Central bank to end gold bar monopoly
VGP - The State Bank of Viet Nam (SBV) is drafting amendments to Decree No. 24/2012, aiming to end the state monopoly on gold bar production, said Director of the SBV’s Foreign Exchange Management Department Dao Xuan Tuan.
The Government targets to end of SJC monopoly on the domestic gold market
Accordingly, the revised regulation will allow eligible businesses and banks to produce gold bars.
This reform seeks to narrow the gap between domestic and international gold prices—currently estimated at VND 14–20 million per tael—while promoting greater market transparency and price stability.
Despite the liberalization, the sector will remain under strict oversight. The SBV will assign gold import quotas based on macroeconomic conditions and market trends. Producers will be required to publicly disclose key product details such as specifications, weight, and gold content, and will be held responsible for any discrepancies.
Additionally, businesses must establish systems to store transaction data and share it with regulators upon request. All gold bar transactions will be required to use electronic invoicing, with payments conducted via bank accounts to discourage cash-based trading and enhance transparency.
Previously, the central bank designated SJC as the national gold bullion brand starting May 25, 2012, when Decree No. 24/2012/ND-CP took effect. The decree granted SBV the exclusive right to produce gold bullion. At that time, SJC held over 90 percent of the market share, prompting the central bank to adopt the brand as the national standard to maintain quality, credibility, and market stability./.
