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Gold Transactions Worth Over VND 20 Million Per Day Must Be Cashless

The State Bank of Vietnam (SBV) has proposed a major change in its draft amendment to Decree 24/2012 on gold trading management — requiring all gold transactions worth VND 20 million (approx. USD 800) or more per day to be conducted via non-cash payment methods.

Under the new draft regulation, any individual or organization purchasing or selling gold with a total daily value from VND 20 million upward must make the transaction through their payment accounts at commercial banks or foreign bank branches.

This is a completely new provision compared to the current rules. According to the SBV, the proposal aims to strengthen transparency in the gold market, verify customer information more effectively, and prevent loopholes that allow buyers or sellers to bypass regulations by splitting transactions into smaller amounts.

“This addition ensures transparency without creating extra obligations for customers. It also prevents ‘law evasion’ through transaction fragmentation,” the SBV explained.

Ending State Monopoly on Gold Bar Production and Trade

After 14 years of implementing Decree 24, the SBV believes several provisions are now outdated. One of the most notable proposed changes is abolishing the State’s monopoly on the production, export, and import of gold bars and gold materials.

This proposal follows the direction of the Party and the State, as well as recent instructions from General Secretary Tô Lâm under Notice No. 211 on gold market management.

According to the SBV, the goal is to transition from a monopoly-based system to a controlled licensing mechanism, allowing qualified businesses to produce and trade gold bars while maintaining State supervision.

The central bank emphasized that this reform would:

  • Increase market transparency;

  • Respect ownership rights and business freedom;

  • Expand controlled import channels to ensure sufficient gold supply;

  • Maintain State oversight through licensing and annual quotas.

Under the new proposal, businesses producing or trading gold bars must obtain licenses from the SBV. Similarly, commercial banks and enterprises importing or exporting gold will be subject to annual limits and individual permits for each transaction.

“This controlled opening aims to eliminate the monopoly while maintaining State management through annual quotas and import/export permits,” the SBV noted.

The proposed reforms signal a major policy shift toward a more transparent, market-oriented gold trading environment while preserving the regulatory role of the State.

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