The Vietnam Chamber of Commerce and Industry (VCCI) has urged the State Bank of Vietnam (SBV) to eliminate the requirement for gold import-export licences under a draft decree currently under review.
An official dispatch sent to the SBV by VCCI provided feedback on the draft decree amending and supplementing several articles of Decree 24/2012, which governs gold trading activities. The chamber argued that the licensing requirement for importing and exporting gold is redundant, as such licences are granted exclusively to gold production enterprises that are already under strict oversight by the SBV.
VCCI emphasized that maintaining a separate licensing process adds unnecessary administrative burdens and costs without contributing to better regulation or market transparency.
Addressing another provision in the draft, VCCI expressed concern over the condition requiring enterprises to have a minimum charter capital of VNĐ1 trillion to qualify for gold bar production licences. Citing feedback from businesses, the chamber noted that this threshold is excessively high and could exclude most enterprises from entering the market. Such a restriction, VCCI warned, may result in a highly limited number of participants, which could stifle competition and diversity in supply, ultimately narrowing consumer choice.
On the matter of gold jewellery and handicraft trading, the draft maintains current business conditions. While acknowledging that the conditions align with the Investment Law and certain safety and administrative policies, VCCI argued that this stance does not align with the national objective of promoting Vietnam as a hub for high-quality gold jewellery production and exports.
This goal was reaffirmed by General Secretary Tô Lâm during a meeting with the Central Policy and Strategy Committee on May 28, 2025. In this context, VCCI recommended that the SBV reconsider and remove the business condition requirements for gold jewellery and handicrafts to better support market development and administrative reform. The SBV has not yet responded publicly to the VCCI’s proposals.
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