HÀ NỘI The State Bank of Vietnam (SBV) is collecting public feedback on a draft circular that establishes a mechanism to set quotas for gold imports and exports, as well as regulating gold production for jewellery and fine art, and the production and trading of gold bars.

The draft is aimed at guiding the implementation of Decree 24/2012/NĐ-CP on gold trading management, as amended and supplemented by Decree 232/2025/NĐ-CP.

Under the proposal, the export of gold bars, import of gold bars and import of raw gold will be managed through an annual quota mechanism. Based on monetary policy objectives, gold supply and demand, national foreign exchange reserves and actual trading performance, the SBV will determine a total annual import quota for the country (if deemed necessary).

This quota will then be allocated to eligible enterprises and commercial banks licensed to produce gold bars. The annual allocation process must be completed by 15 December each year.

Quota council

To oversee quota management, the central bank will establish a Gold Import Quota Council chaired by a Deputy Governor in charge of the gold sector. Members will include the heads of relevant SBV departments, such as the Foreign Exchange Management Department, the Monetary Policy Department, the Forecasting and Statistics Department and the Credit Institutions Supervision Department. The council will operate under regulations issued by the SBV governor.

The council’s mandate is to advise the SBV governor on setting and adjusting total quotas for exports and imports of gold bars and raw gold, and to allocate annual quotas to each eligible enterprise or bank.

By no later than 15 November each year, enterprises and commercial banks wishing to obtain quotas for gold bar exports, gold bar imports or raw gold imports for the following year must submit dossiers to the SBV's Foreign Exchange Management Department.

The central bank will then issue quota approvals or written rejections (with reasons specified) by 15 December, a deadline that ensures the regulator has sufficient time to calculate the total quota and distribute it appropriately across applicants.

Decree 232/2025/NĐ-CP will take effect on 10 October. This means that, even if the draft circular is approved, the earliest implementation of raw gold imports and gold bar production rules would be in early 2026. VNS