On August 26, 2025, the Government issued Decree 232/2025/ND-CP, amending and supplementing Decree 24/2012/ND-CP on the management of gold trading activities. A remarkable highlight of Decree 232/2025/ND-CP is the removal of the State monopoly mechanism in the production of gold bars, export of raw gold, and import of raw gold for the production of gold bars, thereby promoting the commercialization of gold bar production.
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Decree 232/2025/ND-CP, amending and supplementing Decree 24/2012/ND-CP on the management of gold trading activities, officially takes effect from the date of signing and issuance. Notably, it includes several key provisions such as:
Previously, Clause 3, Article 4 of Decree 24/2012/ND-CP stipulated the principle of gold management:“ The State shall exclusively produce gold bars, export gold material and import gold material for production of gold bars.”
Decree 232/2025/ND-CP amends and supplements Clause 2, Article 3 of Decree 24/2012/ND-CP on the concept of gold bars: “2. A gold bar is a gold product cast into bars, stamped with inscriptions indicating weight, quality, and code of the enterprise or commercial bank licensed by the State Bank of Vietnam to produce; gold bars organized for production by the State Bank from time to time.”
With the new provision, the term “credit institution” is replaced with “commercial bank,” to be consistent with the scope of activities under the Law on Credit Institutions (specifically clause 17, clause 21 and clause 38 Article 4 and clause 1 Article 114), thereby limiting the right to produce, export, and import gold bars to commercial banks only.
Decree No. 232/2025/NĐ-CP also amends and supplements Clause 6, Article 4, stipulating that the production of gold bars is a conditional business activity and must be licensed by the State Bank of Vietnam. This amendment aligns with the objective of shifting from a monopoly mechanism on gold bar production to a licensing mechanism, thereby promoting the commercialization of gold bar production activities in accordance with the new Decree No. 232/2025/NĐ-CP.
The Decree adds Article 11a after Article 11 of Decree No. 24/2012/NĐ-CP, specifying the conditions for being granted a gold bar production license. Specifically as follows:
A business shall be considered by the State Bank of Vietnam for the issuance of a gold bar production license when it meets all of the following conditions:
A commercial bank shall be considered by the State Bank of Vietnam for the issuance of a gold bar production license when it meets all of the following conditions:
Conditions stated above are stipulated to ensure that enterprises and commercial banks engaged in gold bar production are legally qualified organisations with sufficient financial capacity, in compliance with regulations on gold trading activities, to carry out lawful gold bar production.
These are also essential foundations for enterprises and commercial banks to engage in legitimate gold bar production, meeting urgent requirements for effective management of the gold market in the current context, while ensuring that the State continues to supervise gold bar production activities.
Decree No. 232/2025/NĐ-CP also amends regulations on gold export and import. The State Bank of Vietnam will grant annual quotas and case-by-case licenses to enterprises and commercial banks specified in Article 11a for exporting and importing gold bars, as well as importing raw gold material. Based on the monetary policy objectives and the supply-demand of gold in each period, the State Bank shall consider granting licenses for raw gold imports for specific cases.
Accordingly, imported raw gold must have a purity of 99.5% or higher and may only be used for the following four purposes:
The Decree also clearly defines violations, including the production and trading of gold bars without licenses, or the illegal export/import of gold bars and raw gold. Enterprises and commercial banks must report on their activities involving the production and trading of gold jewelry and fine arts items, gold bar production and trading, export/import of gold, and sale of imported raw gold material, in accordance with regulations by the SBV and other competent authorities.
Decree No. 232/2025/NĐ-CP supplements Clause 10 of Article 4 of Decree No. 24/2012/NĐ-CP, regarding gold transaction payments: “Transactions involving the purchase or sale of gold with a total value of VND 20 million or more in a single day per customer must be carried out via the customer’s payment account and the payment account of the gold trading enterprise opened at a commercial bank or foreign bank branch.”
Thus, starting from August 26, 2025, gold transactions from VND 20 million per day or more must be conducted via bank accounts. This regulation is introduced to ensure customer identity verification requirements, without creating new obligations for customers, as verification is already conducted when opening and using payment accounts at commercial banks or foreign bank branches. The regulation also aims to increase transparency and traceability in gold trading activities.
Additional responsibilities for enterprises producing gold jewelry and fine arts. Decree No. 232/2025/NĐ-CP also supplements Clause 5a of Article 6 regarding the responsibilities of enterprises engaged in gold jewelry and fine arts production. Specifically: “When selling raw gold purchased from enterprises or commercial banks specified in Article 11a of this Decree, they must issue and use electronic invoices in accordance with legal regulations; fully and accurately store transaction data related to raw gold sales; and connect to provide information to the State Bank of Vietnam as stipulated by the Governor of the State Bank.”
The addition of responsibilities for enterprises engaged in the production of gold jewelry and fine arts—specifically the requirement to issue and use electronic invoices and store transaction data when selling raw gold purchased from enterprises or commercial banks—aims to ensure transparency and control in raw gold trading activities.
It is evident that Decree No. 232/2025/NĐ-CP represents a major regulatory shift after more than a decade of implementing Decree No. 24/2012/NĐ-CP. This marks a fundamental change by officially abolishing the State’s monopoly on gold bar production, promoting the commercialization of gold bar manufacturing, and establishing a new framework that allows the participation of enterprises and commercial banks—albeit under strict conditions.
The above is an update on key regulations related to the commercialization of gold bar production under the new Decree No. 232/2025/NĐ-CP. Should you have any related questions or require legal consultation on gold trading regulations, please contact Luật Việt An for the best support and advice.
The above is an update on key regulations related to gold bar commercialization under Decree 232/2025/ND-CP in Vietnam. Should you have any related questions or require legal consultation on gold trading regulations, please contact Viet An law firm for the best support and advice.
