Vietnam has officially abolished the state monopoly on gold bullion production, raw gold exports, and raw gold imports for bullion production, under a new Government decree issued on August 26.

The decree introduces a new framework for gold trading activities, covering the production and processing of gold jewellery and art, gold bullion production and trading, gold imports and exports, as well as account-based gold trading and gold derivatives.

Gold bullion production is now classified as a conditional business activity requiring a licence from the State Bank of Vietnam (SBV). The change marks a shift from state monopoly to a licensing regime.

Enterprises seeking a production licence must meet strict requirements, including holding a valid gold bar trading licence, maintaining a minimum charter capital of VND1 trillion (nearly $38 million), and having no record of administrative sanctions related to gold business activities.

For commercial banks, eligibility criteria include possession of a gold bar trading licence and a minimum charter capital of VND50 trillion (nearly $1.9 billion).

The move is expected to create a more competitive and transparent gold market while aligning Vietnam with international practices.