SBV weighs 11 bids for gold bar licences

SBV weighs 11 bids for gold bar licences

The State Bank of Vietnam (SBV) has received 11 applications from companies and commercial banks seeking for licences to produce gold bars, a SBV’s senior official said on Tuesday.

SJC gold bullions. The State Bank of Vietnam (SBV) has received 11 applications from companies and commercial banks seeking licences to produce gold bars. — VNA/VNS Photo Minh Quyết

Việt Nam’s central bank is reviewing a wave of bids to mint gold bars after scrapping its long-held monopoly, a move officials say could ease supply and stabilise prices.

The State Bank of Vietnam (SBV) has received 11 applications from companies and commercial banks seeking licences to produce gold bars, a senior SBV official said on Tuesday.

Speaking at a press briefing, Đào Xuân Tuấn, director of the SBV’s Foreign Exchange Management Department, said the central bank is coordinating with relevant ministries and agencies to assess the applications under a strict approval process.

“The SBV is reviewing the dossiers and will announce qualified entities eligible for gold bar production licences,” Tuấn said.

He added that allowing more participants in bullion production would help increase supply, narrow the gap between domestic and global gold prices, and contribute to market stability.

Decree 232, issued on August 26, 2025, has removed the long-standing state monopoly on gold bar production. Under the new framework, the SBV will grant import and production rights to selected banks and enterprises that meet regulatory requirements.

To qualify for gold bar production, companies must have charter capital of at least VNĐ1 trillion (US$39.5 million), while banks must have a minimum of VNĐ50 trillion. Applicants must also already be licensed to trade in precious metals and have no outstanding regulatory violations.

Currently, 38 banks and companies are authorised to trade in gold bars. Major firms that meet the capital threshold include PNJ, DOJI and SJC, while several large banks, including Vietcombank, VietinBank, Agribank, BIDV, VPBank, Techcombank, MB, ACB and HDBank, also qualify based on capital. 

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