transparency and strict control
In the document explaining comments on the draft Circular guiding Decree 232/2025/ND-CP, the State Bank of Vietnam (SBV) expressed a steadfast management viewpoint. A series of recommendations considered "hot", reflecting the market's business reality, have been rejected, showing that the top priority of managers is transparency and strict control.
Faced with pressure on the supply of gold bars, some commercial banks have proposed that the SBV allow a flexible mechanism: collecting money or blocking customers' accounts first, but delivering gold later according to the import schedule. This proposal aims to reduce the pressure of physical gold liquidity and legalize the current "selling of appointment papers" situation in the market.
However, the SBV "disregarded" this proposal. The management agency affirmed that the collection and delivery of gold depends on the sales contract between the bank and the customer, not within the scope of the Circular. This move shows that the SBV does not interfere in civil agreements, and at the same time does not create a legal corridor for selling gold when there are no goods in hand.
Credit cards and vouchers cannot be used to buy gold over 20 million
One of the most concerned issues is the regulation that payment for gold transactions of VND20 million or more per day must be through a bank account. PNJ has proposed clarifying whether modern methods such as credit cards, e-wallets, COD shipments (delivery of goods collected) or vouchers/gift gifts are accepted or not.
The answer of the State Bank is very decisive. Referring to the Law on Credit Institutions 2024, the SBV clearly stated that "payment accounts are unlimited deposit accounts opened by customers at banks". Therefore, "payment methods without payment accounts are not in accordance with regulations". This regulation aims to increase transparency and avoid "circumventing the law" by dividing transactions into smaller ones.
Continue to " say no" to gold trading in accounts
Major banks such as BIDV and Agribank have once again proposed that the SBV allow modern operations such as buying and selling gold on overseas accounts or commodity price derivation activities. The purpose is to have a tool to balance the status and prevent risks of price fluctuations.
However, these proposals were all rejected by the SBV. The regulatory agency said it will study amending regulations related to derivatives if necessary, but has not yet opened the door for these activities in the gold sector.
In addition, requests to shorten the time for granting gold import and export licenses from 5 days to 1-2 days to reduce price risks were also not accepted. The SBV believes that the 5-day working period is necessary to ensure handling according to internal procedures. This consistent view shows that, in the current period, stability and tight control of the gold market are still the top priority of the operator.
