Will gold prices cool down after the monopoly on gold bars is removed?
From October 10th, the elimination of the monopoly on the production and import of gold bars is expected to help cool down domestic gold prices and bring them closer to world gold prices.
On October 10th, Decree 232/2025/ND-CP will officially come into effect, amending and supplementing Decree 24/2012/ND-CP on the management of gold trading activities.
The most notable aspect of this decree is the abolition of the state's monopoly on the production and import of raw gold used in the manufacture of gold bars. This is considered a landmark change after more than 10 years of the gold market being tightly controlled by the state.
According to the new regulations, the State Bank of Vietnam will consider granting licenses to commercial banks and businesses that meet the necessary conditions to produce gold bars.
Nevertheless, this remains a conditional business sector, requiring businesses to ensure financial and technical capacity and strictly adhere to management requirements. Allowing multiple entities to participate is expected to increase supply, help reduce market overheating, and bring gold prices to a more reasonable level.
Another notable new regulation is that all gold transactions valued at 20 million VND or more per day must be conducted through a bank account. This regulation aims to control money flows, prevent money laundering activities, and enhance transparency in the gold market.
In addition, gold bar manufacturers must clearly disclose technical standards, warranty policies, data storage, and information connectivity with the State Bank of Vietnam for supervisory purposes.
Economists believe that abolishing the monopoly on gold bar production will help bring domestic gold prices closer to world prices, while reducing the unreasonable disparity between the two markets. If implemented effectively, this policy will not only help stabilize gold prices but also strengthen public confidence, leading to a more transparent, competitive, and sustainable gold market.