Vietnam Gold Import-Export License under new Circular 34/2025/TT-NHNN

In the context of many fluctuations in the domestic and international gold market, gold import and export activities are increasingly tightly controlled by the State to ensure stability in the monetary and foreign exchange markets and balance gold supply and demand. In order to specify the regulations of Decree 24/2012/ND-CP on gold business activities, especially the new regulations amended and supplemented by Decree 232/2025/ND-CP, the State Bank of Vietnam has issued Circular 34/2025/TT-NHNN, providing detailed instructions on the issuance of a gold import-export license. In the following article, Viet An Law will update some notable provisions on Vietnam gold import-export license under the new Circular 34/2025/TT-NHNN.

Types of gold import-export licenses

Previously, Article 14, Decree 24/2012/ND-CP only regulated import and export of gold material, but the new regulation in Clause 9, Article 1, Decree 232/2025/ND-CP has added regulations on the export and import of gold bars to comply with the regulations on the production of gold bars. Accordingly, the export and import of gold needs to pay attention to the following types of licenses:

Types of gold import-export licenses

The export and import of gold bars

The State Bank of Vietnam shall grant annual quotas and one-time licenses to enterprises and commercial banks producing gold bars for the export and import of gold bars.

The import of gold material

The State Bank of Vietnam shall grant annual quotas and one-time licenses to enterprises and commercial banks producing gold bars to import gold material.

The State Bank of Vietnam grants License to import gold material to the following enterprises:

Enterprises doing gold business that have contracted to process gold jewellery and fine arts for foreign country shall be issued a License to temporarily import gold for re-export by the State Bank of Vietnam when meeting the following conditions:

• The enterprises have the Certificate of eligibility to manufacture gold jewelry and goldsmiths’ wares issued by the State Bank of Vietnam;
• The demand for importing gold material in line with the jewelry and goldsmiths’ ware processing contract with foreign parties.

The State Bank of Vietnam shall consider granting gold material import licenses to foreign-invested enterprises based on their manufacturing capacity and report on the export of gold jewelry and goldsmiths’ wares in the previous year (if any) when the following conditions are satisfied:

• The enterprise has registered for the manufacture of gold jewelry and goldsmiths’ wares;
• The demand for importing raw gold corresponds to the jewelry and ornamental gold processing contract.

The State Bank of Vietnam may consider granting gold material import licenses to enterprises making outward investment in gold mining that require importing gold mined overseas if such enterprises meet the following conditions:

• Such enterprises have registered for gold mining in their investment certificates;
• The gold material to be imported is mined by the overseas enterprise or allocated according to the overseas gold mining agreement.

The export of gold material

The State Bank of Vietnam may consider granting gold material export licenses to enterprises holding gold mining licenses for the export of their mined gold material if such enterprises satisfy the following conditions:

• Foreign-invested enterprises holding gold mining licenses;
• The gold material planned for export is mined domestically.

Application for Vietnam Gold Import-Export License under new Circular 34/2025/TT-NHNN

The application for a gold import-export license is guided in Chapter III of Circular 34/2025/TT-NHNN, specifically as follows:

The export/import of gold bars

Applications for granting quotas for export/import of gold bars, import of gold material for enterprises and commercial banks licensed to manufacture gold bars as follows:

• Application form using Form specified in Appendix 09 attached hereto;
• Report on import/export of gold within 12 (twelve) months prior to the submission date of the application (if any).

Applications for issuance of gold material export licenses include:

• Application form for issuance of gold bar export license using Form specified in Appendix 10 attached hereto;
• Documents proving the domestic source of gold bars for export from import, manufacture, or purchase (in case requested by the State Bank of Vietnam).

Applications for the issuance of gold bar import licenses

• Application form for issuance of gold bar import license using the Form specified in Appendix 10 attached hereto;
• Plan for using gold bars imported; report on export/import of gold bars and gold material from the beginning of the year until the application submission date.

The export and import of gold material

Applications for issuance of temporary import licenses for gold material to gold trading enterprises that have processing contracts for gold jewelry and goldsmiths’ wares with foreign parties to re-export products:

• Application form for issuance of temporary import licenses for gold material to re-export products using Form specified in Appendix 04a attached hereto;
• Gold jewelry and goldsmiths’ ware processing contract with foreign parties;
• Report on the import of gold material, manufacture and export of gold jewelry and goldsmiths’ wares of the enterprise within 12 (twelve) months prior to the submission date of the application, attached with the list of Customs declarations for temporary import – re-export of gold and the deduction slip printed from the Customs business information system, certified by the enterprise regarding the accuracy of this (if any).

Applications for issuance of a gold material import license for foreign-invested enterprises to produce gold jewelry and goldsmiths’ ware include:

• Application form for issuance of gold material import license using the Form specified in Appendix 04b attached hereto;
• Investment registration certificate;
• Gold jewelry and goldsmiths’ ware processing contract with foreign parties;
• Report on the import/export and consumption of gold material in Vietnamese market within 12 (twelve) months prior to the submission date of the application (for applications for the issuance of gold material import licenses within the planned year) or from the beginning of the year until the submission date of the application (in case of supplementing the imported quantity of gold material), attached with the list of Customs declarations for import – export and the deduction slip printed from the Customs business information system, certified by the enterprise regarding the accuracy of this document.

Applications for the issuance of gold material import licenses to enterprises making outward investment in gold mining include:

• Application form for issuance of gold material import license using the Form specified in Appendix 07 attached hereto;
• Investment registration certificate;
• Documents proving the gold material to be imported is mined by the overseas enterprise or shared according to the overseas gold mining agreement;
• Report on the import and mining of gold material of the enterprise within 12 (twelve) months prior to the submission date of the application, attached with the list of Customs declarations for the import of gold and the deduction slip printed from the Customs business information system, certified by the enterprise regarding the accuracy of this document.

Applications for the issuance of gold material export licenses to enterprises holding licenses to mine gold in Vietnam include:

• Application form for issuance of gold material export license using Form specified in Appendix 07 attached hereto;
• Investment registration certificate;
• Documents proving that the gold material planned for export is mined by the enterprise;
• Report on the mining and export of gold material of the enterprise within 12 (twelve) months prior to the submission date of the application, attached with the list of Customs declarations for export of gold and the deduction slip printed from the Customs business information system, certified by the enterprise regarding the accuracy of this document (if any).

Procedures for granting Vietnam gold import-export license under new Circular 34/2025/TT-NHNN

Gold bar export licenses; gold bar import licenses; gold material export licenses for enterprises and commercial banks licensed to manufacture gold bars (Article 21)

Procedures for granting gold bar export/import licenses

• Enterprises and commercial banks shall submit 01 application to the State Bank of Vietnam.
• Within 5 (five) working days from the date of receiving a complete and valid application, based on the annually granted quotas, the condition of gold bar export/import, gold material import, and the use of gold material imported according to the purposes stated in the Import License, the State Bank of Vietnam shall grant the gold bar export licenses, gold bar import licenses, or gold material export licenses for enterprises to the enterprises and commercial banks, or send a written notice in cases of refusal (clearly stating the reason).

Temporary import licenses for gold material to gold trading for enterprises that have processing contracts for gold jewelry and goldsmiths’ wares with foreign parties to re-export products; Gold material import licenses to foreign-invested enterprises for manufacturing gold jewelry and goldsmiths’ wares (Article 14)

Enterprises shall submit 01 application as specified in Article 6, Article 7, and Article 12 hereof to the State Bank of Vietnam’s regional branch where the applicant’s headquarters is located.

• Within 10 (ten) working days from the date of receiving a complete and valid application, the Director of the SBV’s Regional Branch shall issue or refuse to issue (clearly stating the reason) the license;
• The validity period of the Temporary import licenses for gold material to gold trading shall be determined based on the gold jewelry and goldsmiths’ ware processing contract and shall not exceed 12 months from the date of license issuance;
• The validity of the revised licenses for gold material to re-export products shall be determined based on the gold jewelry and goldsmiths’ ware processing contract or its appendices related to such revision and shall not exceed 12 months from the date of first-time issuance.

Gold material import licenses for enterprises making outward investment in gold mining; Gold material export licenses to enterprises holding licenses to mine gold in Vietnam (Article 15)

• Enterprises shall submit 01 to the State Bank of Vietnam;
• Within 15 (fifteen) working days from the date of receiving a complete and valid application, the State Bank of Vietnam shall issue or refuse to issue (clearly stating the reason) the license to enterprises making outward investment in gold mining; gold material export license to enterprises holding licenses to mine gold in Vietnam.

Some notes on the export and import of gold

• Only gold bars and gold material with a content of 99.5% or more are allowed to be imported;
• Only use imported gold material for the following purposes: Producing gold bars; Producing gold jewelry and goldsmiths’ ware; Selling to enterprises and commercial banks licensed to produce gold bars; Selling to enterprises licensed to produce gold jewelry and goldsmiths’ ware;
• The import and export of gold material in form of powder, solution, solder, salt and other semi-finished gold jewellery shall be carried out in conformity with the Certificate of enterprise registration;
• The import and export of gold material by the State Bank shall be exempt from import and export duties.
• Announcing applicable standards and product weight in accordance with law provisions, bearing responsibility before law for their announced applicable standards and announced weight of gold products;
• Develop and report to the State Bank of Vietnam internal regulations on export, import, and safety measures in gold export and import activities;
• Develop internal regulations on the sale of gold material to ensure publicity and transparency; publicly announce information on the sale of gold material, the rights and obligations of customers; fully and accurately store data on the export, import, and purchase and sale of gold material.

This is an update of new regulations on Vietnam gold import-export license under new Circular 34/2025/TT-NHNN. If you have any related questions or need advice on applying for gold import-export license, please contact Viet An Law for the best advice and support!