SBV reviews new gold production licences amid rising prices

SBV reviews new gold production licences amid rising prices

On April 14, the State Bank of Vietnam (SBV) confirmed that it has received 11 applications from enterprises and commercial banks seeking licences to produce gold bars, signalling growing interest from major financial and jewellery players in the domestic bullion market.

According to Dao Xuan Tuan, director general of the SBV’s Foreign Exchange Management Department, the central bank is currently working with relevant ministries and agencies to review applications and determine which entities meet the required conditions.

“We are coordinating with ministries and relevant authorities to assess and grant licences to qualified institutions. Once licensed, eligible entities may also be considered for gold import permits in line with existing regulations,” Tuan said.

The update marks an increase from nine applicants reported at the end of 2025, reflecting stronger momentum following regulatory adjustments to the gold market.

The licensing push comes as gold prices continue to experience significant volatility, both globally and domestically. SBV data show that gold prices remained elevated in the first quarter of 2026, driven largely by geopolitical tensions, military conflicts, and intensifying strategic competition worldwide.

On April 14, domestic gold prices staged a notable rebound after a recent correction. Prices quoted by major players such as SJC and DOJI rose by around VND2 million ($80) per tael on the buying side and VND1.5 million ($60) per tael on the selling side, bringing the popular range to VND170-173 million ($6,800-6,900) per tael.

This recovery follows a sharp decline in late March, when prices dropped to around VND163 million ($6,500) per tael, before stabilising and fluctuating within a VND169-175 million ($6,700-7,000) range in recent sessions.

On the global market, gold has also been influenced by macroeconomic and geopolitical developments. The recent collapse of peace negotiations between the United States and Iran has heightened inflation concerns, reinforcing gold’s role as a safe-haven asset. Spot gold prices are currently hovering around $4,700-4,800 per ounce.

Inflation trends continue to play a decisive role in shaping gold market dynamics. Data from the US Bureau of Labor Statistics show that the country’s Consumer Price Index rose by 0.9 per cent in March, up sharply from 0.3 per cent in February, though slightly below market expectations of 1 per cent. Overall US inflation currently stands at 3.3 per cent, broadly in line with forecasts.

Rising inflation, combined with escalating geopolitical risks, is prompting investors to reassess expectations for monetary policy. Markets are increasingly pricing in the possibility of prolonged policy tightening or delayed interest rate cuts, which in turn contributes to continued volatility in gold prices.

Analysts note that gold will likely remain highly sensitive to developments in geopolitical negotiations and macroeconomic indicators in the near term. Amid these fluctuations, the SBV emphasised that it will continue to closely monitor both domestic and international gold markets, while implementing existing regulatory frameworks to ensure stability.

To qualify for a gold bar production licence, applicants must meet strict financial requirements. Enterprises are required to have charter capital of at least VND1 trillion ($40 billion), while commercial banks must maintain a minimum of VND50 trillion ($2 billion).

Based on these thresholds, only a limited number of large corporations and financial institutions are eligible. Among enterprises, major players such as PNJ, DOJI, and SJC meet the capital requirements. On the banking side, institutions including Vietcombank, VPBank, Techcombank, BIDV, MB, VietinBank, and Agribank are considered qualified.

The move to expand licensed gold bar production, coupled with tighter regulatory oversight, signals a broader effort by authorities to formalise and stabilise Vietnam’s gold market.

VIR