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The Vietnam Federation of Commerce and Industry (VCCI) has just sent an official dispatch to the State Bank of Vietnam (SBV) requesting comments on the Draft Decree amending and supplementing a number of articles of Decree 24/2012/ND-CP on the management of gold trading activities.
Removing business conditions for enterprises producing gold bars and gold jewelry
Accordingly, regarding the conditions for granting licenses to produce gold bars, the Draft stipulates a minimum charter capital requirement of VND1,000 billion or more for enterprises. VCCI cited feedback from enterprises, stating that this regulation is too strict, is too big a barrier, and will eliminate the majority of enterprises from participating in the market. This could lead to a situation where only a few enterprises can participate in the market, limiting competition, not diversifying supply sources, thereby affecting the rights and choices of the people.
Regarding gold jewelry and handicraft business, the current draft Decree continues to maintain business conditions for gold jewelry and handicraft business activities.
According to VCCI, maintaining this business condition is not appropriate.
Firstly, it is inconsistent with the provisions of the Investment Law. The Investment Law stipulates that only industries that affect national defense, security, order, social safety, social ethics or public health are subject to business conditions. Meanwhile, gold jewelry and handicrafts are common consumer goods that do not affect public interests to the extent necessary to apply restrictions.
Second, there are no special requirements for safety or management. Specifically, current business conditions for gold jewelry and handicrafts are mainly related to facilities and equipment - similar to other types of normal commodity business. These requirements are not linked to the goal of protecting public interests or preventing specific risks, so there is not enough basis to maintain it as a conditional industry.
Third, it is not consistent with the policy of administrative reform. Continuing to regulate business conditions in this field goes against the spirit of Resolution No. 68/NQ-TW on administrative procedure reform, which requires minimizing administrative intervention, eliminating barriers and the “ask-give” mechanism in investment and business activities.
At the same time, this regulation is not really suitable and does not support the orientation of "Encouraging the development of the domestic gold jewelry market to gradually turn Vietnam into a center for manufacturing and exporting high-quality gold jewelry" that the General Secretary concluded at the meeting with the Central Policy and Strategy Committee on May 28, 2025.
Therefore, VCCI proposed that the State Bank remove regulations on business conditions for gold jewelry.
Eliminate "sub-licenses" for gold imports
Regarding gold bar imports, according to VCCI, the draft decree amending Decree 24 regulates gold bar imports in a multi-level control direction, including: Gold import-export license; Annual import-export limit; Import-export license for each time;
Requiring the above licenses at the same time will create many “sub-licenses”, increasing administrative procedures, compliance costs and causing difficulties for enterprises’ production and business activities. Therefore, VCCI recommends that the drafting agency amend the regulations in the direction of simplifying procedures while still meeting management requirements.
Specifically, VCCI proposed to abolish the gold import-export license. The reason is that gold import licenses are only issued to gold production enterprises. Meanwhile, gold production enterprises are already licensed and strictly managed by the State Bank. Therefore, requiring an additional separate import-export license is unnecessary, in the nature of a “license within a license”, increasing unnecessary procedures and costs.
VCCI also proposed to abolish import-export licenses for each time because the State Bank has controlled the annual limit for businesses. In the context of the gold market having many fluctuations and being strongly affected by domestic and foreign factors, waiting for each license can cause businesses to miss out on business opportunities and reduce flexibility in operations.
The regulation on single-license issuance can be speculated to help management agencies have information on import-export activities of enterprises and be proactive in management. This can be done by requiring customs agencies to connect data with the State Bank, or requiring enterprises to periodically report on the implementation of import-export limits. These measures both ensure effective supervision and create favorable conditions for enterprises to be proactive in business activities.
Regarding imported gold, the draft stipulates that enterprises are only allowed to import gold bars and raw gold from manufacturers certified by the London Bullion Market Association. VCCI requested the drafting agency to clarify the reason for this regulation.
Clarifying the content of gold derivatives, gold trading accounts
The draft Decree amending and supplementing a number of articles of Decree 24/2012/ND-CP on the management of gold trading activities mentions other gold trading activities. According to VCCI, some regulations on this content are not clear and specific.
Regarding investment conditions, the draft stipulates that other gold trading activities are included in the List of restricted goods and services. However, this basis is no longer appropriate. This list was previously stipulated in the Commercial Law and guiding documents, but in reality it has not been applied for many years and was officially abolished in Decree 173/2024/ND-CP. According to the Investment Law 2020, there are only three types of lists: prohibited investment and business sectors; conditional investment and business sectors; and free investment and business sectors.
The draft stipulates that this activity can only be carried out with: (i) a permit from the Prime Minister ; and (ii) a license from the State Bank. However, neither the draft nor Decree 24/2012/ND-CP stipulates the conditions for permitting, licensing, nor the procedures. Such a provision is inconsistent with Article 7.5 of the 2020 Investment Law on mandatory contents of regulations on investment and business conditions.
Therefore, VCCI proposed that the State Bank supplement regulations on conditions, procedures and licensing procedures for this activity.
Regarding gold derivatives, the draft stipulates that gold derivatives are one of the gold trading activities, which are subject to the Decree. However, the Draft and Decree 24/2012/ND-CP do not stipulate the mechanism and conditions for this trading activity. The Decree only stipulates the legal mechanism for gold derivatives activities of credit institutions, which are implemented in accordance with the Law on Credit Institutions. VCCI requests the drafting agency to clarify: Can other organizations and enterprises (such as gold trading enterprises, financial institutions, etc.) participate in gold derivatives activities? In that case, what are the conditions and licensing procedures?
Similarly, regarding gold trading activities on accounts, VCCI also requested the State Bank to clarify because the draft revised decree does not specify which organizations and enterprises can provide this service? Which investors can participate? What are the conditions, procedures, and processes? How are the regulations on transactions, order matching, and payments implemented?
Source: https://baodautu.vn/vcci-kien-nghi-bo-giay-phep-xuat-nhap-khau-vang-d314303.html
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