Why don't Vietcombank and Techcombank produce gold bars themselves but want to outsource?

(NLDO) – SJC gold bar price reaches 153 million VND, Vietcombank, Techcombank ask to hire gold bar production

The State Bank recently announced the synthesis and explanation of opinions of enterprises and commercial banks on the draft Circular guiding Decree 24/2012/ND-CP, amended and supplemented by Decree 232/2025/ND-CP on gold market management.

Among the comments, many banks suggested hiring domestic and foreign gold bar processing units before meeting the conditions to produce gold bars themselves.

Specifically, Vietcombank and Techcombank requested the State Bank to clarify the content of gold bar production activities of enterprises. Commercial banks can include domestic/foreign gold bar processing similar to the mechanism of the State Bank assigning SJC to process gold bars according to previous regulations.

SJC gold bar price hit a new peak on the afternoon of October 17

The two banks believe that Decree 232 has now eliminated the State's monopoly on gold bar production, so it is also necessary to create a similar legal framework for commercial banks' outsourcing.

"The production of gold bars for qualified commercial banks is a new mechanism and requires a lot of time for banks to build business documents, facilities, human resources as well as production lines. In the stage of completing the system for self-production, creating a legal mechanism for commercial banks to outsource processing to qualified and capable units will help reduce pressure on banks" - comments from Techcombank, Vietcombank stated.

On the other hand, in the case of outsourcing, domestic enterprises and commercial banks cannot directly supervise production. Banks request the State Bank to provide further guidance on requirements for supervision and management of product quality in the case of outsourcing.

Some banks want to hire domestic gold bar manufacturing units.

Responding to this proposal, the State Bank said that domestic and foreign gold bar processing activities have been specifically regulated in the 2005 Commercial Law and the Law on Foreign Trade Management. Accordingly, domestic gold bar processing activities are carried out in accordance with Articles 178, 181, and 181 of the 2005 Commercial Law. Meanwhile, foreign processing activities are carried out in accordance with Clause 1, Article 52 of the Law on Foreign Trade Management.

In addition, Clause 2, Article 49 of Decree No. 69/2018/ND-CP stipulates the rights and obligations of traders ordering goods to be processed abroad, and are responsible for the right to use trademarks and names of origin of goods.

"Decree 232 also clearly stipulates the responsibilities of enterprises and commercial banks that are allowed to produce gold bars; they are fully responsible for the gold bars they produce or hire for processing, and must announce the applicable standards, volume, and content of the gold bars they produce or hire for processing," said the State Bank.

Source: https://nld.com.vn/vi-sao-vietcombank-techcombank-khong-tu-san-xuat-vang-mieng-ma-muon-di-thue-gia-cong-196251017144100523.htm