Decree 232/2025/ND-CP dated August 26, 2025 amending and supplementing Decree 24/2012/ND-CP of the Government on the management of gold trading activities has closely followed the policies of the Party and State, especially the direction of the General Secretary in Notice No. 211-TB/VPTW dated May 30, 2025 on eliminating the State monopoly mechanism in a controlled manner on the principle that the State still manages gold bar production activities.
The end of the monopoly state mechanism for gold bar brands, expanding the target audience for gold bar production and importing raw gold will help the gold supply in the market to be more diverse.
People will have more choices, a more competitive and transparent market, thereby contributing to narrowing the gap between domestic gold prices and world gold prices as well as between gold brands. For the gold bar market, Decree 232/2025/ND-CP requires enterprises and commercial banks granted a Gold Import License to only import gold bars and raw materials with a content of 99.5% or more; announce the applicable standards, volume, content of gold bars and imported gold raw materials according to the provisions of law and be responsible before the law for the standards for announcement of application, volume, and content of imported products in accordance with the announced standards, volumes, and contents.
Enterprises and commercial banks must take full responsibility for the gold bar products they produce, warrant the gold bar products to customers according to legal regulations; fully and accurately store the produced gold bar data; build an information system for processing and storing the produced gold bar data with basic contents including input material information, production time, output products; connect to provide information to the State Bank according to the regulations of the Governor of the State Bank.
Enterprises and credit institutions operating the business of buying and selling gold bars are responsible for developing internal regulations on buying and selling gold bars, clearly defining the transaction process of buying and selling gold bars to customers; publicly announcing information about customers' rights and obligations on the electronic information page of credit institutions and enterprises or publicly posting at trading headquarters; fully and accurately storing data on gold bar trading transactions.
Thus, Decree 232/2025/ND-CP has fully regulated the responsibilities of enterprises and commercial banks from the import, production to the business of buying and selling gold bars, to ensure the rights of consumers.
Along with that, the State Bank of Vietnam (SBV) recommends that people buy and sell gold bars at licensed units; require full electronic invoices and related documents to protect their own rights.
For the jewelry and fine arts gold market (TSMN), Decree 232/2025/ND-CP allows businesses and commercial banks to meet the conditions for importing raw gold. This regulation will help increase the supply of pure gold, increase transparency and stabilize supply, creating a premise for TSMN gold processing enterprises to confidently invest in the long term. With the participation of potential enterprises and commercial banks, the import and distribution of raw gold will be professional and transparent, ensuring the ability to meet the needs of the TSMN manufacturing industry nationwide.
Decree 232/2025/ND-CP adds the responsibility of state agencies, ministries and localities in managing the gold market to improve the efficiency of inter-sectoral management and coordination.
The SBV will coordinate with relevant ministries and branches to establish an information system, build and store data on the gold market, and connect to provide information to relevant agencies to increase transparency and support the effectiveness of management.
The SBV will also coordinate with relevant ministries and branches, including the Ministry of Finance, to continue researching and proposing other synchronous mechanisms and policies, contributing to promoting the development of the domestic TSMN gold market.
At the same time, the SBV requested relevant ministries and branches to pay attention, research, and propose solutions to develop alternative investment channels to mobilize people's gold resources to invest in socio-economic development; study appropriate tax policies for gold trading to improve transparency in the market as well as serve the goal of state management.
In addition, implementing the direction of the General Secretary in TBKL No. 211-TB/VPTW dated May 30, 2025, the SBV is urgently studying and referring to international experience to propose applying it according to the roadmap for implementing the establishment of a National Gold Trading Department; or allowing gold to be traded on a Commodity Trading Department; or establishing a Gold Trading Exchange in an International Financial Center in Vietnam.
