State Bank guides new regulations on gold trading management

(Chinhphu.vn) - The Governor of the State Bank of Vietnam has signed and issued Circular No. 34/2025/TT-NHNN guiding a number of articles of Decree No. 24/2012/ND-CP dated April 3, 2012 of the Government on management of gold trading activities, amended and supplemented by Decree No. 232/2025/ND-CP.

State Bank guides new regulations on gold trading management

This Circular consists of 09 chapters and 33 articles, issued to guide the issuance, amendment, supplementation and revocation of Certificates and Licenses for gold jewelry and fine art production activities, gold bar trading and trading activities, gold bar production activities, gold export and import activities; the issuance of gold export and import limits; the connection and provision of information of enterprises and credit institutions engaged in gold trading activities and the reporting regime as prescribed in Decree No. 24/2012/ND-CP of the Government on the management of gold trading activities, amended and supplemented by Decree No. 232/2025/ND-CP.

Circular No. 34/2025/TT-NHNN takes effect from October 10, 2025. Licenses granted before the effective date of this Circular shall continue to be valid until such License expires.

The time to start connecting information of enterprises and credit institutions as prescribed in Chapter VI of this Circular to the State Bank of Vietnam must be implemented no later than March 31, 2026.

The time to start connecting and providing information of enterprises and credit institutions that are granted a Business License to buy and sell gold bars at the listed price to the State Bank of Vietnam must be no later than December 31, 2025.

The establishment, adjustment and granting of limits for gold bar exports, gold bar imports, raw gold imports and the deadline for submitting applications for limits for gold bar exports, gold bar imports, and raw gold imports in 2025 are applied based on the actual situation, not according to the provisions in Clause 3, Article 20 of this Circular.

The State Bank of Vietnam establishes and adjusts the total annual limit on the export and import of gold bars and the import of raw gold.

Article 19 of Circular No. 34/2025/TT-NHNN clearly states that, based on the monetary policy objectives and gold supply and demand in each period, the scale of state foreign exchange reserves, the implementation of gold bar export, gold bar import and raw gold import activities, the State Bank of Vietnam shall establish and adjust the total annual limit for gold bar export, gold bar import and raw gold import of enterprises and commercial banks as prescribed in Article 11a of Decree No. 24/2012/ND-CP.

Based on the total annual limit prescribed above, the State Bank of Vietnam shall issue and adjust the annual limit for each enterprise and commercial bank according to the charter capital scale; the situation of gold bar export, gold bar import, raw gold import (if any); the situation of using imported raw gold according to the purpose in the Import License and the needs of the enterprise and commercial bank.

The deadline for establishing and granting gold export and import limits as prescribed above shall be no later than December 15 of each year.

The Governor of the State Bank of Vietnam decided to establish a Council to develop and adjust the limits on gold bar exports, gold bar imports, and raw gold imports as prescribed above.

Procedures for granting, amending and supplementing Gold Bar Production License

The Circular clearly states that enterprises and commercial banks that need to be granted a License to produce gold bars must submit one set of documents as prescribed to the State Bank of Vietnam.

Within 30 working days from the date of receiving a complete and valid dossier, the State Bank of Vietnam shall consider granting a Gold Bar Production License to an enterprise or commercial bank according to the form or refuse to grant it (clearly stating the reason).

Within 30 days from the date the enterprise or commercial bank changes its name or head office address, it must complete procedures to amend or supplement the Gold Bar Production License. The enterprise or commercial bank must submit one set of documents as prescribed to the State Bank of Vietnam.

Within 20 working days from the date of receiving a complete and valid dossier, the State Bank of Vietnam shall consider issuing a Decision to amend or supplement the License to produce gold bars for enterprises and commercial banks according to the form or refuse to issue (clearly stating the reason).

In case of changing the head office address due to a change in administrative boundaries, enterprises and commercial banks do not need to carry out procedures to amend or supplement the Gold Bar Production License./.

Source: https://baochinhphu.vn/ngan-hang-nha-nuoc-huong-dan-quy-dinh-moi-ve-quan-ly-hoat-dong-kinh-doanh-vang-10225101019160628.htm