The State Bank of Vietnam (SBV) has received nine applications from commercial banks and qualified enterprises seeking licences to produce gold bars, a senior official said.

 

Đào Xuân Tuấn, director of the Foreign Exchange Management Department at the central bank, disclosed the figure at a press conference reviewing the banking sector's 2025 performance and outlining tasks for 2026 on Monday.

 

The applications followed Decree No 232, issued on August 26 and effective from October 10, which amended gold bar market regulations.

 

Tuấn said enterprises and banks granted gold bar production licences will be considered for gold import permits in accordance with regulations. He added that the SBV is coordinating with relevant ministries and agencies to review and evaluate applications before issuing licences to qualified organisations.

 

Banks and enterprises have shown caution in requesting gold import permits, according to the official.

 

On the planned establishment of a gold exchange, Đào said it remains a major Government initiative with the SBV as the lead implementing agency. The central bank is coordinating closely with ministries and agencies to develop the proposal.

 

The SBV recently submitted a document requesting feedback from relevant parties and is compiling input to report to the Prime Minister to select the most suitable model for Việt Nam's conditions.

 

The SBV has received numerous recommendations from experts and businesses regarding the establishment of a gold exchange. However, domestic and international experience shows that a gold exchange only works effectively when properly designed with adequate legal framework, strict supervision mechanisms and effective coordination among regulatory agencies, Đào noted.

 

The SBV's approach is to continue comprehensive and cautious research with a clear roadmap aligned with macro-economic stability goals, he said.

 

SBV Deputy Governor Phạm Thanh Hà earlier told the press conference that amid complex global gold price fluctuations, the central bank has implemented synchronous state management measures for the gold market within its authority.

 

The SBV also submitted Decree 232 to the Government and issued Circular 34/2025/TT-NHNN on October 9 to guide implementation and prepare necessary conditions for gold market management under the new mechanism.

 

Going forward, the central bank will continue implementing synchronous solutions for gold market management, the deputy governor said. — VNS

 

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