Grant gold import quotas to units before December 15 every year

The State Bank is seeking comments on the draft Circular guiding a number of articles of Decree No. 24/2012/ND-CP on management of activities. gold business Amended and supplemented by Decree No. 232/2025/ND-CP.

The Circular applies to enterprises and credit institutions conducting gold trading activities in Vietnam and related organizations and individuals with many regulations according to the Draft.

According to the draft, the export of gold bars, import of gold bars, and import of raw gold will be managed through an annual limit mechanism. Based on the monetary policy objectives and gold supply and demand in each period, the scale of the state foreign exchange reserves, the implementation of gold bar export, import of gold bars, and raw gold, the State Bank will establish a total import limit for the whole country (if any). On that basis, the State Bank will allocate limits to each enterprise and commercial bank qualified to produce gold bars.

No later than November 15 of the year immediately preceding the year of request for a limit, enterprises and commercial banks that need to be granted a limit for gold bar export, gold bar import, and raw gold import for the following year must submit their application to the State Bank of Vietnam (Foreign Exchange Management Department).

Grant gold import quotas to units before December 15. (Photo: Minh Duc).

Before December 15 every year, the State Bank shall grant quotas for gold bar exports, gold bar imports, and raw gold imports to the above-mentioned enterprises and commercial banks or issue a written notice of refusal (clearly stating the reasons).

The State Bank explained that the deadline for submitting application documents is November 15th every year so that this agency can use it as a basis to calculate the total gold export and import limit, and then allocate the limit to each enterprise and commercial bank.

Decree 232/2025/ND-CP takes effect on October 10, 2025. However, according to the above regulations, even if the Circular guiding the Decree is issued in October 2025, it will not be until early 2026 at the earliest that the import of raw gold and the production of gold bars can be carried out.

Also according to the draft regulations, to manage the gold import quota, the State Bank will establish a Council for Building and Adjusting the Gold Import Limit, chaired by a Deputy Governor in charge of the gold sector. The members are Heads of relevant units of the State Bank: Foreign Exchange Management Department, Monetary Policy Department, Forecasting, Statistics - Monetary and Financial Stabilization Department, and Credit Institution Management and Supervision Department. The Council operates according to the Regulations prescribed by the Governor of the State Bank.

The Council's duty is to advise the Governor. State Bank Decide and adjust the total limit for gold bar export, gold bar import, and raw gold import; allocate annual limits for gold bar export, gold bar import, and raw gold import to each enterprise and commercial bank.

Source: https://baolangson.vn/cap-quota-nhap-khau-vang-cho-cac-don-vi-truoc-ngay-15-12-hang-nam-5060350.html