Accordingly, many banks and enterprises are not qualified to be licensed to produce gold bars because they do not have enough charter capital according to regulations such as Eximbank, ACB , TPBank, Sacombank, Bao Tin Minh Chau, Mi Hong... VGTA will comment on the draft with the hope of amending the above regulations.

Source: https://nld.com.vn/sap-co-them-nhieu-ngan-hang-doanh-nghiep-san-xuat-vang-mieng-196250613221038061.htm