State Bank wants to abolish monopoly on gold bars

The State Bank of Vietnam (SBV) is proposing to remove the monopoly on gold bar production, export and import of raw gold to produce gold bars, according to the draft amendment to Decree 24/2012/ND-CP.

The goal is to create a competitive environment and stabilize the gold market, but the State still strictly manages to ensure control.

Despite the abolition of the monopoly, the production and trading of gold bars, as well as the production of gold jewelry and fine arts, are still conditional business sectors. Organizations wishing to participate must be granted a license to produce gold bars, a license to trade in gold bars, or a certificate of eligibility to produce gold jewelry and fine arts from the State Bank.

Enterprises wishing to produce gold bars must have a license to trade in gold bars, a charter capital of VND1,000 billion or more, not have committed any administrative violations in gold trading or have remedied the consequences, and must have an internal process for producing gold bars. Commercial banks must meet similar conditions, but their charter capital must be VND50,000 billion or more.

The import of raw gold for the production of gold jewelry and fine arts is only licensed to enterprises that have a certificate of eligibility in this field. The State Bank of Vietnam has set these conditions to ensure that only financially capable and law-abiding organizations can participate, helping the gold market to be stable and effective.

Despite abolishing the monopoly, the State Bank affirms that the State still strictly manages the production of gold bars, ensuring the market operates according to controlled principles.

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Source: https://baonghean.vn/ngan-hang-nha-nuoc-muon-bo-doc-quyen-vang-mieng-10302232.html