DECREE 232/2025 ON THE MANAGEMENT OF GOLD TRADING ACTIVITIES

On August 26, 2025, the Government issued Decree No. 232/2025/NĐ-CP amending and supplementing a number of articles of Decree No. 24/2012/NĐ-CP dated April 3, 2012 of the Government on the management of gold trading activities.

The notable content of Decree 232/2025/NĐ-CP is the abolition of Clause 3, Article 4 of Decree 24/2012/NĐ-CP, thereby removing the mechanism of State monopoly in the production of gold bars, the export of raw gold, and the import of raw gold for the production of gold bars (the monopoly on SJC-branded gold bars since 2012). Specifically, enterprises and commercial banks may participate in the production of branded gold bars in accordance with the provisions of this Decree, under the supervision and licensing of the State Bank of Vietnam.

Decree 232 was promulgated in the context of the Government introducing active solutions to stabilize the domestic gold market as the gap between domestic and international gold prices has widened. Decree 232 is expected to have positive long-term impact on the domestic gold market with an increase in the number of supplying entities. However, the gold market remains a special market operating under its own mechanism of “buy where you sell”, alongside the deeply rooted gold-hoarding psychological of Asian consumers and the long-standing position of the SJC brand. Therefore, in the short term, psychological factors and supply issues will continue to be the main elements influencing domestic gold prices.

Regarding the impact on listed entities, we assess that PNJ will be among the pioneers to participate in this activity; however, there will be no significant short-term change in revenue, as the company is currently focusing on expanding its jewelry segment, which carries higher profit margins.

(EN) GTJASVN_Flash Note_DECREE 232 2025 ON THE MANAGEMENT OF GOLD TRADING ACTIVITIES_28.8.2025