Ending the SJC gold bar monopoly
(NLĐO) - This policy shift is expected to boost the supply of gold bars, narrow the gap between domestic and global prices...
On August 26, the Government issued Decree No. 232/2025/ND-CP (Decree 232) amending and supplementing several provisions of Decree No. 24/2012/ND-CP (Decree 24) on the management of gold trading activities.
The key highlight of the new decree is the official removal of the state monopoly on gold bar production, as well as on the export and import of gold materials for gold bar manufacturing.
This move is seen as a major turning point for the gold market after years of operating under the tight framework of Decree 24.
Limited supply forces people to wait for hours but still struggle to buy gold at SJC Company on August 26. Photo: LAM GIANG
A new chapter for the gold market
Under Decree 232, gold bar production is now classified as a conditional business sector and requires licensing from the State Bank of Vietnam (SBV), replacing the previous single-entity monopoly.
Gold bars are defined as gold products cast into bars or ingots, stamped with identification marks, weight, quality, and the brand of the licensed enterprise or commercial bank.
For participating, enterprises must have a minimum charter capital of VND 1 trillion, while commercial banks are required to maintain a charter capital of at least VND 50 trillion. The SBV governor will set out the specific application dossiers and licensing procedures.
In addition, the decree introduces an important regulation on payments: any gold transaction worth VND 20 million or more per day by the same customer must be carried out through a bank account.
The aim of this adjustment is to enhance transparency and curb underground trading or cash payments, which carry inherent risks and are difficult to monitor.
Huynh Trung Khanh, Senior Advisor to the World Gold Council in Vietnam, said Decree 232 will usher in a new chapter for the gold market.
He noted that abolishing the SJC gold bar monopoly and allowing qualified enterprises and banks to participate in production will boost supply, narrowing the gap between domestic and international prices to a more reasonable 2% – 3%, compared with the current disparity of VND 18–19 million per tael.
A healthier competitive environment
However, according to Khanh, for the decree to be effectively implemented, the SBV needs to promptly issue detailed circulars, particularly on procedures for granting import quotas of raw gold to enterprises.
“Only with abundant raw material supplies can businesses produce gold bars on a large scale and genuinely cool down domestic prices,” he said.
From a business perspective, Han Thi Binh, owner of Kim Phat I Private Gold Enterprise in Ho Chi Minh City, said that ending the monopoly would foster a healthier competitive environment.
With more players joining the market, consumers will benefit from a greater variety of gold products, and gold bar prices will gradually converge with global levels.
Competition will also help curb price manipulation and narrow the wide gap between SJC gold bars and other types of gold. According to Binh, instead of bearing the burden of managing large volumes, the SBV can focus more effectively on its core role of monetary policy management and overall market supervision.
A key challenge lies in ensuring that the new regulations are implemented swiftly, transparently, and effectively. If licensing procedures for gold imports remain slow and the supply of raw gold fails to improve, the goal of price stabilization will be difficult to achieve.
Experts agree that alongside market liberalization, regulators must put in place strict oversight mechanisms to guarantee the quality of gold bars and to prevent counterfeiting or commercial fraud.