The State Bank of Vietnam (SBV) has received applications from nine commercial banks and businesses eligible to produce gold bars, and is currently coordinating with relevant ministries and agencies to assess and issue import licenses in accordance with new regulations.

At a press conference held on December 29 to summarize the banking sector's performance in 2025 and outline tasks for 2026, Dao Xuan Tuan, Director of the Foreign Exchange Management Department, provided updates on gold import licensing and the proposal to establish a centralized gold exchange in Vietnam.

According to Tuan, the government’s Decree 232, effective from October 2025, amended Decree 24 on gold market management. Under the new regulation, by December 15 each year, the SBV will consider issuing gold import licenses to qualified enterprises and banks.

“So far, the SBV has received nine applications from commercial banks and businesses eligible under the new rules to produce gold bars. Most of these entities are expected to also receive gold import licenses,” Tuan said.

The central bank is currently coordinating with relevant ministries and agencies to ensure licensing is consistent with the law.

Tuan affirmed that any enterprise or bank licensed to produce gold bars and meeting the requirements will be eligible for gold import licenses.

Regarding the establishment of a centralized gold exchange, the SBV has been working with ministries to review and submit a report to the Prime Minister. “Following the Prime Minister’s directive, we are currently gathering written feedback from ministries before finalizing the plan,” Tuan added.

Decree 232/2025/ND-CP marks a major shift in gold market governance. The government no longer holds a monopoly over gold bar production. Instead, licenses will be issued to qualified commercial banks and enterprises.

According to an SBV circular guiding the implementation of Decree 232, no later than November 15 each year, licensed enterprises and banks must submit their gold import/export quota requests to the SBV. Before December 15, the central bank will approve these quotas for gold bars and raw gold imports.

The SBV noted that the centralized gold exchange will not only curb unregulated trading but also provide transparent data to support market analysis and policymaking. When processed in real time, data from the exchange will offer a valuable supplementary information channel for regulators.

Previously, the SBV announced a three-phase pilot for launching the gold exchange in Vietnam, with a flexible roadmap based on market conditions and outcomes.

In Phase 1, the exchange will facilitate trading in imported raw gold. In Phase 2, trading will expand to include both raw gold and gold bars. Phase 3 will see further expansion to include domestically circulated gold, gold certificates, and gold derivatives.

During the pilot period, the gold exchange will operate strictly within the domestic market.

Tuan Nguyen