This is the content requested by Prime Minister Pham Minh Chinh in Official Dispatch No. 104/CD-TTg dated July 6, 2025 on enhancing the effectiveness of monetary policy management, fiscal policy and organizing a preliminary review of work in the first 6 months of 2025.
The Prime Minister requested to strengthen appropriate, timely and effective gold market management measures; urgently submit to the Government a Decree amending Decree No. 24/2012/ND-CP on gold business management before July 15, 2025.
issued in 2012, Decree 24/2012/ND-CP on gold market management plays an important role in controlling the trading of gold bars and the import of raw gold.
However, after more than a decade of application, amending Decree 24 has become urgent to suit reality to overcome some market shortcomings, the difference between domestic gold prices and world gold prices as well as promote transparency and healthy competition in the gold market.
In recent times, implementing the direction of competent authorities, the State Bank has chaired and coordinated with ministries and branches to assess and summarize the implementation of Decree 24 to provide orientations for managing the gold market in the new situation.
In particular, immediately after General Secretary To Lam issued instructions to improve the effectiveness of gold market management, the State Bank has completed the draft Decree amending Decree 24.
Most recently, the State Bank has announced a draft Decree amending and supplementing a number of articles of Decree No. 24/2012/ND-CP.
The draft aims to update concepts, expand the scope of regulation, tighten licensing conditions and strengthen supervision of activities related to gold bars, raw gold and gold for fine arts.
The scope of regulation is supplemented for gold bar production activities because it will eliminate the State monopoly on gold bar production.
Accordingly, the scope of regulation includes: production, processing, trading in jewelry - handicrafts gold; production, trading in gold bars; import and export of gold; other gold trading activities such as account gold trading and gold derivatives.
The concept of gold bars is also more clearly defined as gold products that are cut into pieces, with characters and numbers showing the volume, quality, and the symbol of a business or credit institution licensed by the State Bank for production, including gold bars directly organized by the State Bank for production.
The draft adds Article 11a, stipulating strict conditions for being licensed to produce gold bars.
Specifically, for enterprises, they must have a license to trade gold bars, with a minimum charter capital of VND 1,000 billion, not being subject to administrative sanctions (or having remedied the consequences), and having a clear internal production process.
For credit institutions, in addition to a gold bar trading license, a charter capital requirement of VND50,000 billion or more and meeting the same conditions as a business.
The State Bank will specify the procedures and documents for granting a license to produce gold bars.
The draft proposes that the State Bank, based on monetary policy goals and gold supply and demand, determine annual import limits, and at the same time grant each license to businesses and credit institutions allowed to produce gold bars.
The draft stipulates that all gold trading transactions of VND20 million or more must be conducted through bank accounts, to enhance transparency and control cash flow.
