People have more options, the market is more transparent
The State Bank of Vietnam (SBV) is finalizing a draft Decree amending Decree 24/2012/ND-CP with the orientation of opening the gold bar market according to the roadmap, but still ensuring strict control.
One of the notable points is the permission for banks and businesses to qualify for importing raw gold and producing gold bars - something that was previously only undertaken by one unit.
Sharing with Lao Dong, Mr. Dao Xuan Tuan - Director of the State Bank's Foreign Exchange Management Department - informed: "The State Bank will grant licenses to credit institutions and enterprises that meet the conditions to produce gold bars, import raw gold to produce gold bars or serve the production of gold jewelry".
According to Mr. Tuan, based on the macroeconomic situation, monetary policy and gold market developments, the SBV will grant raw gold import limits to qualified units. This approach helps end the monopoly mechanism, but still ensures that the State plays a role in regulating and supervising.
The draft also requires gold bar manufacturing units to announce quality standards, have a system to store and connect transaction data with management agencies.
"The enterprise must be responsible if the product quality is not as advertised. The data on buying and selling gold bars must also be transparent and can be checked at any time, Mr. Tuan emphasized.
Allowing the emergence of many gold bar brands not only creates a competitive playground, but also helps narrow the price gap between brands, bringing benefits to consumers.
In addition, gold bar trading transactions will also have to make payments through accounts, using electronic invoices, helping to make cash flow transparent and control the market better.
More than 6,000 gold and jewelry businesses waiting to "open the door" to imports
Regarding the cosmetic gold jewelry industry (TSMN), Mr. Tuan said that there are currently more than 6,000 enterprises operating in the field of production and trading of TSMN gold, but most of them have small capital and do not have enough financial capacity to directly be granted import licenses.
To solve this problem, the draft stipulates that the SBV only grants import licenses for raw gold to credit institutions and enterprises eligible to produce gold bars. After that, these units will resell raw gold to domestic jewelry production enterprises.
This regulation both helps increase the supply of raw gold and ensures that import activities are still under control, said Mr. Tuan.
Enterprises and credit institutions licensed for import must build a transparent internal process, store sufficient transaction data and connect the information system with competent authorities to serve inspection and supervision work.
The draft Decree amending Decree 24 is expected to create a turning point for the Vietnamese gold market, gradually forming a competitive, transparent market and operating according to market signals within the legal framework.
