VCCI proposes to abolish regulation on gold import-export licences

VCCI proposes to abolish regulation on gold import-export licences

VCCI proposed to abolish the gold import-export licence as gold import licences are only issued to gold production enterprises.

VCCI have proposed that the SBV remove the regulation on business conditions for gold jewelry. — Photo cafef.vn

The Vietnam Chamber of Commerce and Industry (VCCI) has proposed to abolish a regulation on gold import-export licences under a State Bank of Vietnam (SBV)’s draft decree.

In an official dispatch sent to the SBV requesting comments on the SBV’s daft decree amending and supplementing a number of articles of Decree 24/2012 on the management of gold trading activities, VCCI proposed to abolish the gold import-export licence as gold import licences are only issued to gold production enterprises.

Gold production enterprises are already licensed and strictly managed by the SBV, therefore, requiring an additional separate import-export licence is unnecessary, which will increase unnecessary procedures and costs.

Regarding the conditions for granting licences to produce gold bars, the draft stipulates that enterprises must have a minimum charter capital of VNĐ1 trillion or more. VCCI cited feedback from enterprises that this regulation is too strict and is a big barrier that will eliminate the majority of enterprises to be qualified for participating in the market.

This could lead to a situation that only a few enterprises can participate in the market, causing a limit in competition, undiversified supply sources, thereby affecting the rights and choices of the people.

Regarding the business of gold jewellery and handicrafts, the draft decree continues to maintain the business conditions for gold jewellery and handicrafts.

According to VCCI, maintaining the business conditions is in accordance with the provisions of the Investment Law, special requirements on safety or management, and the administrative reform policy.

The regulation on business conditions is also not really suitable and supportive of the orientation of ‘Encouraging the development of the domestic gold jewellery market to gradually turn Việt Nam into a centre for manufacturing and exporting high-quality gold jewellery’ that the General Secretary Tô Lâm concluded at a meeting with the Central Policy and Strategy Committee on May 28, 2025.

VCCI proposed that the SBV remove the regulation on business conditions for gold jewellery. 

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