Specifically: Payment for the purchase and sale of gold worth VND20 million or more per day by a customer must be made through the customer's payment account and the payment account of a gold trading enterprise opened at a commercial bank or foreign bank branch.
This regulation is included in Decree No. 232/2025/ND-CP amending a number of articles of Decree 24 2012 on management of gold trading activities, effective from October 10.
Gold is a special asset, both as a commodity and a monetary element. practice over the years has shown that gold trading activities always have the potential to pose speculative risks, inflate prices and can be exploited for money laundering.
With the new regulation, all major transactions must go through the banking system, meaning that cash flow will be monitored transparently and can be traced clearly.
This not only helps the State have more effective management tools for a very sensitive market, but also the basis for combating tax losses - an issue that was once very difficult when most gold transactions took place in cash, not in books.
When banks play the role of payment intermediaries, management agencies will easily monitor the actual transaction scale, thereby developing appropriate regulatory policies, contributing to stabilizing the macro economy.
For the people, the most obvious benefit is safety. Previously, bringing tens or hundreds of millions of VND in cash to buy gold caused people to face the risk of loss and robbery. Now with the form of transfer, this risk has decreased significantly.
In addition, when trading gold associated with a bank account, both buyers and sellers have electronic documents and legal invoices as a basis for legal comparison when a dispute arises.
In particular, gold trading enterprises are required to publicly list prices, store transaction data and be responsible before the law. Thanks to that, people will reduce their concerns about being forced to pay, buy at high prices, sell at low prices in a non-transparent environment.
Another equally important benefit is the quality of the product. Organizations allowed to produce and trade gold bars must clearly announce standards, volumes, content, and warranty regimes, thereby ensuring customer rights, avoiding fraud in quality or poor quality gold that has caused frustration.
However, putting the regulation into practice is not easy. In large cities, people are used to transacting through banks, and the implementation is relatively smooth. But in rural and remote areas - where cash transactions are still popular - it will be a big challenge.
In addition, there is still a risk that some individuals and organizations will deliberately "circumvent the law", dividing transactions under 20 million VND to avoid having to transfer money through banks. This is a problem for management agencies in monitoring and handling.
Therefore, to make the policy truly effective, it is necessary to synchronously deploy many solutions.
First of all, it is propaganda and guidance work to help people clearly understand their rights and interests, avoiding the mentality of being afraid of procedures. Commercial banks need to simplify the process, support quick and low-cost account opening, especially for customers in remote areas.
Most importantly, it is necessary to ensure smooth data connection between banks, enterprises and the State Bank through the application of technology.
Management agencies need to strengthen regular inspection and supervision, promptly handle fraudulent acts and have strict sanctions for businesses that do not comply with regulations on electronic invoices, price listings or transaction archives.
Requesting gold transactions of over 20 million VND in the past day to bank accounts is not only an effective financial tool, both domestic and domestic, but also towards a public, transparent and safe gold market.
The important thing is to implement resolutely, synchronously and flexibly so that the policy is not only on paper, but truly comes into life.
