Hanoi (VNA) - The upcoming Government decree lifting the State monopoly on gold bullion production and allowing gold imports is set to usher in a new era for Vietnam’s gold market, marking a critical step in long-awaited regulatory reforms.
Decree No. 232/2025/ND-CP, effective from October 10, 2025, provides a new legal framework for the precious metal. Accordingly, the State Bank of Vietnam (SBV) will licence qualified enterprises and commercial banks to produce, import, and export gold bullion and raw gold materials. Transactions of gold exceeding 20 million VND (757 USD) per customer per day must be conducted via bank transfer.
This policy shift is more than regulatory - it lays the foundation for a transparent, modern gold market. The ultimate goal is to establish a centralised gold exchange, starting with commodity gold and expanding to derivatives, aiming to align domestic gold prices more closely with global prices, while enhancing market stability and oversight.
Market preparation
Many gold enterprises are finalising their licences to import and produce gold, ready to commence operations once the decree takes effect.
Pham Quang Thang, Deputy CEO of Techcombank, confirmed the bank’s readiness to import and produce gold bullion under the new decree and SBV guidelines, aiming to contribute to a transparent, sustainable gold market.
Dao Cong Thang, Acting CEO of SJC, stated that after the government abolished the gold production monopoly, SJC will continue reprocessing previously produced gold and is actively applying for licences to import and produce new gold to meet legitimate market demand.
Although the current price gap between domestic and international gold remains significant, Dao Xuan Tuan, Director of the Foreign Exchange Management Department at SBV, acknowledged that the impact of the new regulations on domestic gold prices will take time to materialise, given the decree only takes effect on October 10.
Dr. Nguyen Tri Hieu, an economic expert, estimated that Vietnam loses about 10 billion USD annually to unofficial gold imports. He suggested that SBV should immediately allow around 1 billion USD worth of gold raw materials imports at the decree’s inception to quickly ‘quench’ market demand and help stabilise prices.
Experts note that while gold imports may pressure the exchange rate, stabilising the gold market is crucial and justifies sacrificing some foreign currency reserves. Official import permissions would also curb the large unofficial outflows of foreign currency currently used for illicit gold imports.
Towards national gold exchange
At an SBV meeting on implementing Decree 232, Deputy Governor Pham Quang Dung announced ongoing studies and international consultations to propose a national gold exchange. Possible approaches include integrating gold trading into commodity exchanges or establishing a dedicated gold exchange at Vietnam’s international financial centre.
The national gold exchange proposal enjoys broad support from economists and financial experts, as it promises to reduce domestic-international price disparities, increase transparency, and stabilise the market.
Associate Professor Dr Ngo Tri Long emphasised that a centralised physical gold market with public pricing and links to international gold exchanges would boost credibility and enable SBV to manage supply and demand more effectively.
Hoang Van Cuong, a member of the National Assembly’s Finance-Budget Committee, highlighted that such an exchange would facilitate electronic gold trading, enable gold storage via credit accounts, and simplify gold withdrawals, reducing processing costs and foreign currency demand for gold imports.
He said that mobilising household gold savings into funds will create a significant resource for the economy.
Dr. Hieu added that gold certificates traded on an exchange would eliminate queues for physical gold purchases, improve market transparency, and reduce unnecessary physical gold demand.
Experts concurred that if implemented, the national gold exchange would help narrow the price gap without requiring large foreign currency expenditures on physical gold imports./.
