In the context of the world gold market fluctuating constantly, price risks are a major concern for gold businesses in Vietnam. This issue has been highlighted in recommendations sent to the State Bank of Vietnam (SBV) on the draft Circular guiding Decree 232.
According to the opinion synthesis document, a series of large units such as Vietinbank, SJC, and VCB have made an urgent proposal. These units recommended that the SBV adjust the time to consider granting a Gold Import and Export License for each transaction from 5 working days to only 1-2 working days.
The main reason given is to "compliance with international practices on physical gold delivery times" and more importantly, "minimize price risks for businesses and commercial banks when exporting". The 5-day waiting period can cause businesses to miss good trading times or face losses when world gold prices suddenly change.
However, all of these proposals were not accepted by the SBV.
In the explanatory document, the management agency stated the reason: "The draft Circular stipulates that the maximum processing time for licensing procedures is 5 working days from the date of receiving complete valid documents from the enterprise or the commercial bank to ensure enough time to process according to the internal procedures of the State Bank".
This decision shows that the SBV prioritizes ensuring internal handling procedures. This means that gold enterprises must accept a fixed period of delay in their business plans, and must develop their own plans to prevent the risk of price fluctuations during the licensing period.
