The State Bank of Vietnam (SBV) has opened a public consultation on a draft amendment to Government Decree No. 24/2012/NĐ-CP, which governs gold trading activities. The proposed amendment introduces a key change requiring all gold transactions valued at VND 20 million (approximately USD 765) or higher to be settled via bank transfer.
The SBV aims to enhance transparency in gold trading and strengthen customer identity verification through this measure. Officials emphasized that the new rule would not impose additional burdens on customers, as identity checks are already conducted when individuals open and operate bank accounts.
Currently, SJC-branded gold bars trade at nearly VND 12 million per mace (3.75 grams), meaning that even small purchases, such as two mace, would surpass the proposed threshold, mandating payment by bank transfer.
While experts have largely welcomed the proposal for its potential to curb illicit trading and improve regulatory oversight, concerns have emerged regarding its practical impact on certain demographic groups. Nguyễn Thị Hà, a 60-year-old resident of a suburban district in Hanoi, expressed surprise and apprehension about the plan.
“Many older people in rural areas don’t have bank accounts or know how to transfer money, and we feel uncomfortable asking others to buy gold on our behalf,” she said.
This feedback underscores broader challenges faced by rural populations, where banking penetration remains limited and digital literacy is low. Mandatory bank transfers could create obstacles for these communities.
Associate Professor Dr. Nguyễn Hữu Huân, senior lecturer at the University of Economics Ho Chi Minh City, described the regulation as reasonable and advocated extending it to all gold transactions to prevent smuggling, enhance price transparency, and facilitate taxation.
Supporting this view, lawyer Nguyễn Thanh Hà, Chairman of SBLaw, warned that gold trading can be exploited for tax evasion and money laundering. He noted that enforcing bank transfers for transactions over VND 20 million aligns with the Law on Tax Administration and strengthens anti-money laundering efforts.
However, lawyer Trương Thanh Đức, Director of ANVI Law Firm and arbitrator at the Vietnam International Arbitration Centre, questioned the legal basis for embedding payment requirements within gold trading regulations. He argued that rules on non-cash payments should be centralized in legislation governing payment systems, rather than dispersed across tax, real estate, or credit laws.
Additional calls have been made for clearer guidelines on the scope of the transfer requirement—whether it applies solely to gold bars or also extends to gold rings, jewellery, or mixed-alloy gold products.
According to the draft decree, all gold transactions exceeding VND 20 million must be conducted via payment accounts held by both the buyer and the licensed gold trading business at a commercial or foreign bank branch.
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