Circular 34/2025/TT-NHNN guiding Decree 24/2012/ND-CP on management of gold business activities

           CIRCULAR

Guiding a number of articles of the Government’s Decree No. 24/2012/ND-CP dated April 03, 2012, on management of gold business activities, which was amended and supplemented under Decree No. 232/2025/ND-CP

Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12;

Pursuant to the Law on Credit Institutions No. 32/2024/QH15;

Pursuant to the Government’s Decree No. 24/2012/ND-CP on management of gold business activities, which was amended and supplemented under Decree No. 232/2025/ND-CP;

 Pursuant to the Government’s Decree No. 26/2025/ND-CP defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

At the proposal of the Director of the Foreign Exchange Management Department;

The Governor of the State Bank of Vietnam hereby promulgates the Circular guiding a number of articles of the Government’s Decree No. 24/2012/ND-CP dated April 03, 2012, on management of gold business activities, which was amended and supplemented under Decree No. 232/2025/ND-CP.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

This Circular provides guidance on the grant, modification, and revocation of certificates and licenses related to activities of manufacture of gold jewelry and art crafts; trading in gold bars; manufacture of gold bars; export and import of gold; grant of gold export and import quotas; connection and provision of information by enterprises and credit institutions engaged in gold trading activities; and the reporting regime as prescribed in the Government’s Decree No. 24/2012/ND-CP dated April 03, 2012, on management of gold business activities, as amended and supplemented under Decree No. 232/2025/ND-CP (hereinafter referred to as Decree No. 24/2012/ND-CP).

Article 2. Subjects of application

This Circular applies to enterprises and credit institutions engaged in gold business activities within the Vietnamese territory and other related organizations and persons.

Chapter II

DOSSIERS OF APPLICATION FOR GRANT/MODIFICATION OF CERTIFICATES OF ELIGIBILITY FOR MANUFACTURE OF GOLD JEWELRY AND ART CRAFTS, GOLD BAR TRADING LICENSES AND GOLD BAR MANUFACTURING LICENSES

Article 3. Dossiers of application for grant or modification of certificates of eligibility for manufacture of gold jewelry and art crafts

1. Dossier of application for grant of a certificate of eligibility for manufacture of gold jewelry and art crafts:

a) An application for grant of a certificate of eligibility for manufacture of gold jewelry and art crafts, made according to the form provided in Appendix No. 01 to this Circular;

b) The document or material evidencing lawful ownership or lawful use right of the manufacturing location;

c) A list of physical foundations and equipment necessary for the manufacture of gold jewelry and art crafts.

2. Dossiers of application for modification of a certificate of eligibility for manufacture of gold jewelry and art crafts:

a) An application for modification of a certificate of eligibility for manufacture of gold jewelry and art crafts, made according to the form provided in Appendix No. 01 to this Circular;

b) In case of modification of the manufacturing location stated in the certificate of eligibility for manufacture of gold jewelry and art crafts, the dossier shall be accompanied by documents or materials evidencing lawful ownership or lawful use right of the manufacturing location and a list of physical foundations and equipment necessary for the manufacture of gold jewelry and art crafts at the new address.

Article 4. Dossiers of application for grant of gold bar trading licenses

1. An application for grant of a gold bar trading license, made according to the form provided in Appendix No. 02 to this Circular.

2. A list of locations registered as gold bar trading locations (head office, branches, business locations).

3. Operation registration certificates of its branches (for enterprises); a document evidencing that the locations registered as gold bar trading locations as listed in Clause 2 of this Article have been notified to the competent business registration agency in accordance with law.

4. The tax office’s certification of the tax amounts paid for gold trading activities in 2 (two) latest consecutive years, for enterprises.

Article 5. Dossiers of application for grant or modification of gold bar manufacturing licenses

1. Dossier of application for grant of a gold bar manufacturing license:

a) An application for grant of a gold bar manufacturing license, made according to the form provided in Appendix No. 03 to this Circular;

b) Internal regulations on gold bar manufacturing, including fundamental contents such as procedures for gold material import; procedures for gold bar manufacturing; procedures for supervision of gold bar manufacturing; and procedures for product quality control;

c) Documents evidencing that remedial measures have been completely implemented in accordance with administrative sanctioning decisions, and recommendations with an implementation deadline stated in conclusions of inspections or examinations conducted by competent state agencies regarding gold business activities (if any).

2. Dossier of application for modification of a gold bar manufacturing license:

a) An application for modification of a gold bar manufacturing license, made according to the form provided in Appendix No. 03 to this Circular;

b) Dossiers and materials evidencing the modified contents specified at Point a of this Clause (for enterprises).

Chapter III

 DOSSIERS OF APPLICATION FOR GRANT OR MODIFICATION OF GOLD EXPORT OR IMPORT LICENSES

Article 6. Dossiers of application for grant or modification of licenses for temporary import of gold material for re-export of products for enterprises having contracts to process gold jewelry and art crafts for foreign party

1. Dossier of application for grant of a license for temporary import of gold material for re-export of products for an enterprise having a contract to process gold jewelry and art crafts for a foreign party:

a) An application for grant of a license for temporary import of gold material for re-export of products, made according to the form provided in Appendix No. 04a to this Circular;

b) The contract to process gold jewelry and art crafts for a foreign party;

c) A report on the enterprise’s gold material import and manufacture and export of gold jewelry and art crafts in 12 (twelve) consecutive months preceding the submission of dossier, made according to the form provided in Appendix No. 05a to this Circular, together with the customs declaration of temporary import and re-export of gold and reconciliation slip printed from customs information system, bearing the enterprise’s certification of the accuracy of such document, made according to the form provided in Appendix No. 06 to this Circular (if any).

2. Dossier of application for modification of a license for temporary import of gold material for re-export of products for an enterprise having a contract to process gold jewelry and art crafts for a foreign party:

a) An application for modification of a license for temporary import of gold material for re-export of products, made according to the form provided in Appendix No. 04a to this Circular;

b) The contract to process gold jewelry and art crafts for a foreign party, or a contract appendix related to the modification of the license for temporary import of gold material for re-export of products;

c) A report on the enterprise’s gold material import and manufacture and export of gold jewelry and art crafts from the time of grant of the license for temporary import of gold material for re-export of products to the time of submission of dossier, made according to the form provided in Appendix No. 05a to this Circular, together with the customs declaration of temporary import and re-export of gold and reconciliation slip printed from customs information system, bearing the enterprise’s certification of the accuracy of such document, made according to the form provided in Appendix No. 06 to this Circular.

Article 7. Dossier of application for a gold material import license for a foreign-invested enterprise to manufacture gold jewelry and art crafts

On December 15 of the year preceding the planning year at the latest or when wishing to increase the volume of imported gold material, a foreign-invested enterprise shall submit a dossier of application for a gold material import license. Such a dossier must comprise:

1. An application for grant of a gold material import license, made according to the form provided in Appendix No. 04b to this Circular.

2. The investment certificate.

3. The contract to process gold jewelry and art crafts for a foreign party.

4. A report on the export, import and consumption of gold products in Vietnam in 12 (twelve) consecutive months preceding the submission of dossier (in case of application for grant of import license in the planning year), or from the beginning of the year to the time of dossier submission (in case of increasing the volume of imported gold material), made according to the form provided in Appendix No. 05b to this Circular, together with the customs declaration of import and export and reconciliation slip printed from customs information system, bearing the enterprise’s certification of the accuracy of such document, made according to the form provided in Appendix No. 06 to this Circular (if any).

Article 8. Dossier of application for a gold material import license for an enterprise making offshore investment in gold mining

1. An application for grant of a gold material import license, made according to the form provided in Appendix No. 07 to this Circular.

2. The investment certificate.

3. Documents proving that the gold material to be imported is exploited overseas by the enterprise or is its shared product under the agreement on gold mining overseas.

4. A report on the enterprise’s gold material exploitation and import in 12 (twelve) consecutive months preceding the submission of dossier, made according to the form provided in Appendix No. 08 to this Circular, together with the customs declaration of gold import and reconciliation slip printed from customs information system, bearing the enterprise’s certification of the accuracy of such document (if any).

Article 9. Dossier of application for grant of a gold material export license for licensed gold mining enterprise in Vietnam

1. An application for grant of a gold material export license, made according to the form provided in Appendix No. 07 to this Circular.

2. The investment certificate.

3. Documents proving that the gold material to be exported is exploited by the enterprise.

4. A report on the enterprise’s gold material exploitation and export in 12 (twelve) consecutive months preceding the submission of dossier, made according to the form provided in Appendix No. 08 to this Circular, together with the customs declaration of gold export and reconciliation slip printed from customs information system, bearing the enterprise’s certification of the accuracy of such document (if any).

Article 10. Dossiers of application for grant of quotas for gold bar export, gold bar import, and gold material import for enterprises and commercial banks licensed for gold bar manufacturing

A dossier of application for grant of quotas for gold bar export, gold bar import, and gold material import for the subsequent year:

1. An application made according to the form provided in Appendix No. 09 to this Circular.

2. A report on gold export and import during the 12 (twelve) consecutive months preceding the time of dossier submission, made according to the form provided in Appendix No. 27 to this Circular (if any).

Article 11. Dossiers of application for grant of gold bar export, gold bar import licenses, gold bar import licenses and gold material import licenses for enterprises and commercial banks licensed for gold bar manufacturing

1. A dossier of application for grant of a gold bar export license:

a) An application for grant of a gold bar export license, made according to the form provided in Appendix No. 10 to this Circular;

b) Documents evidencing the source of exported gold bars derived from imported, manufactured, or domestically purchased sources (in case the State Bank of Vietnam so requires).

2. A dossier of application for grant of gold bar import license or gold material import license:

a) An application for grant of a gold bar import license/gold material import license, made according to the form provided in Appendix No. 10 to this Circular;

b) A plan on use of imported gold bars/imported gold material; a report on gold bar and gold material export and import from the beginning of the year to the time of dossier submission, made according to the form provided in Appendix No. 27 to this Circular (if any).

Chapter IV

 PROCEDURES FOR GRANT OR MODIFICATION OF CERTIFICATES OF ELIGIBILITY FOR MANUFACTURE OF GOLD JEWELRY AND ART CRAFTS; GOLD BAR TRADING LICENSES; GOLD BAR MANUFACTURING LICENSES; QUOTAS FOR GOLD EXPORT AND IMPORT; GOLD IMPORT AND EXPORT LICENSES

Article 12. Principles for compilation, submission and receipt of dossiers

1. Documents included in the dossiers of application for grant or modification of certificates, licenses, or quotas in gold business activities as prescribed in Chapters II and III of this Circular must be signed by the legal representative or the authorized representative (hereinafter referred to as the authorized representative). In case of authorization, the dossier must include a written authorization made in accordance with law.

2. The dossier of application for grant of certificates, licenses, or quotas must be made in one (01) set in Vietnamese.

3. Submitted copies included in the dossier must be issued from master registers or be certified true copies, or copies submitted together with original documents for comparison. In case the applicant submits copies together with the originals for comparison, the officer conducting the comparison shall sign the confirmation on the copies and take responsibility for the accuracy of such copies against the originals.

4. Each dossier must contain a list of documents.

5. Dossiers shall be submitted by one of the following methods:

a) Online submission through the National Public Service Portal or the National Single-Window Portal (if any);

b) Direct submission at the State Bank of Vietnam’s single-window section or the single-window section of the regional State Bank branch where the organization or credit institution is headquartered;

c) Submission via postal service;

d) In case of online submission through the National Public Service Portal or the National Single-Window Portal (if any), e-dossiers shall be digitally signed in accordance with the law on carrying out administrative procedures on electronic environment.

In case where the National Public Service Portal or the National Single-Window Portal fails to receive or exchange electronic information due to an incident or error, the declaration, submission, receipt, result notification, exchange and feedback of information shall be carried out via postal service or conducted directly at the single-window section of the State Bank of Vietnam or the regional State Bank branch.

dd) Documents in the e-dossier must be electronic versions scanned from the originals (in PDF format).

6. Within three (03) working days from the date of receipt of the dossier of application for grant or modification of certificates, licenses, or quotas in gold business activities as prescribed in Chapters II and III, the State Bank of Vietnam or the regional State Bank branch shall issue a written notification confirming the completeness and validity of the dossier.

7. The results of settlement of administrative procedures for organizations shall be provided in electronic form through online means or in paper form via postal service or directly at the single-window section of the State Bank of Vietnam or the regional State Bank branch.

Article 13. Procedures for grant or modification of certificates of eligibility for manufacture of gold jewelry and art crafts

1. An enterprise wishing to manufacture gold jewelry and art crafts or to modify the contents of its certificate of eligibility for manufacture of gold jewelry and art crafts shall submit a dossier as prescribed in Articles 3 and 12 of this Circular to the regional State Bank branch where the enterprise is headquartered.

2. Within twenty (20) working days from the date of receipt of a complete and valid dossier as prescribed in Article 3 of this Circular and based on the results of on-site inspection of the enterprise’s physical foundations and equipment serving the manufacture of gold jewelry and art crafts, the Director of the regional State Bank branch shall grant or refuse to grant (clearly stating the reason for refusal) a certificate of eligibility for manufacture of gold jewelry and art crafts, made according to the form provided in Appendix No. 11 to this Circular.

3. Within twenty (15) working days from the date of receipt of a complete and valid dossier as prescribed in Article 3 of this Circular, the Director of the regional State Bank branch shall issue a decision modifying the certificate of eligibility for manufacture of gold jewelry and art crafts, made according to the form provided in Appendix No. 12 to this Circular. The decision modifying the certificate of eligibility for manufacture of gold jewelry and art crafts constitutes an integral part of the certificate of eligibility for manufacture of gold jewelry and art crafts.

4. In case of a change in the address of the head office or the address of the manufacturing location due to changes in administrative boundaries, the enterprise is not required to carry out procedures for modification of the certificate of eligibility for manufacture of gold jewelry and art crafts.

Article 14. Procedures for grant or modification of licenses for temporary import of gold material for re-export of products for enterprises having contracts to process gold jewelry and art crafts for foreign parties; and procedures for grant of gold material import licenses for foreign-invested enterprises for manufacture of gold jewelry and art crafts

1. An enterprise wishing to obtain or, modify a license for temporary import of gold material for re-export of products (for enterprises having a contract to process gold jewelry and art crafts for foreign party), or to obtain a gold material import license for manufacture of gold jewelry and art crafts (for foreign-invested enterprises), shall submit one set of dossier as prescribed in Articles 6, 7, and 12 of this Circular to the regional State Bank branch where the enterprise is headquartered.

2. Within ten (10) working days from the date of receipt of a complete and valid dossier as prescribed in Article 6 of this Circular, the Director of the regional State Bank branch shall grant or refuse to grant (clearly stating the reasons) the license for temporary import of gold material for re-export of products, made according to the form provided in Appendix No. 13a to this Circular. The validity period of the license for temporary import of gold material for re-export of products shall be determined on the basis of the contract for processing gold jewelry and art crafts, but not more than 12 months from the date of licensing. The re-export of products shall be carried out within the validity period of the license. The volume of imported gold material shall be determined on the basis of the contract for processing gold jewelry and art crafts of the enterprise.

3. Within twenty (10) working days from the date of receipt of a complete and valid dossier as prescribed in Article 6 of this Circular, the Director of the regional State Bank branch shall grant or refuse to grant (clearly stating the reasons) the modified license for temporary import of gold material for re-export of products, made according to the form provided in Appendix No. 13a to this Circular. The validity period of the modified license shall be determined based on the contract for processing gold jewelry and art crafts for a foreign party or the contract appendix related to the modification of the license for temporary import of gold material for re-export of products and shall not exceed 12 months from the date of issuance of the first license. In case of adjustment of the imported gold material volume, the adjusted volume shall be determined based on the contract for processing gold jewelry and art crafts for a foreign party or the contract appendix related to the modification of the license for temporary import of gold material for re-export of gold jewelry and art crafts of the enterprise.

4. Within ten (10) working days from the date of receipt of a complete and valid dossier as prescribed in Article 7 of this Circular, the Director of the regional State Bank branch shall consider granting or refusing to grant (clearly stating the reasons) the gold material import license for the foreign-invested enterprise for manufacture of gold jewelry and art crafts, made according to the form provided in Appendix No. 13b to this Circular.

Article 15. Procedures for grant of gold material import licenses for enterprises making offshore investment in gold mining; and gold material export licenses for licensed gold mining enterprises in Vietnam

1. An enterprise making offshore investment in gold mining that wishes to import gold material exploited by the enterprise abroad, and an enterprise holding a gold mining license in Vietnam that wishes to export gold material exploited by the enterprise domestically, shall submit 01 set of dossier as prescribed in Articles 8, 9, and 12 of this Circular to the State Bank of Vietnam.

2. Within 15 (fifteen) working days from the date of receipt of a complete and valid dossier as prescribed in Articles 8 and 9 of this Circular, the State Bank of Vietnam shall consider granting or refusing to grant (with reasons clearly stated) the gold material import license for the enterprise making offshore investment in gold mining, or the gold material export license for the licensed gold mining enterprise in Vietnam, using the form provided in Appendix No. 14 to this Circular.

Article 16. Procedures for granting gold bar trading licenses

1. Enterprises and credit institutions wishing to conduct gold bar trading activities shall submit one set of dossiers as prescribed in Articles 4 and 12 of this Circular to the State Bank of Vietnam.

2. Upon receipt of the complete dossier from the enterprise or credit institution, the State Bank of Vietnam shall notify the regional State Bank branch in the locality to conduct an inspection of legal documents evidencing ownership or lawful use rights of the business location (for enterprises) and of the equipment necessary for carrying out gold bar trading activities at the registered business locations. Within seven (07) working days from the date of receipt of the notification from the State Bank of Vietnam, the regional State Bank branch shall report the inspection results to the State Bank of Vietnam (the Foreign Exchange Management Department).

3. Within twenty (20) working days from the date of receipt of a complete and valid dossier as prescribed in Article 4 of this Circular, the State Bank of Vietnam shall consider granting or refusing to grant (clearly stating the reason for refusal) a gold bar trading license, made according to the form provided in Appendix No. 15 to this Circular.

Article 17. Procedures for grant or modification of gold bar manufacturing licenses

1. Enterprises and commercial banks wishing to obtain a gold bar manufacturing license shall submit one set of dossiers as prescribed in Articles 5 and 12 of this Circular to the State Bank of Vietnam.

Within thirty (30) working days from the date of receipt of a complete and valid dossier, the State Bank of Vietnam shall consider granting a gold bar manufacturing license to the enterprise or commercial bank, using the form provided in Appendix No. 16 to this Circular, or refusing to grant such license (clearly stating the reason for refusal).

2. Within thirty (30) days from the date of change of name or head office address, the enterprise or commercial bank shall carry out procedures for modification of the gold bar manufacturing license. The enterprise or commercial bank shall submit one set of dossiers as prescribed in Articles 5 and 12 of this Circular to the State Bank of Vietnam.

Within twenty (20) working days from the date of receipt of a complete and valid dossier, the State Bank of Vietnam shall consider issuing a decision on modification of the gold bar manufacturing license to the enterprise or commercial bank, using the form provided in Appendix No. 16 to this Circular, or refusing to issue such decision (clearly stating the reason for refusal).

3. In case of change of head office address due to changes in administrative boundaries, the enterprise or commercial bank is not required to carry out procedures for modification of the gold bar manufacturing license.

Article 18. Council for establishment and adjustment of gold export and import quotas

1. The Council for establishment and adjustment of gold export and import quotas (hereinafter referred to as the Quota Establishment Council) shall be chaired by a Deputy Governor of the State Bank of Vietnam; members shall include heads of relevant units under the State Bank, namely: the Foreign Exchange Management Department, the Monetary Policy Department, the Forecasting and Statistics - Monetary and Financial Stabilization Department, and the Credit Institutions Supervision Department. The Quota Establishment Council shall operate in accordance with the Regulation promulgated by the Governor of the State Bank of Vietnam.

2. Tasks of the Quota Establishment Council: To advise the Governor of the State Bank of Vietnam (through the Foreign Exchange Management Department) in deciding and adjusting the total quotas for export of gold bars, import of gold bars, and import of gold material; and in granting and adjusting the annual quotas for export of gold bars, import of gold bars, and import of gold material for each enterprise and commercial bank as prescribed in Article 11a of Decree No. 24/2012/ND-CP.

Article 19. Formulation and adjustment of total gold export and import quotas, and annual gold export and import quotas for enterprises and commercial banks under Article 11a of Decree No. 24/2012/ND-CP

1. Based on monetary policy objectives and the gold supply-demand in each period, the scale of the State’s foreign exchange reserves, and the implementation of gold bar export, gold bar import, and gold material import, the State Bank of Vietnam shall formulate and adjust the total annual quotas for export of gold bars, import of gold bars, and import of gold material for enterprises and commercial banks under Article 11a of Decree No. 24/2012/ND-CP.

2. On the basis of the total annual quotas prescribed in Clause 1 of this Article, the State Bank of Vietnam shall allocate and adjust the annual quotas for each enterprise and commercial bank in accordance with their charter capital scale; the status of gold bar export, gold bar import, and gold material import (if any); the use of imported gold material for the purposes stated in the import license; and the needs of the enterprise or commercial bank.

3. The formulation and allocation of gold export and import quotas specified in Clauses 1 and 2 of this Article shall be completed no later than December 15 each year.

4. The Governor of the State Bank of Vietnam shall decide on the establishment of the Council for formulation and adjustment of gold bar export quotas, gold bar import quotas, and gold material import quotas under Clauses 1 and 2 of this Article.

Article 20. Procedures for grant of quotas for gold bar export, gold bar import, and gold material import for enterprises and commercial banks licensed for gold bar manufacturing

1. No later than November 15 of the year preceding the year for which quota allocation is requested, enterprises and commercial banks prescribed in Article 11a of Decree No. 24/2012/ND-CP that wish to obtain quotas for export of gold bars, import of gold bars, and import of gold material for the following year shall submit one set of dossier as prescribed in Articles 10 and 12 of this Circular to the State Bank of Vietnam.

2. Before December 15 each year, based on the provisions set out in Clause 2, Article 19 of this Circular, the State Bank of Vietnam shall grant quotas for export of gold bars, import of gold bars, and import of gold material to the enterprises and commercial banks specified in Clause 1 of this Article, using the form provided in Appendix No. 17 to this Circular, or issue a written notice of refusal (clearly stating the reason).

Article 21. Procedures for grant of gold bar export, gold bar import licenses, gold bar import licenses and gold material import licenses for enterprises and commercial banks licensed for gold bar manufacturing

1. Enterprises and commercial banks holding a gold bar manufacturing license that wish to export gold bars, import gold bars, or import gold material shall submit one set of dossiers as prescribed in Articles 11 and 12 of this Circular to the State Bank of Vietnam.

2. Within five (05) working days from the date of receipt of a complete and valid dossier as prescribed in Article 11 of this Circular, and based on the annually granted quota in accordance with Clause 2, Article 19 of this Circular, gold bar export and import, gold material import activities, and the use of imported gold material for the purposes stated in the import license, the State Bank of Vietnam shall consider granting a gold bar export license, gold bar import license, or a gold material import license to the enterprise or commercial bank, using the form provided in Appendix No. 18 to this Circular, or issue a written notice of refusal to grant such license (clearly stating the reason).

Chapter V

DOSSIERS AND PROCEDURES FOR REVOCATION OF CERTIFICATES OF ELIGIBILITY FOR MANUFACTURE OF GOLD JEWELRY AND ART CRAFTS, GOLD BAR TRADING LICENSES AND GOLD BAR MANUFACTURING LICENSES

Article 22. Dossier and procedures for revocation of a certificate of eligibility for manufacture of gold jewelry and art crafts

1. In case the enterprise voluntarily terminates the manufacture of gold jewelry and art crafts

a) The enterprise shall submit to the regional State Bank branch in the locality where the enterprise is headquartered a dossier comprising:

a.1) A written request for voluntary termination of the manufacture of gold jewelry and art crafts, clearly stating the reason;

a.2) The original of the enterprise’s certificate of eligibility for manufacture of gold jewelry and art crafts, and the originals of documents constituting an integral part of the certificate of eligibility for manufacture of gold jewelry and art crafts (if any);

b) Within five (05) working days from the date of receipt of a complete and valid dossier, the Director of the regional State Bank branch shall issue a decision on revocation of the enterprise’s certificate of eligibility for manufacture of gold jewelry and art crafts, using the form provided in Appendix No. 19 to this Circular.

2. In case the enterprise is required to terminate the manufacture of gold jewelry and art crafts

a) Based on inspection and supervision results or at the request of a competent state agency, the Director of the regional State Bank branch shall issue a decision on revocation of the enterprise’s certificate of eligibility for manufacture of gold jewelry and art crafts, using the form provided in Appendix No. 19 to this Circular;

b) Within a maximum period of five (05) working days from the date of receipt of the decision of the regional State Bank branch on termination of the manufacture of gold jewelry and art crafts, the enterprise shall return the original certificate of eligibility for manufacture of gold jewelry and art crafts and the originals of documents constituting an integral part of the certificate (if any), and shall terminate its gold jewelry and art craft manufacturing activities.

Article 23. Dossiers and procedures for revocation of gold bar trading licenses

1. In case the enterprise or credit institution voluntarily terminates gold bar trading activities

a) The enterprise or credit institution shall submit to the State Bank of Vietnam a dossier comprising:

a.1) A written request for voluntary termination of the gold bar trading activities, clearly stating the reason;

a.2) The original of the enterprise’s or credit institution’s gold bar trading license, and the originals of documents constituting an integral part of the gold bar trading license (if any);

b) Within ten (10) working days from the date of receipt of a complete and valid dossier from the enterprise or credit institution, the Governor of the State Bank of Vietnam shall issue a decision on revocation of the enterprise’s or credit institution’s gold bar trading license, using the form provided in Appendix No. 20 to this Circular.

2. The enterprise or credit institution shall be required to terminate gold bar trading activities if:

a.1) It is dissolved or falls bankrupt in accordance with law;

a.2) The Foreign Exchange Management Department submits to the Governor of the State Bank of Vietnam, at the request of a competent state agency, for issuance of a decision on revocation of the gold bar trading license, using the form provided in Appendix No. 20 to this Circular;

b) Within a maximum period of five (05) working days from the date of receipt of the decision of the State Bank of Vietnam on termination of gold bar trading activities, the enterprise or credit institution shall return the original gold bar trading license and the originals of documents constituting an integral part of the license (if any), and shall terminate its gold bar trading activities.

Article 24. Dossiers and procedures for revocation of gold bar manufacturing licenses

1. In case the enterprise or commercial bank voluntarily terminates gold bar manufacturing activities:

a) The enterprise or commercial bank shall submit to the State Bank of Vietnam a dossier comprising:

a.1) A written request for voluntary termination of the manufacture of gold bar, clearly stating the reason;

a.2) The original gold bar manufacturing license and the originals of documents constituting an integral part of the gold bar manufacturing license (if any);

b) Within fifteen (15) working days from the date of receipt of a complete and valid dossier from the enterprise or commercial bank, the Governor of the State Bank of Vietnam shall issue a decision on revocation of the enterprise’s or commercial bank’s gold bar manufacturing license, using the form provided in Appendix No. 21 to this Circular.

2. The enterprise's or commercial bank's license shall be revoked if:

a) It is dissolved or falls bankrupt under law;

b) The enterprise or commercial bank has its gold bar trading license revoked;

c) A competent state agency requires termination of gold bar manufacturing activities.

The State Bank of Vietnam shall issue a decision on revocation of the gold bar manufacturing license, using the form provided in Appendix No. 21 to this Circular. The enterprise or commercial bank must immediately terminate its gold bar manufacturing activities at the time its gold bar manufacturing license is revoked and shall return the original gold bar manufacturing license and all decisions on modification of the gold bar manufacturing license to the State Bank of Vietnam within three (03) working days.

Chapter VI

INFORMATION CONNECTION AND PROVISION

Article 25. Principles and methods of information connection

The connection and provision of information to the State Bank of Vietnam by enterprises and credit institutions granted gold bar trading licenses, and enterprises and commercial banks granted gold bar manufacturing licenses, gold bar export licenses, gold bar import licenses, and gold material import licenses shall comply with the following principles and methods:

1. The information provided shall be extracted from the data systems of the enterprises and credit institutions in a complete and accurate manner.

2. The connection shall be made electronically, ensuring timeliness.

Article 26. Scope of information connection

1. Licensed gold bar trading enterprise's or credit institution's information connected with the State Bank of Vietnam includes:

a) Personal identification information, enterprise’s tax identification number;

b) Volume of gold bar purchases and sales;

c) Value of gold bar purchase and sale transactions.

The information connection form is provided in Appendix No. 28 to this Circular.

2. Information connected with the State Bank of Vietnam by enterprises and commercial banks granted gold bar manufacturing licenses, gold bar export licenses, gold bar import licenses, and gold material import licenses includes:

a) Information on gold bar manufacturing activities (input materials, production time, output products);

b) Information on gold export and import activities (gold volume, gold content, export and import value);

c) Information on gold material sale transactions (partners, volume, gold content, and transaction value).

The information connection forms are provided in Appendices No. 25, 26, 29, and 30 to this Circular.

Article 27. Information retention period

Enterprises and credit institutions shall fully retain the information prescribed in Article 26 of this Circular. The minimum retention period for the information prescribed in Article 26 of this Circular shall be ten (10) years from the date on which the data is connected to the State Bank of Vietnam.

Chapter VII

REPORTING REGIME

Article 28. Regional State Bank branches

1. On a quarterly and annual basis, the regional State Bank branches shall compile and report to the State Bank of Vietnam on gold business management within their localities, using the form provided in Appendix No. 22 to this Circular.

2. Deadlines for submitting periodical reports specified in Clause 1 of this Article are as follows:

a) For quarterly reports: the 20^th (twentieth) of the first month of the quarter following the reporting quarter;

b) For annual reports: January 20 (twentieth) of the year following the reporting year.

Article 29. Enterprises and credit institutions engaged in gold business activities

1. On a daily basis or when necessary, enterprises and credit institutions granted gold bar trading licenses shall report to the State Bank of Vietnam on their gold bar trading turnover, using the form provided in Appendix No. 28 to this Circular.

2. On a quarterly basis, enterprises and credit institutions granted gold bar trading licenses that make changes to their enterprise information contained in the gold bar trading license (including changes to the enterprise name, address of gold bar trading locations, addition of new trading locations, or termination of gold bar trading activities at licensed locations) shall submit reports on the changes or adjustments arising during the reporting period, using the form provided in Appendix No. 23 to this Circular. To be specific:

a) They shall send reports of the whole system of enterprises or credit institutions to the State Bank of Vietnam and regional State Bank branches of localities where they are headquartered;

b) They shall send reports of their branches and transaction bureaus in which changes are made to regional State Bank branches of localities where such branches or transaction bureaus are located;

In case of change to the address of the gold bar trading location due to changes in administrative boundaries, enterprise or credit institution is not required to submit reports under this Clause.

3. On a quarterly or annual basis, or when necessary, enterprises engaged in gold trading shall submit reports on their gold trading activities to the regional State Bank branch in accordance with the following provisions:

a) An enterprise obtaining a certificate of eligibility for production of gold jewelry and art crafts shall make its reports on production of gold jewelry and art crafts, according to the form provided in Appendix No. 24 to this Circular;

b) Gold trading enterprises having a contract to process gold jewelry and art crafts for a foreign party and obtaining a license for temporary import of gold material for re-export of products shall submit reports on their gold material import and manufacture and export of gold jewelry and art crafts, made according to the form provided in Appendix No. 05a to this Circular. Foreign-invested enterprises obtaining a gold material import license for manufacture of gold jewelry and art crafts for export shall submit reports on their gold export and import and sale of gold products in Vietnam, made according to the form provided in Appendix No 05b to this Circular.

4. On a monthly or annual basis, or when necessary, enterprises and commercial banks obtaining gold bar manufacturing licenses shall report to the State Bank of Vietnam on gold bar manufacturing and gold material trading activities, using the forms provided in Appendices No. 25, 29, and 30 to this Circular.

 On a monthly or annual basis, or when necessary, enterprises and commercial banks obtaining gold bar export licenses, gold bar import licenses, or gold material import licenses shall report to the State Bank of Vietnam on gold export and import activities, using the form provided in Appendix No. 26 to this Circular.

5. Within five (05) working days after completion of a contract for processing gold jewelry and art crafts for a foreign party, a gold trading enterprise having such contract and granted a license for temporary import of gold material for re-export of products shall report to the regional State Bank branch on the performance of the processing contract, enclosed with the contract settlement statement certified by the customs office.

6. Enterprises and credit institutions granted gold bar trading licenses by the State Bank of Vietnam must publicly post gold bar buying and selling prices at their gold bar trading locations or on their websites, and must connect and provide information on listed prices to the State Bank of Vietnam in accordance with the State Bank of Vietnam’s guidance.

7. In case the reporting contents specified in Clauses 1, 3, and 4 of this Article are covered under the statistical reporting regime applicable to credit institutions, the credit institutions shall comply with such statistical reporting regime.

Article 30. Deadlines for submitting periodic reports

The deadlines for submission of periodic reports as prescribed in this Circular are as follows:

1. For daily reports: No later than 2:00 p.m. of the working day following the reporting day.

2. For monthly reports: No later than the 8^th (eighth) of the month following the reporting month.

3. For quarterly reports: No later than the 15^th (fifteenth) of the first month of the quarter following the reporting quarter.

4. For annual reports: No later than January 15 (fifteenth) of the year following the reporting year.

Chapter VIII

RESPONSIBILITIES OF RELATED UNITS

Article 31. Responsibilities of enterprises and credit institutions engaged in gold business activities

Enterprises and credit institutions engaged in gold business activities shall fully comply with Decree No. 24/2012/ND-CP and this Circular.

Article 32. Responsibilities of units under the State Bank of Vietnam

1. The Foreign Exchange Management Department:

a) To act as the focal point for submission to the Governor of the State Bank of Vietnam for promulgation of the Regulation on formulation and adjustment of total quotas for export of gold bars, import of gold bars, and import of gold material for enterprises and commercial banks;

b) To act as the focal point for submission to the Governor of the State Bank of Vietnam for grant, modification, and revocation of gold bar manufacturing licenses;

c) To designate representatives to participate in the Quota Establishment Council prescribed in Article 18 of this Circular. To act as the focal point for coordination with relevant units in consolidating and advising the Governor of the State Bank of Vietnam on decision and adjustment of total annual quotas for export of gold bars, import of gold bars, and import of gold material, as well as allocation and adjustment of annual quotas for export of gold bars, import of gold bars, and import of gold material for each enterprise and commercial bank;

d) To act as the focal point for submission to the Governor of the State Bank of Vietnam for promulgation of the Regulation on operation of the Quota Establishment Council prescribed in Article 18 of this Circular;

dd) To advise the Governor of the State Bank of Vietnam on the grant, modification, and revocation of gold bar export licenses, gold bar import licenses, and gold material import licenses for enterprises and commercial banks in accordance with this Circular.

2. The Department of Legal Affairs, the SBV Inspectorate, and the Credit Institutions Supervision Department shall coordinate with the Foreign Exchange Management Department in advising the Governor of the State Bank of Vietnam on the grant of gold bar manufacturing licenses.

3. The Monetary Policy Department, the Forecasting and Statistics - Monetary and Financial Stabilization Department and the Credit Institutions Supervision Department shall designate representatives to participate in the Quota Establishment Council prescribed in Article 18 of this Circular, and coordinate with the Foreign Exchange Management Department in performing the tasks specified in the Regulation on operation of the Quota Establishment Council.

4. The Information Technology Department shall coordinate with the Foreign Exchange Management Department in guiding the methods, organization, and implementation of the information connection of organizations as prescribed in this Circular, and shall modify the reporting system of the State Bank to ensure that units are able to transmit, receive, collect, and utilize report forms prescribed in this Circular.

5. The Banking Times shall receive and publish on the State Bank of Vietnam’s website the buying and selling prices of gold bars provided by enterprises and credit institutions licensed for gold bar trading.

6. The SBV Inspectorate and SBV Regional branches shall conduct inspection, examination and handling of violations concerning the production of gold bar, gold jewelry and art crafts; gold bar trading; gold bar and gold material export and import; and other gold trading activities specified in Clause 9, Article 4 of this Decree No. 24/2012/ND-CP in accordance with this Circular.

Chapter IX

IMPLEMENTATION PROVISIONS

Article 33. Effect

1. This Circular takes effect on October 10, 2025, except for provisions of Clauses 4 and 5 of this Article.

2. From the effective date of this Circular, the following documents shall cease to be effective, including:

a) Circular No. 16/2012/TT-NHNN dated May 25, 2012, of the Governor of the State Bank of Vietnam, guiding a number of articles of the Government’s Decree No. 24/2012/ND-CP of April 3, 2012, on management of gold business activities;

b) Circular No. 38/2015/TT-NHNN dated December 31, 2015, of the Governor of the State Bank of Vietnam, amending and supplementing a number of articles of Circular No. 16/2012/TT-NHNN dated May 25, 2012, of the Governor of the State Bank of Vietnam, guiding a number of articles of the Government’s Decree No. 24/2012/ND-CP of April 3, 2012, on management of gold business activities;

c) Circular No. 03/2017/TT-NHNN dated June 06, 2017, of the Governor of the State Bank of Vietnam, amending and supplementing a number of articles of Circular No. 16/2012/TT-NHNN dated May 25, 2012, of the Governor of the State Bank of Vietnam, guiding a number of articles of the Government’s Decree No. 24/2012/ND-CP of April 3, 2012, on management of gold business activities;

d) Circular No. 29/2019/TT-NHNN dated December 27, 2019, of the Governor of the State Bank of Vietnam, amending and supplementing a number of articles of Circular No. 16/2012/TT-NHNN dated May 25, 2012, of the Governor of the State Bank of Vietnam, guiding a number of articles of the Government’s Decree No. 24/2012/ND-CP of April 3, 2012, on management of gold business activities;

dd) Circular No. 15/2021/TT-NHNN dated September 30, 2021, of the Governor of the State Bank of Vietnam, amending and supplementing a number of articles of Circular No. 16/2012/TT-NHNN dated May 25, 2012, of the Governor of the State Bank of Vietnam, guiding a number of articles of the Government’s Decree No. 24/2012/ND-CP of April 3, 2012, on management of gold business activities;

e) Article 1 of Circular No. 24/2022/TT-NHNN dated December 30, 2022, the Governor of the State Bank of Vietnam, amending and supplementing a number of articles of the Circulars providing for administrative procedures in the field of foreign exchange management.

3. Certificates and licenses granted before the effective date of this Circular shall remain valid until their expiration. In cases of modification of certificates or licenses granted prior to the effective date of this Circular, such modification shall comply with the provisions of this Circular.

4. The commencement of connection of information from enterprises and commercial banks to the State Bank of Vietnam as prescribed in Chapter VI of this Circular shall be implemented no later than March 31, 2026.

Pending implementation of the connection, reporting by enterprises and credit institutions shall be conducted as follows:

a) Enterprises and commercial banks granted gold bar manufacturing licenses shall report in writing according to the forms provided in Appendices No. 25, 26, 29, and 30 to this Circular;

b) Enterprises and credit institutions granted gold bar trading licenses shall report according to the form provided in Appendix No. 10a to Circular No. 38/2015/TT-NHNN;

c) Regional State Bank branches shall report according to the form provided in Appendix No. 12 to Circular No. 38/2015/TT-NHNN.

5. The commencement of connection for provision of information on listed prices to the State Bank of Vietnam as prescribed in Clause 6, Article 29 of this Circular shall be implemented no later than December 31, 2025.

6. Based on the grant of gold bar manufacturing licenses for enterprises and commercial banks, the formulation, adjustment, and allocation of quotas for export of gold bars, import of gold bars, and import of gold material in 2025 for enterprises and commercial banks under Article 11a of Decree No. 24/2012/ND-CP shall be implemented in accordance with Articles 19 and 20 of this Circular, except for the time limits specified in Clause 3, Article 19 and Article 20 of this Circular.

7. Heads of units under the State Bank of Vietnam, enterprises and credit institutions engaged in gold trading activities shall organize the implementation of this Circular./.