Proposals for Amendment
The State Bank of Vietnam (SBV) is set to present a report in January 2024 proposing amendments to Decree 24/2012/ND-CP. This decree, which has been instrumental in managing the gold market since May 2012, is being reviewed for modifications to better align with the evolving market dynamics.
Challenges in the Current Gold Market
Since the implementation of Decree 24, the Vietnamese gold market has experienced a shortage of raw gold supply. The SBV’s exclusive control over the production of the SJC gold bar brand has not been accompanied by an increase in production, leading to significant price disparities. The price of SJC gold bars has skyrocketed, often exceeding global gold prices by large margins.
Vietnam Gold Traders Association’s Stance
The Vietnam Gold Traders Association (VGTA) has voiced concerns about the current regulations, noting their inadequacy in the face of current market conditions. The association has urged the SBV to consider abolishing the exclusivity of the SJC gold brand to stabilize the market and bring local gold prices in line with international rates.
Need for Comprehensive Legal Reforms
Dinh Nho Bang, Vice Chairman and Secretary-General of VGTA, highlighted the broader necessity for legal reforms in state management policies related to the gold business. He emphasized the need for changes in tax policies and laws governing conditional investment and business in the sector. A key immediate requirement is to permit businesses to import raw gold for jewelry production. 
