SBV leaders urged credit institutions and businesses to follow the Prime Minister 's instructions at the regular meeting in August 2025 and Official Dispatch No. 159/CD-TTg dated September 7, 2025 - Photo: VGP/HT
Actively recycle and produce gold bars
Speaking to the press, Mr. Dao Cong Thang, Acting General Director of SJC Company, said: Decree 232, effective from October 10, 2025, opens up favorable conditions for the company to be more proactive in the production and supply of gold bars to the market.
According to Mr. Dao Cong Thang, on the one hand, the company will be able to accept gold that does not meet the circulation standards, for example, gold bars that are dented, scratched, have fallen edges or are damaged. These types of gold will be collected, melted and then re-stamped into new gold bars. "The company can proactively recycle to bring qualified gold to the market, meeting people's purchasing needs" - Mr. Dao Cong Thang emphasized.
On the other hand, the company will also apply for a license to import raw gold from the State Bank to produce gold bars.
Mr. Dao Cong Thang, Acting General Director of SJC Company - Photo: VGP/HT
"Currently, the State Bank is preparing a circular guiding licensing procedures. When there are instructions, SJC will complete the documents to import raw gold, produce and supply it to the market," added Mr. Dao Cong Thang.
SJC currently has a production line with a capacity of 5,000 taels per day. Previously, the company had produced gold bars three times according to the State Bank's orders, each batch of about 5 tons of gold. Therefore, once the import procedures are completed, the company can immediately produce gold bars and sell them to the market.
Regarding the important condition of Decree 232 that enterprises wishing to import gold must have a charter capital of 1,000 billion VND or more, Mr. Thang informed: SJC's current charter capital is 1,667 billion VND, fully meeting the requirements to import raw gold.
Banks prepare comprehensively from partners to distribution channels
Mr. Pham Quang Thang, Deputy General Director of Vietnam Technological and Commercial Joint Stock Bank ( Techcombank ), commented: Decree 232 of the Government amending and supplementing Decree 24 is a very correct and timely decision. This regulation allows credit institutions and gold and silver companies with large financial potential to participate in importing and producing gold bars, contributing to increasing supply and building a more transparent market.
Mr. Pham Quang Thang, Deputy General Director of Techcombank - Photo: VGP/HT
Techcombank previously participated in the gold sector but paused in recent years. However, with the opening of Decree 232, the bank is ready to return.
According to Mr. Thang, Techcombank has made preparations in many aspects such as: Finding international partners to import raw gold, and at the same time being able to produce gold bars under the Techcombank brand. The bank has prepared domestic facilities such as human resources, import-supply processes, warehouses, weighing equipment, and distribution channels.
The bank is also ready to develop a distribution system not only through branches but also on digital platforms, so that people can access online gold buying and selling services.
Mr. Pham Quang Thang further analyzed: Nowadays, payment via bank account is very popular.
"Even small transactions at the market worth a few thousand dong are done by bank transfer. Therefore, the regulation of gold trading of 20 million dong or more through accounts is completely reasonable and normal," Mr. Thang said.
According to Techcombank leaders, applying payment via accounts helps to make cash flow transparent, limit money laundering, prevent illegal capital, thereby creating a more transparent and sustainable gold market.
Regarding production activities, Mr. Thang said that building a gold bar processing facility takes time and depends on demand. However, Techcombank is ready to deploy when the market is large enough, "proactive production helps reduce costs, contributing to narrowing the gap between world gold prices and domestic gold prices".
At the meeting on the afternoon of September 9, the State Bank of Vietnam (SBV) instructed credit institutions and enterprises to comply with the Prime Minister's instructions at the regular meeting in August 2025 and Official Dispatch No. 159/CD-TTg dated September 7, 2025. Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department (State Bank), said that at the Government meeting on September 6, Prime Minister Pham Minh Chinh requested relevant agencies to promptly come up with solutions for the gold market - a field with "very noticeable" fluctuations.
Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department (State Bank)
Previously, on August 26, 2025, the Government issued Decree 232/2025/ND-CP amending Decree 24/2012/ND-CP. In which, the State no longer has a monopoly on gold bar production, instead, there is a licensing mechanism for qualified enterprises and commercial banks.
In addition, these units are allowed to import and export gold bars and raw gold. In addition, from now on, gold transactions of 20 million VND or more must be made via bank transfer.
Regarding the conditions, Mr. Tuan stated that the enterprise must have a license to trade in gold bars, a charter capital of 1,000 billion VND or more, not have been administratively sanctioned or have completely remedied the violation. In addition, there must be an internal process for importing raw materials, production, supervision and quality control.
For commercial banks, they must have a license to trade in gold bars, a charter capital of VND50,000 billion or more, have not been administratively sanctioned or have remedied the consequences. At the same time, they must also issue full internal procedures similar to those of enterprises.
The State Bank also provides detailed guidance on documents and licensing procedures, as well as procedures for amending, supplementing or terminating gold bar production activities.
Mr. Lai Huu Phuoc, Chief Inspector of the State Bank - Photo: VGP/HT
To ensure transparent market operations, Mr. Lai Huu Phuoc, Chief Inspector of the State Bank, said: On the afternoon of September 8, Deputy Governor of the State Bank of Vietnam Pham Quang Dung signed an official dispatch directing a number of regional State Bank branches to coordinate with local authorities to conduct surprise inspections of gold trading and buying and selling enterprises. The inspection activities focus on compliance with legal regulations in business activities and regulations on accounting, invoices and documents, anti-money laundering as well as manipulation, hoarding, smuggling, speculation, etc. causing instability in the gold market. The implementation time is in September and the inspection results will be reported to the State Bank in October 2025.
According to Mr. Phuoc, this activity aims to promptly detect, correct and strictly handle violations, if any, while contributing to ensuring the gold market operates transparently, stably and in compliance with the law, thereby supporting the work of operating precedent policies and stabilizing the macro economy.
"The goal is to detect and strictly handle violations, contributing to stabilizing the gold market, supporting monetary policy management and stabilizing the macro economy," Mr. Phuoc emphasized.
Huy Thang
Source: https://baochinhphu.vn/nghi-dinh-232-mo-loi-cho-thi-truong-doanh-nghiep-va-ngan-hang-san-sang-tang-cung-vang-102250909195448503.htm
![[Photo] Binh Trieu 1 Bridge has been completed, raised by 1.1m, and will open to traffic at the end of November.](https://vphoto.vietnam.vn/thumb/1200x675/vietnam/resource/IMAGE/2025/10/2/a6549e2a3b5848a1ba76a1ded6141fae)
Comment (0)