The State Bank of Vietnam (SBV) has received 11 applications from enterprises and commercial banks seeking licences to produce gold barsSpeaking at a press briefing on April 14, Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department under the SBV, said the central bank is coordinating with relevant ministries and agencies to appraise the applications and grant licences to qualified entities in line with current regulations.
Following the issuance of production licences, the State Bank will also consider granting permits for the import of raw gold materials to eligible organisations. Licensing decisions will be based on monetary policy objectives and the balance of gold supply and demand, while complying with existing legal frameworks.
Under current rules, licensed entities are only allowed to import gold bars and raw gold with a purity of at least 99.5%. They must disclose applicable standards, weight and purity levels, and are legally responsible for the accuracy of such information.
In addition to quality requirements, firms must establish internal regulations governing import-export activities, ensure transaction safety, and maintain data systems to track partners, volumes, purity and transaction values. All data must be connected to and shared with the central bank.
Imported raw gold may only be used for specific purposes, including gold bar production, jewellery manufacturing or resale to licensed entities, ensuring transparency and proper use in the market.
Google translate