The State Bank of Việt Nam (SBV) is seeking public feedback on a draft amendment to Government Decree No. 24/2012/NĐ-CP on the management of gold trading activities, introducing new rules on payment methods.
A key change is a provision requiring bank transfers for gold transactions valued at VNĐ20 million (US$765) and above, to enhance transparency and verify customer identities. The SBV noted that this measure would not impose new obligations on customers, as identity verification is already completed when they open and use bank accounts.
Currently, SJC-branded gold bars are priced at nearly VNĐ12 million per mace (3.75 grams), meaning that even a small purchase of two mace would exceed the proposed threshold and must be paid via bank transfer.
A customer shops for gold jewellery at a gold shop in Hai Bà Trưng District, Hà Nội.
While the proposal has received support from several experts, concerns remain about its practical impact, particularly on older and rural populations. Nguyễn Thị Hà, 60, from a suburban district of Hà Nội, said she was surprised by the plan.
“People my age in the countryside don’t have bank accounts, and we don’t know how to transfer money. And we don’t feel comfortable asking someone else to buy gold for us,” she said.
Her concerns reflect a broader issue: many people in rural areas either do not have bank accounts or are unfamiliar with digital banking. Mandatory bank transfers could pose significant challenges for these groups.
Associate Professor Dr Nguyễn Hữu Huân, a senior lecturer at the University of Economics HCM City, said the regulation was reasonable and should apply to all gold transactions to prevent smuggling, ensure price transparency, and facilitate taxation.
Lawyer Nguyễn Thanh Hà, Chairman of SBLaw, agreed, warning that gold trading could be a channel for tax evasion and money laundering. He noted that requiring bank transfers for transactions over VNĐ20 million would support anti-money laundering efforts and align with the Law on Tax Administration, which regulates non-cash payments.
However, lawyer Trương Thanh Đức, Director of ANVI Law Firm and arbitrator at the Việt Nam International Arbitration Centre, questioned the legal basis for including this payment requirement in the gold trading regulation. He argued that non-cash payment rules should be included in legislation on payment systems rather than scattered across tax, real estate or credit laws.
Others have called for more clarity, particularly whether the transfer requirement would apply only to gold bars or extend to other forms such as gold rings, jewellery or mixed-alloy gold.
Under the draft, all gold transactions valued at VNĐ20 million or more must be conducted via payment accounts held by both the buyer and the licensed gold trading business at a commercial or foreign bank branch.
Source: VNS
