VI The gold bar market is always a business sector with special conditions, subject to strict management by the State Bank of Vietnam to ensure macroeconomic stability and the value of the Vietnamese currency. Unlike ordinary goods, the buying and selling of gold bars is not open to all households or ordinary businesses, but requires strict standards regarding charter capital, branch network, and experience in the financial sector. Understanding the legal requirements for business location licenses, technical infrastructure, and security standards is crucial for credit institutions and businesses to avoid legal risks and heavy administrative penalties. To understand the roadmap and necessary technical criteria for entering this potentially lucrative yet challenging market, let’s explore the current regulations on the conditions for trading gold bars with Pham Consult.
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Gold Bar Trading Business
Gold bars are gold products stamped into bars, marked with letters and numbers indicating weight and quality, and bearing the trademark of the enterprise and commercial bank authorized to produce them by the State Bank of Vietnam (hereinafter referred to as the State Bank); gold bars are produced by the State Bank in each period.
The trading of gold bars is a conditional business activity and requires a license from the State Bank to trade gold bars. The trading of gold bars by organizations and individuals can only be conducted at credit institutions and enterprises licensed by the State Bank to trade gold bars.
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Conditions for Granting a License to Trade Gold Bars
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For Enterprises
According to Clause 1, Article 11 of Decree No. 24/2012/ND-CP, enterprises are considered by the State Bank of Vietnam for a license to trade gold bars when they meet the following conditions:
– Being an enterprise established and operating in accordance with the law.
– Having charter capital of VND 100 billion or more.
– Having experience in the business of trading gold for at least 2 (two) years.
– Having paid taxes on gold trading activities of VND 500 million/year or more for the two most recent consecutive years (with confirmation from the tax authority).
– Having a network of branches and sales locations in Vietnam in at least 3 (three) provinces or centrally-governed cities.
- For Credit Institutions
Clause 2, Article 11 of Decree 24/2012/ND-CP stipulates that credit institutions may be considered by the State Bank of Vietnam for a license to trade in gold bars when they meet the following conditions:
– Having charter capital of VND 3,000 (three thousand) billion or more.
– Having registered gold trading activities.
– Having a branch network in Vietnam in at least 5 (five) provinces or centrally-administered cities.
III. Application dossier and procedures for obtaining a license to trade in gold bars
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Application dossier for a license to trade in gold bars
According to Article 4 of Circular No. 34/2025/TT-NHNN, the application dossier for a license to trade in gold bars includes the following documents:
(i) Application for a license to trade in gold bars;
(ii) List of registered locations for trading in gold bars (head office, branches, business locations).
(iii) Branch registration certificate (for enterprises); document showing the registered location for trading in gold bars as listed in clause (ii) above.
(iv) Confirmation from the tax authority regarding the amount of tax paid on gold trading activities in the two (2) consecutive years prior to the application for a license.
Note:
– Documents in the application for a license must be signed by the legal representative or authorized representative (hereinafter referred to as the legal representative). In case of signing by authorization, the application must include an authorization document prepared in accordance with the provisions of the law.
– The application for a license must be prepared in one set in Vietnamese.
– For documents submitted as copies, the applicant must submit a copy issued from the original register, a certified copy, or a copy accompanied by the original for verification. If the applicant submits a copy accompanied by the original for verification, the person verifying the copy must sign and certify the copy and be responsible for its accuracy compared to the original.
– Each application must include a list of documents.
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Procedures for Granting a License to Trade Gold Bars
Enterprises and credit institutions wishing to trade gold bars must submit one set of documents to the State Bank of Vietnam. Documents can be submitted in one of the following ways:
– Online submission via the National Public Service Portal or the National Single Window Portal (if available);
+ When submitting documents online via the National Public Service Portal or the National Single Window Portal (if available), the electronic documents must use digital signatures as prescribed by law on conducting administrative procedures in the electronic environment.
+ In case the National Public Service Portal or the National Single Window Portal experiences a malfunction or error preventing the reception and exchange of electronic information, the declaration, submission, receipt, return of results, exchange, and feedback of information shall be carried out via postal service or directly at the Single Window Department of the State Bank of Vietnam or the State Bank of Vietnam’s Regional Branch.
+ Documents in the electronic application file are scanned electronic copies of the originals (PDF format files).
– Submit directly at the Single Window Department of the State Bank of Vietnam or the Single Window Department of the State Bank of Vietnam’s Regional Branch (where the enterprise or credit institution has its head office);
– Send via postal service.
Within 03 (three) working days from the date of receipt of the application for a license, the State Bank of Vietnam or the State Bank of Vietnam’s Regional Branch shall issue a confirmation notice regarding the completeness and validity of the application file.
After receiving the complete application from the enterprise or credit institution, the State Bank of Vietnam will notify the State Bank of Vietnam’s regional branch to verify the legal documents proving ownership or legal right to use the business location (for enterprises) and the necessary equipment for conducting gold bullion trading activities at the registered location. Within 7 (seven) working days from the date of receiving the notification from the State Bank of Vietnam, the State Bank of Vietnam’s regional branch will report the results to the State Bank of Vietnam (Foreign Exchange Management Department).
Within 20 (twenty) working days from the date of receiving a complete and valid application as prescribed, the State Bank of Vietnam will consider granting or refusing to grant (clearly stating the reason) the Gold Bullion Trading Business License.
