Gold market enters a new era of openness and oversight

Gold market enters a new era of openness and oversight

The twin policy changes, lifting the State’s long-standing monopoly over bullion operations and mandating electronic payments for high-value gold transactions, mark the most significant structural shift in the industry in over a decade.

SJC gold price is VNĐ16 million more expensive than the international spot gold price. — Photo vietnamplus.vn

Việt Nam’s gold market has entered a pivotal phase of reform as new regulations come into force that both liberalise production and tighten trading oversight.

The twin policy changes — lifting the State’s long-standing monopoly over bullion operations and mandating electronic payments for high-value gold transactions — mark the most significant structural shift in the industry in over a decade.

Effective on October 10, Decree No. 232/2025/NĐ-CP officially ended the State’s exclusive control over the production, import and export of gold bullion. Qualified commercial banks and enterprises are now permitted to participate in these activities, provided they meet strict financial and regulatory requirements.

Accordingly, licensed companies must possess a charter capital of at least VNĐ1 trillion (US$38 million) and hold a valid business certificate in gold trading, while banks must have charter capital of no less than VNĐ50 trillion and comply fully with prudential regulations set by the State Bank of Vietnam (SBV).

Chairman of SBLAW Nguyễn Thanh Hà said these measures are designed to ensure that only financially sound and transparent players enter the sector.

“Opening up the market to new participants can help diversify supply, narrow the price gap between domestic and global gold, and limit speculative distortions,” he said.

The reform has already drawn strong interest from commercial banks. Techcombank, for instance, has announced plans to expand into bullion operations, including refining and storage, distribution and digital trading.

“We have been preparing to engage in bullion activities and will also develop online channels to improve accessibility and compliance for customers,” said the bank’s Deputy CEO Phạm Quang Thắng.

His comments underscore a broader trend towards digitisation and institutional participation in Việt Nam’s traditionally fragmented gold trade.

The entry of banks could transform the competitive landscape. With their vast branch networks, capital reserves and technology infrastructure, banks may offer more stable pricing, enhanced security and professionalised storage compared to traditional gold dealers.

However, experts believe the transition also brings challenges.

Delays in licensing, gaps in oversight, or uneven regulatory enforcement could create uncertainty. Maintaining transparency and preventing manipulation will be critical if the market is to function smoothly under the new regime.

Alongside liberalisation, the government has also introduced measures to improve traceability in gold transactions, further aiming to strengthen oversight and market confidence.

SJC gold price is VNĐ16 million more expensive than the international spot gold price. — Photo vietnamplus.vn

Starting October 10, any purchase or sale of gold totalling more than VNĐ20 million per day must be conducted via bank transfer.

The new rule aims to reduce cash-based trading and strengthen anti-money-laundering controls.

For smaller transactions, customers may still pay in cash, but once the daily threshold is exceeded, electronic payment becomes mandatory.

Both individual buyers and gold retailers are required to comply, with banks playing a central role in verifying and recording these transactions.

Major gold companies such as DOJI, PNJ and Bảo Tín Minh Châu have already begun adjusting their payment systems and educating customers on the new requirements.

Dealers are also upgrading their internal software to track cumulative daily purchases and ensure compliance.

The shift is expected to increase administrative costs in the short term but could ultimately enhance transparency and align Việt Nam’s gold trade with international standards.

Analysts believe that these two reforms — market liberalisation and transaction digitalisation — are strategically complementary. The former encourages competition and supply diversification, while the latter promotes transparency and financial discipline.

Together, they aim to stabilise a market that has long been prone to price volatility and speculative trading. By bringing gold flows under electronic scrutiny, authorities can better monitor transactions, limit illicit activities and generate more reliable data for policy-making.

Still, the road ahead may be uneven. Retail investors accustomed to informal cash trades could hesitate to shift to bank-based payments, particularly in rural areas where access to digital banking remains limited.

Smaller gold shops may also face higher compliance costs or lose competitiveness to banks and larger jewellers with modern infrastructure.

Regulators, for their part, must ensure that enforcement remains consistent, avoiding both regulatory gaps and overreach that could stifle legitimate trade.

Despite these hurdles, most experts view the reform as a necessary and overdue step towards modernising Việt Nam’s gold sector.

For years, the domestic market has operated in partial isolation, with prices for SJC-branded bullion frequently diverging from global benchmarks.

The SJC gold bar was last traded at VNĐ140.8 million per tael for sellers and VNĐ142.8 million per tael for buyers. On the global market, the spot gold price closed last week at $4,016.4 per ounce, equivalent to VNĐ126.4 million per tael.

As a result, the difference between domestic and international gold prices is over VNĐ16 million per tael.

Allowing more producers and distributors to participate could help narrow those gaps, improve liquidity and curb hoarding behaviour among retail investors.

"The effectiveness of these policies will depend on implementation," lawyer Hà cautioned.

"Early detection of risks, proactive supervision and swift handling of violations will determine whether the new framework truly delivers its intended benefits." 

Bizhub