The State Bank of Vietnam wants to abolish the monopoly on gold bars.
The State Bank of Vietnam (SBV) is proposing to abolish the monopoly on the production, export, and import of gold raw materials for the production of gold bars, according to a draft amendment to Decree 24/2012/ND-CP.
The goal is to create a competitive environment and stabilize the gold market, but the State will still maintain strict control to ensure effective management.
Despite the removal of the monopoly, the production and trading of gold bars, as well as the production of gold jewelry and handicrafts, remains a conditional business sector. Organizations wishing to participate must obtain a license from the State Bank of Vietnam to produce gold bars, a license to trade gold bars, or a certificate of eligibility to produce gold jewelry and handicrafts.
Businesses wishing to produce gold bars must have a gold bar trading license, a charter capital of VND 1,000 billion or more, no prior administrative violations related to gold trading (or have rectified any violations), and an internal process for gold bar production. Commercial banks need to meet similar conditions, but their charter capital must be VND 50,000 billion or more.
The import of raw gold for the production of gold jewelry and handicrafts is only licensed to businesses that have obtained a certificate of eligibility in this field. The State Bank of Vietnam has set these conditions to ensure that only organizations with sufficient financial capacity and compliance with the law are allowed to participate, helping to stabilize and improve the efficiency of the gold market.
Despite abolishing the monopoly, the State Bank of Vietnam affirms that the State will still closely manage the production of gold bars, ensuring that the market operates according to controlled principles.