Circular No. 34/2025/TT-NHNN guiding certain provisions of Decree No. 24/2012/NĐ-CP dated April 3, 2012 of the Government on gold business management amended and supplemented by Decree No. 232/2025/NĐ-CP.

CIRCULAR

Guidelines for certain provisions of Decree No. 24/2012/NĐ-CP

dated April 3, 2012 of the Government on management of gold trading activities

经营活动黄金 amended and supplemented by Law No. 87/2025/QH15; amended and supplemented by Decree No. 232/2025/NĐ-CP 

     On the basis of the Law on the State Bank of Vietnam No. 46/2010/QH12;

     On the basis of the Law on Credit Organizations No. 32/2024/QH15;

     On the basis of Decree No. 24/2012/NĐ-CP of the Government on management of gold trading activities, amended and supplemented by Decree No. 232/2025/NĐ-CP;

     On the basis of Decree No. 26/2025/ND-CP of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

     In accordance with the proposal of Directorate Director Directorate Management Article 1. Amending and supplementing Clause 6 of Article 33 exchange;

     The Governor of the State Bank of Vietnam promulgates Circular guiding certain provisions of Decree No. 24/2012/NĐ-CP of the Government on management of gold trading activities amended and supplemented by Decree 232/2025/NĐ-C"5. The pre-tax weighted average cost of capital i (%) is determined according to the formula below:.

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation

This Circular guides the issuance, amendment, supplementation, revocation of certificates and licenses for activities of producing jewelry and decorative gold, buying and selling gold bars, producing gold bars, exporting and importing gold; issuing export and import quotas for gold; connecting and providing information from enterprises and credit institutions engaged in gold trading activities and reporting requirements as stipulated in Decree No. 24/2012/NĐ-CP of the Government on management of gold trading activities, amended and supplemented by Decree No. 232/2025/NĐ-CP (hereinafter referred to as Decree No. 24/2012/NĐ-CP).

Article 2. Applicability

This Circular applies to enterprises and credit institutions conducting gold trading activities within the territory of Vietnam and related organizations and individuals.

Chapter II

APPLICATION FOR ISSUANCE / AMENDMENT AND SUPPLEMENTATION OF CERTIFICATE

ELIGIBILITY FOR PRODUCTION OF JEWELRY AND DECORATIVE GOLD;

LICENSE FOR BUYING AND SELLING GOLD BARS;

LICENSE FOR PRODUCTION OF GOLD BARS

Article 3. Application for issuance, amendment, and supplementation of certificate of eligibility for production of jewelry and decorative gold

1. Application for issuance of certificate of eligibility for production of jewelry and decorative gold:

a) Application form for issuance of certificate of eligibility for production of jewelry and decorative gold according to Appendix No. 01 issued together with this Circular;

b) Document or evidence proving ownership or lawful right to use the production site;

c) Inventory of facilities and equipment necessary for the production of jewelry and decorative gold.

2. Application for amendment and supplementation of certificate of eligibility for production of jewelry and decorative gold:

a) Application form for amendment and supplementation of certificate of eligibility for production of jewelry and decorative gold according to Appendix No. 01 issued together with this Circular;

b) In case of amending and supplementing the production site on the certificate of eligibility for production of jewelry and decorative gold, the application must include documents or evidence proving ownership or lawful right to use the production site and inventory of facilities and equipment necessary for the production of jewelry and decorative gold at the new address.

Article 4. Application for issuance of license for buying and selling gold bars

1. Application form for issuance of license for buying and selling gold bars according to Appendix No. 02 issued together with this Circular.

2. List of registered locations for buying and selling gold bars (head office, branch, business location).

3. Certificate of registration for branch operation (for enterprises); document showing that the registered locations for buying and selling gold bars listed in Clause 2 of this Article have been notified to the competent registration authority in accordance with the law.

4. Confirmation from the tax authority regarding the amount of tax paid for gold trading activities in the two preceding years for enterprises.

Article 5. Documents for application to issue, amend, or supplement the Gold Bar Production Permit

1. Documents for application to issue the Gold Bar Production Permit:

a) An application form for the Gold Bar Production Permit according to the model at Appendix No. 03 issued together with this Circular;

b) Internal regulations on gold bar production including basic contents such as raw material import procedures; gold bar production procedures; gold bar production monitoring procedures; product quality control procedures;

c) Documentation proving that measures to rectify consequences have been completed according to administrative penalty decisions, recommendations with deadlines for implementation in inspection and audit conclusions by competent state agencies regarding gold trading activities (if any).

2. Documents for application to amend or supplement the Gold Bar Production Permit:

a) An application form for amending or supplementing the Gold Bar Production Permit according to the model at Appendix No. 03 issued together with this Circular;

b) Documents and materials proving the changed contents according to point a of this clause (for enterprises).

Chapter III

APPLICATION DOCUMENTS FOR ISSUANCE, AMENDMENT, AND SUPPLEMENTATION

OF THE EXPORT AND IMPORT GOLD PERMIT

Article 6. Documents for application to issue, amend, or supplement the Temporary Import Permit for Gold Raw Materials for Re-export of Products for Enterprises with Overseas Jewelry and Artisanal Gold Processing Contracts

1. Documents for application to issue the Temporary Import Permit for Gold Raw Materials for Re-export of Products for Enterprises with Overseas Jewelry and Artisanal Gold Processing Contracts:

a) An application form for the Temporary Import Permit for Gold Raw Materials for Re-export of Products according to the model at Appendix No. 04a issued together with this Circular;

b) Overseas jewelry and artisanal gold processing contracts;

c) A report on the enterprise's situation of importing gold raw materials, production, and exporting jewelry and artisanal gold products within the last 12 (twelve) months prior to the submission date according to the model at Appendix No. 05a issued together with this Circular, accompanied by a list of customs declarations for temporary import-re-export of gold and the Backward Deduction Form printed from the Customs Business Information System with the enterprise's confirmation of the accuracy of these documents according to the model at Appendix No. 06 issued together with this Circular (if any);

2. Documents for application to amend or supplement the Temporary Import Permit for Gold Raw Materials for Re-export of Products for Enterprises with Overseas Jewelry and Artisanal Gold Processing Contracts:

a) An application form for amending or supplementing the Temporary Import Permit for Gold Raw Materials for Re-export of Products according to the model at Appendix No. 04a issued together with this Circular;

b) Overseas jewelry and artisanal gold processing contracts or contract appendices related to the amendment or supplementation of the Temporary Import Permit for Gold Raw Materials for Re-export of Products;

c) A report on the enterprise's situation of importing gold raw materials, production, and exporting jewelry and artisanal gold products from the date of issuance of the Temporary Import Permit for Gold Raw Materials for Re-export of Products to the submission date according to the model at Appendix No. 05a issued together with this Circular, accompanied by a list of customs declarations for temporary import-re-export of gold and the Backward Deduction Form printed from the Customs Business Information System with the enterprise's confirmation of the accuracy of these documents according to the model at Appendix No. 06 issued together with this Circular.

Article 7. Documents for requesting an Import Permit for raw gold for foreign-invested enterprises to produce jewelry and decorative gold products

At the latest on December 15 of the year preceding the planning year or when additional quantities of raw gold imports are needed, foreign-invested enterprises shall submit the application documents for an Import Permit for raw gold. The documents include:

1. An application form for an Import Permit for raw gold according to Form 04b attached to this Circular.

2. Certificate of Investment Registration.

3. Contract for processing jewelry and decorative gold products with foreign entities.

4. Report on the implementation of export, import, and consumption of gold products in the domestic market within the last 12 (twelve) months immediately preceding the date of submission of the application (in case of applying for an Import Permit during the planning year) or from the beginning of the year until the date of submission of the application (in case of supplementing the quantity of raw gold imports) according to Form 05b attached to this Circular, accompanied by a list of Export Declaration Forms and Import Declaration Forms and Reversal Notes printed from the Customs Business Information System with confirmation from the enterprise regarding the accuracy of these documents according to Form 06 attached to this Circular (if applicable).

Article 8. Documents for requesting an Import Permit for raw gold for enterprises investing abroad in the field of gold mining

1. An application form for an Import Permit for raw gold according to Form 07 attached to this Circular.

2. Certificate of Investment Registration.

3. Documentation proving that the expected imported raw gold is mined by the enterprise abroad or is allocated from the product according to an agreement on gold mining abroad.

4. Report on the situation of gold mining and raw gold imports by the enterprise within the last 12 (twelve) months immediately preceding the submission of the application according to Form 08 attached to this Circular, accompanied by a list of Import Declaration Forms for raw gold and Reversal Notes printed from the Customs Business Information System with confirmation from the enterprise regarding the accuracy of these documents (if applicable).

Article 9. Documents for requesting an Export Permit for raw gold for enterprises holding a Gold Mining Permit in Vietnam

1. An application form for an Export Permit for raw gold according to Form 07 attached to this Circular.

2. Certificate of Investment Registration.

3. Documentation proving that the expected exported raw gold is mined by the enterprise.

4. Report on the situation of gold mining and raw gold exports by the enterprise within the last 12 (twelve) months immediately preceding the submission of the application according to Form 08 attached to this Circular, accompanied by a list of Export Declaration Forms for raw gold and Reversal Notes printed from the Customs Business Information System with confirmation from the enterprise regarding the accuracy of these documents (if applicable).

Article 10. Documents for requesting export quotas for gold bars, import quotas for gold bars, and import quotas for raw gold for enterprises and commercial banks permitted to produce gold bars

Application documents for export quotas for gold bars, import quotas for gold bars, and import quotas for raw gold for the following year:

1. An application form according to Form 09 attached to this Circular.

2. Report on the implementation of gold export and import activities within the last 12 (twelve) months immediately preceding the submission of the application according to Form 27 attached to this Circular (if applicable).

Article 11. Documents for applying for Export Permit for Gold Bars, Import Permit for Gold Bars, and Import Permit for Gold Raw Materials for enterprises and commercial banks permitted to produce gold bars.

1. Documents for applying for Export Permit for Gold Bars:

a) Application form for Export Permit for Gold Bars according to Appendix 10 issued together with this Circular;

b) Documentation proving the source of exported gold bars from imported sources, production, or purchase within the country (if requested by the State Bank of Vietnam).

2. Documents for applying for Import Permit for Gold Bars and Import Permit for Gold Raw Materials:

a) Application form for Import Permit for Gold Bars/Import Permit for Gold Raw Materials according to Appendix 10 issued together with this Circular;

b) Plan for using imported gold bars/plan for using imported gold raw materials; report on gold bar export and import activities and gold raw material import activities from the beginning of the year until the date of submission of the application according to Appendix 27 issued together with this Circular (if applicable).

Chapter IV

PROCEDURES FOR ISSUING, AMENDING, AND SUPPLEMENTING LICENSES

ELIGIBILITY FOR PRODUCTION OF JEWELRY AND DECORATIVE GOLD;

LICENSE FOR PURCHASE AND SALE OF GOLD BARS; LICENSE

FOR PRODUCTION OF GOLD BARS; QUOTA FOR EXPORT AND IMPORT

OF GOLD; LICENSE FOR EXPORT AND IMPORT OF GOLD

Article 12. Principles for preparation, submission, and acceptance of documents

1. Documents in the application for issuance, amendment, or supplementation of certificates and licenses, and quota in gold trading activities as stipulated in Chapter II and Chapter III of this Circular must be signed by the legal representative or authorized representative (hereinafter referred to as the lawful representative). In case of signing by an authorized representative, the application must include a power of attorney document established in accordance with the provisions of the law.

2. The application for issuance of certificates and licenses, and quota must be prepared in one set in Vietnamese.

3. For documents that are copies, the applicant must submit certified copies from the original book, notarized copies, or copies accompanied by presentation of the original for verification. If the applicant submits copies accompanied by presentation of the original for verification, the verifier must sign to confirm the copy and bear responsibility for its accuracy compared to the original.

4. Each set of documents must include a list of documents.

5. The documents may be submitted in one of the following ways:

a) Submitting online through the National Public Service Portal or the Single Window Portal (if available);

b) Submitting directly at the One-Stop Shop of the State Bank of Vietnam or the One-Stop Shop of the State Bank Regional Branch (where the enterprise or credit institution has its headquarters);

c) Sending via postal service;

d) When submitting documents online through the National Public Service Portal or the Single Window Portal (if available), electronic documents must use digital signatures in accordance with the regulations on administrative procedures in the electronic environment;

In case the National Public Service Portal or the Single Window Portal encounters technical issues or errors preventing the reception and exchange of electronic information, the declaration, submission, receipt, result delivery, information exchange, and feedback shall be conducted via postal service or directly at the One-Stop Shop of the State Bank of Vietnam or the State Bank Regional Branch.

e) Documents in electronic files are scanned copies of original or original documents (PDF format files).

6. Within three working days from the date of receiving the application for issuance, amendment, or supplementation of certificates and licenses, and quota in gold trading activities as stipulated in Chapter II and Chapter III, the State Bank of Vietnam or the State Bank Regional Branch will notify the completeness and validity of the documents.

7. The results of administrative procedures resolved for organizations by electronic means are delivered through online methods or by paper documents through postal services or directly at the One-Stop Shop of the State Bank of Vietnam or the State Bank Regional Branch.

Article 13. Procedures for Issuing, Amending, and Supplementing the Certificate of Eligibility for Gold Jewelry and Artisanal Product Production

1. An enterprise that wishes to produce gold jewelry and artisanal products or amend and supplement the contents of the Certificate of Eligibility for Gold Jewelry and Artisanal Product Production shall submit the application dossier in accordance with Articles 3 and 12 of this Circular to the State Bank Branch in the Region where the enterprise's headquarters is located.

2. Within twenty (20) working days from the date of receiving a complete and valid dossier in accordance with Article 3 of this Circular and the results of the actual inspection of the enterprise's physical facilities and equipment serving the production of gold jewelry and artisanal products, the Director of the State Bank Branch in the Region shall issue or refuse to issue (with clear reasons) the Certificate of Eligibility for Gold Jewelry and Artisanal Product Production in the form set out in Appendix 11 issued together with this Circular.

3. Within fifteen (15) working days from the date of receiving a complete and valid dossier in accordance with Article 3 of this Circular, the Director of the State Bank Branch in the Region shall examine and issue the Decision to Amend and Supplement the Certificate of Eligibility for Gold Jewelry and Artisanal Product Production in the form set out in Appendix 12 issued together with this Circular. The Decision to Amend and Supplement the Certificate of Eligibility for Gold Jewelry and Artisanal Product Production is an inseparable part of the Certificate of Eligibility for Gold Jewelry and Artisanal Product Production.

4. In cases where there is a change in the main office address due to administrative boundary changes, the enterprise does not need to go through the procedures for amending and supplementing the Certificate of Eligibility for Gold Jewelry and Artisanal Product Production.

Article 14. Procedures for Issuing, Amending, and Supplementing the Temporary Import Permit for Raw Gold for Re-exporting Products for Enterprises with Overseas Gold Jewelry and Artisanal Product Processing Contracts; Procedures for Issuing the Import Permit for Raw Gold for Enterprises with Foreign Investment Capital for Producing Gold Jewelry and Artisanal Products

1. An enterprise that wishes to obtain, amend, or supplement the Temporary Import Permit for Raw Gold for Re-exporting Products for enterprises with overseas gold jewelry and artisanal product processing contracts; or to obtain the Import Permit for Raw Gold for enterprises with foreign investment capital for producing gold jewelry and artisanal products shall submit one set of dossier as prescribed in Articles 6, 7, and 12 of this Circular to the State Bank Branch in the Region where the enterprise's headquarters is located.

2. Within ten (10) working days from the date of receiving a complete and valid dossier in accordance with Article 6 of this Circular, the Director of the State Bank Branch in the Region shall issue or refuse to issue (with clear reasons) the Temporary Import Permit for Raw Gold for Re-exporting Products in the form set out in Appendix 13a issued together with this Circular. The validity period of the Temporary Import Permit for Raw Gold for Re-exporting Products is determined based on the gold jewelry and artisanal product processing contract and shall not exceed twelve (12) months from the date of issuance. The re-exporting of products must be carried out within the validity period of the permit. The quantity of raw gold imported is determined based on the gold jewelry and artisanal product processing contract of the enterprise.

3. Within ten (10) working days from the date of receiving a complete and valid dossier in accordance with Article 6 of this Circular, the Director of the State Bank Branch in the Region shall issue or refuse to issue (with clear reasons) the Decision to Amend and Supplement the Temporary Import Permit for Raw Gold for Re-exporting Products in the form set out in Appendix 13a issued together with this Circular. The validity period of the Decision to Amend and Supplement is determined based on the gold jewelry and artisanal product processing contract with overseas entities or related contract annexes concerning the amendment and supplementation of the Temporary Import Permit for Raw Gold for Re-exporting Products and shall not exceed twelve (12) months from the date of issuance of the first permit. In cases where the quantity of raw gold imported is adjusted, the adjusted quantity is determined based on the gold jewelry and artisanal product processing contract with overseas entities or related contract annexes concerning the amendment and supplementation of the Temporary Import Permit for Raw Gold for Re-exporting Products of the enterprise.

4. Within ten (10) working days from the date of receiving a complete and valid dossier in accordance with Article 7 of this Circular, the Director of the State Bank Branch in the Region shall consider issuing or refusing to issue (with clear reasons) the Import Permit for Raw Gold for enterprises with foreign investment capital for producing gold jewelry and artisanal products in the form set out in Appendix 13b issued together with this Circular.

Article 15. Procedures for Issuing Import Permits for Gold Raw Materials for Enterprises Investing Abroad in the Field of Gold Mining; Export Permits for Gold Raw Materials for Enterprises with Licenses to Mine Gold in Vietnam

1. Enterprises investing abroad in the field of gold mining that have a need to import gold raw materials mined overseas shall submit one set of documents as prescribed in Articles 8, 9, and 12 of this Circular to the State Bank of Vietnam. Enterprises with licenses to mine gold in Vietnam that have a need to export gold raw materials mined in Vietnam shall also submit one set of documents as prescribed in Articles 8 and 9 of this Circular to the State Bank of Vietnam.

2. Within fifteen (15) working days from the date of receiving complete and valid documents as prescribed in Articles 8 and 9 of this Circular, the State Bank of Vietnam shall consider issuing or refusing to issue (with clear reasons) Import Permits for Gold Raw Materials for enterprises investing abroad in the field of gold mining; Export Permits for Gold Raw Materials for enterprises with licenses to mine gold in Vietnam according to the model at Appendix 14 issued together with this Circular.

Article 16. Procedures for Issuing Licenses for Trading in Gold Bars

1. Enterprises and credit institutions wishing to engage in trading in gold bars shall submit one set of documents as prescribed in Articles 4 and 12 of this Circular to the State Bank of Vietnam.

2. After receiving complete documents from enterprises and credit institutions, the State Bank of Vietnam shall notify the State Bank branch in the relevant region to check legal documents proving ownership or lawful right to use the business location (for enterprises) and the situation of necessary equipment to carry out trading in gold bars at the registered business location. Within seven (7) working days from the date of receipt of the notification from the State Bank of Vietnam, the State Bank branch in the relevant region shall report the results to the State Bank of Vietnam (Currency Management Department).

3. Within twenty (20) working days from the date of receiving complete and valid documents as prescribed in Article 4 of this Circular, the State Bank of Vietnam shall consider issuing or refusing to issue (with clear reasons) Licenses for Trading in Gold Bars according to the model at Appendix 15 issued together with this Circular.

Article 17. Procedures for Issuing, Amending, and Supplementing Gold Bar Production Licenses

1. Enterprises and commercial banks wishing to obtain Gold Bar Production Licenses shall submit one set of documents 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 receiving complete and valid documents, the State Bank of Vietnam shall consider issuing Gold Bar Production Licenses to enterprises and commercial banks according to the model at Appendix 16 issued together with this Circular or refuse to issue (with clear reasons).

2. Within thirty (30) days from the date of change in the name or main office address of enterprises and commercial banks, they must complete procedures to amend and supplement Gold Bar Production Licenses. Enterprises and commercial banks shall submit one set of documents 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 receiving complete and valid documents, the State Bank of Vietnam shall consider issuing Decisions to Amend and Supplement Gold Bar Production Licenses to enterprises and commercial banks according to the model at Appendix 16 issued together with this Circular or refuse to issue (with clear reasons).

3. In cases where the main office address changes due to administrative boundary adjustments, enterprises and commercial banks do not need to complete procedures to amend and supplement Gold Bar Production Licenses.

Article 18. Council for Establishing and Adjusting Export and Import Gold Quotas

1. The Council for Establishing and Adjusting Export and Import Gold Quotas (hereinafter referred to as the Council for Establishing Quotas) shall be chaired by a Deputy Governor of the State Bank of Vietnam; its members shall include the heads of relevant units under the State Bank of Vietnam: the Foreign Exchange Management Department, the Monetary Policy Department, the Forecasting, Statistics - Monetary Stability and Financial Stability Department, and the Credit Institutions Supervision Department. The Council for Establishing Quotas shall operate in accordance with the Charter issued by the Governor of the State Bank of Vietnam.

2. Tasks of the Council for Establishing Quotas: Advising the Governor of the State Bank of Vietnam (through the Foreign Exchange Management Department) on decisions and adjustments to the total annual quotas for exporting gold bars and importing gold bars and raw gold; issuing and adjusting annual quotas for exporting gold bars and importing gold bars and raw gold for each enterprise and commercial bank specified in Article 11a of Decree No. 24/2012/NĐ-CP.

Article 19. Establishing and Adjusting Total Annual Quotas for Exporting and Importing Gold and Annual Quotas for Exporting and Importing Gold for Enterprises and Commercial Banks Specified in Article 11a of Decree No. 24/2012/NĐ-CP

1. Based on monetary policy objectives and the supply and demand of gold during each period, the scale of state foreign exchange reserves, and the implementation of activities related to exporting gold bars, importing gold bars, and importing raw gold, the State Bank of Vietnam shall establish and adjust the total annual quotas for exporting gold bars, importing gold bars, and importing raw gold for enterprises and commercial banks specified in Article 11a of Decree No. 24/2012/NĐ-CP.

2. On the basis of the total annual quotas stipulated in Clause 1 of this Article, the State Bank of Vietnam shall implement the issuance and adjustment of annual quotas for each enterprise and commercial bank according to their charter capital; the situation of exporting gold bars, importing gold bars, and importing raw gold (if applicable); the use of imported raw gold for the purposes stated in the import permit and the needs of enterprises and commercial banks.

3. The deadline for establishing and issuing quotas for exporting and importing gold as stipulated in Clauses 1 and 2 of this Article shall be no later than December 15 each year.

4. The Governor of the State Bank of Vietnam shall decide to establish the Council for Establishing and Adjusting Quotas for Exporting Gold Bars, Importing Gold Bars, and Importing Raw Gold as stipulated in Clauses 1 and 2 of this Article.

Article 20. Procedures for Issuing Export and Import Quotas for Gold Bars and Raw Gold for Enterprises and Commercial Banks Permitted to Produce Gold Bars

1. By no later than November 15 of the year immediately preceding the year for which the quota is requested, enterprises and commercial banks specified in Article 11a of Decree No. 24/2012/NĐ-CP that require export and import quotas for gold bars and raw gold for the following year shall submit one set of documents 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 of Clause 2 of Article 19, the State Bank of Vietnam shall issue export and import quotas for gold bars and raw gold for the enterprises and commercial banks specified in Clause 1 of this Article according to the form at Appendix 17 attached to this Circular or notify in writing of refusal (specifying the reasons).

Article 21. Procedures for Issuing Export Permits for Gold Bars; Import Permits for Gold Bars; Import Permits for Gold Raw Materials for Enterprises and Commercial Banks Authorized to Produce Gold Bars

1. Enterprises and commercial banks authorized to issue permits for producing gold bars that have the need to export gold bars, import gold bars, or import gold raw materials shall submit one set of documents as prescribed in Articles 11 and 12 of this Circular to the State Bank of Vietnam.

2. Within five working days from the date of receiving complete and valid documents as stipulated in Article 11 of this Circular, based on the annual quota as prescribed in Clause 2 of Article 19 of this Circular, the situation of exporting and importing gold bars, the situation of importing gold raw materials, and the usage of imported gold raw materials according to the purpose stated in the import permit, the State Bank of Vietnam will consider issuing Export Permits for Gold Bars, Import Permits for Gold Bars, and Import Permits for Gold Raw Materials to enterprises and commercial banks in accordance with the model at Appendix 18 issued together with this Circular, or notify in writing the refusal to issue such permits (specifying the reasons).

Chapter V

PROCEDURES FOR RECALLING THE CERTIFICATE OF ELIGIBILITY TO PRODUCE JEWELRY AND ART GOLD

 CONDITIONS FOR PRODUCING JEWELRY AND ART GOLD;

LICENSE FOR BUYING AND SELLING GOLD BARS;

LICENSE FOR PRODUCTION OF GOLD BARS

Article 22. Documents and Procedures for Recalling the Certificate of Eligibility to Produce Jewelry and Art Gold

1. In case an enterprise voluntarily discontinues its production activities of jewelry and art gold

a) The enterprise shall submit to the State Bank of Vietnam branch in the region where the enterprise's headquarters is located a dossier including:

a.1) A document requesting the voluntary discontinuation of production activities of jewelry and art gold, clearly stating the reasons;

a.2) The original Certificate of Eligibility to Produce Jewelry and Art Gold of the enterprise and the original of all documents that are integral parts of the Certificate of Eligibility to Produce Jewelry and Art Gold of the enterprise (if any);

b) Within five working days from the date of receiving complete and valid documents, the Director of the State Bank of Vietnam branch in the region shall issue a Decision to Recall the Certificate of Eligibility to Produce Jewelry and Art Gold of the enterprise in accordance with the model at Appendix 19 issued together with this Circular.

2. In case an enterprise is required to discontinue its production activities of jewelry and art gold

a) Based on the results of inspection, supervision, or the proposal of competent state agencies, the Director of the State Bank of Vietnam branch in the region shall issue a Decision to Recall the Certificate of Eligibility to Produce Jewelry and Art Gold of the enterprise in accordance with the model at Appendix 19 issued together with this Circular;

b) Within a maximum of five working days from the date of receipt of the Decision of the State Bank of Vietnam branch regarding the discontinuation of production activities of jewelry and art gold, the enterprise shall be responsible for returning the original Certificate of Eligibility to Produce Jewelry and Art Gold and the original of all documents that are integral parts of the Certificate (if any), and simultaneously cease its production activities of jewelry and art gold.

Article 23. Documents and Procedures for Recalling the Permit for Trading in Gold Bars

1. In case an enterprise or credit organization voluntarily discontinues its trading activities in gold bars

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

a.1) A document requesting the voluntary discontinuation of trading activities in gold bars, clearly stating the reasons;

a.2) The original Permit for Trading in Gold Bars of the enterprise or credit organization and the original of all documents that are integral parts of the Permit for Trading in Gold Bars of the enterprise or credit organization (if any);

b) Within ten working days from the date of receiving complete and valid documents of the enterprise or credit organization, the Governor of the State Bank of Vietnam shall issue a Decision to Recall the Permit for Trading in Gold Bars of the enterprise or credit organization in accordance with the model at Appendix 20 issued together with this Circular.

2. In case an enterprise or credit organization is required to discontinue its trading activities in gold bars

a.1) Dissolution or bankruptcy as prescribed by law;

a.2) At the request of a competent state agency, the Foreign Exchange Management Department shall submit to the Governor of the State Bank of Vietnam a Decision to Recall the Permit for Trading in Gold Bars in accordance with the model at Appendix 20 issued together with this Circular;

b) Within a maximum of five working days from the date of receipt of the Decision of the State Bank of Vietnam regarding the discontinuation of trading activities in gold bars, the enterprise or credit organization shall be responsible for returning the original Permit for Trading in Gold Bars and the original of all documents that are integral parts of the Permit (if any), and simultaneously cease its trading activities in gold bars.

Article 24. Documents and Procedures for Revoking the Gold Bar Production License

1. In cases where enterprises or commercial banks voluntarily cease gold bar production activities:

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

a.1) A document requesting the voluntary cessation of gold bar production activities, clearly stating the reasons;

a.2) The original Gold Bar Production License and the original supporting documents that are integral parts of the Gold Bar Production License (if any);

b) Within 15 (fifteen) working days from the date of receipt of complete and valid documents from the enterprise or commercial bank, the Governor of the State Bank of Vietnam shall issue a Decision revoking the Gold Bar Production License of the enterprise or commercial bank according to the model at Appendix No. 21 issued together with this Circular.

2. In cases where enterprises or commercial banks have their licenses revoked due to:

a) Dissolution or bankruptcy as prescribed by law;

b) Revocation of the license for buying and selling gold bars;

c) A competent state agency requiring the cessation of gold bar production activities.

The State Bank of Vietnam shall decide to revoke the Gold Bar Production License according to the model at Appendix No. 21 issued together with this Circular. Enterprises and commercial banks must immediately cease gold bar production activities upon revocation of the Gold Bar Production License and must return the original Gold Bar Production License and any Decisions amending or supplementing the Gold Bar Production License to the State Bank of Vietnam within 3 (three) working days.

Chapter VI

INFORMATION SUPPLY CONNECTION

Article 25. Principles and Methods of Information Connection

The connection of information supply to the State Bank of Vietnam by enterprises and credit institutions granted the license for buying and selling gold bars; enterprises and commercial banks granted the license for producing, exporting, and importing gold bars, and importing gold raw materials shall be carried out according to the following principles and methods:

1. The provided information shall be extracted from the data systems of enterprises and credit institutions, ensuring completeness and accuracy.

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

Article 26. Scope of Information Connection

1. The information connected to the State Bank of Vietnam of enterprises and credit institutions granted the license for buying and selling gold bars includes:

a) Personal identification information, business tax number;

b) Volume of buying and selling gold bars;

c) Value of transactions in buying and selling gold bars.

The format of the information connection is specified in Appendix No. 28 issued together with this Circular.

2. The information connected to the State Bank of Vietnam of enterprises and commercial banks granted the license for producing, exporting, and importing gold bars, and importing gold raw materials includes:

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

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

c) Information on gold raw material transaction activities (counterparties, volume, gold purity, and transaction value).

The formats of the information connection are specified in Appendices Nos. 25, 26, 29, and 30 issued together with this Circular.

Article 27. Period of Retention of Information

Enterprises and credit institutions must retain all information as prescribed in Article 26 of this Circular. The minimum period for retaining such information as prescribed in Article 26 of this Circular is ten (10) years from the date the information data is connected to the State Bank of Vietnam.

Chapter VII

REPORTING SYSTEM

Article 28. Branches of the State Bank of Vietnam in Regions

1. Quarterly and annually, branches of the State Bank of Vietnam in regions must compile and report to the State Bank of Vietnam on the management and operation of gold trading activities within their jurisdiction according to Model Appendix No. 22 issued together with this Circular.

2. The deadlines for submitting periodic reports as stipulated in Clause 1 of this Article are as follows:

a) For quarterly reports: no later than the twentieth (20th) day of the first month of the subsequent quarter.

b) For annual reports: no later than the twentieth (20th) day of January of the following year.

Article 29. Enterprises and Credit Institutions Engaged in Gold Trading Activities

1. On a daily basis or when necessary, enterprises and credit institutions granted licenses for buying and selling gold bars must report to the State Bank of Vietnam the turnover of gold bar trading activities according to Model Appendix No. 28 issued together with this Circular.

2. Quarterly, enterprises and credit institutions granted licenses for buying and selling gold bars that have made changes to the business information on their gold bar trading licenses (including changes to the company name, address of the trading location, addition of new trading locations, cessation of operations at licensed locations) must submit reports on these changes and adjustments that occurred during the reporting period according to Model Appendix No. 23 issued together with this Circular, specifically as follows:

a) Enterprises and credit institutions must submit a system-wide report to the State Bank of Vietnam and the State Bank of Vietnam branch in the region where the enterprise or credit institution has its headquarters.

b) Enterprises and credit institutions must submit a report on branches and transaction offices that have undergone changes to the State Bank of Vietnam branch in the region where those branches and transaction offices are located.

In cases where the change in the address of the gold trading location is due to administrative boundary changes, enterprises and credit institutions are not required to submit reports as stipulated in this clause.

3. Quarterly, annually, or when necessary, gold trading enterprises must report their gold trading situation to the State Bank of Vietnam branch in the region according to the following provisions:

a) Enterprises granted certificates of eligibility for producing jewelry and decorative gold must report their production activities according to Model Appendix No. 24 issued together with this Circular.

b) Gold trading enterprises with contracts for processing jewelry and decorative gold for foreign countries granted permits for temporarily importing raw gold for re-export must report their importation of raw gold, production, and export of jewelry and decorative gold according to Model Appendix No. 05a issued together with this Circular. Foreign-invested enterprises granted permits for importing raw gold for producing jewelry and decorative gold for export must report their export and import of gold and consumption of products in Vietnam according to Model Appendix No. 05b issued together with this Circular.

4. Monthly, annually, or when necessary, enterprises and commercial banks granted permits for producing gold bars must report to the State Bank of Vietnam on their implementation of gold bar production and raw gold trading according to Model Appendices No. 25, 29, and 30 issued together with this Circular.

Monthly, annually, or when necessary, enterprises and commercial banks granted permits for exporting gold bars, importing gold bars, and importing raw gold must report to the State Bank of Vietnam on their implementation of gold exports and imports according to Model Appendix No. 26 issued together with this Circular.

5. Within five (5) working days from the end of the contract for processing jewelry and decorative gold for foreign countries, gold trading enterprises with contracts for processing jewelry and decorative gold for foreign countries granted permits for temporarily importing raw gold for re-export must report to the State Bank of Vietnam branch in the region on the implementation of the processing contract accompanied by a liquidity statement of the processing contract confirmed by customs.

6. Enterprises and credit institutions granted licenses by the State Bank of Vietnam for buying and selling gold bars must publicly display the purchase and sale prices of gold bars at their trading and sales locations or on their electronic information websites and connect to provide information about the posted prices to the State Bank of Vietnam according to the guidelines of the State Bank of Vietnam.

7. In cases where the contents of the reports stipulated in Clauses 1, 3, and 4 of this Article are regulated under the statistical reporting system applicable to credit institutions, credit institutions must report according to the statistical reporting system applicable to credit institutions.

Article 30. Deadline for submitting periodic reports

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

1. For daily periodic reports: no later than 14:00 on the next working day following the reporting date.

2. For monthly periodic reports: no later than the 8th day of the month following the reporting month.

3. For quarterly periodic reports: no later than the 15th day of the first month of the quarter following the reporting quarter.

4. For annual periodic reports: no later than January 15th of the year following the reporting year.

Chapter VIII

RESPONSIBILITIES OF RELATED UNITS

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

Enterprises and credit institutions engaged in gold trading activities shall be responsible for fully complying with the provisions stipulated in Decree No. 24/2012/NĐ-CP and this Circular.

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

1. Foreign Exchange Management Department:

a) The focal point for presenting to the Governor of the State Bank of Vietnam for issuance of the Regulation on establishing and adjusting the total export quota for gold bars, import quota for gold bars, and import quota for gold raw materials for enterprises and commercial banks;

b) The focal point for presenting to the Governor of the State Bank of Vietnam for issuing, amending, and revoking the License for Gold Bar Production;

c) Appointing representatives to participate in the Council for setting the quotas as provided for in Article 18 of this Circular. The focal point for coordinating with relevant units to aggregate, advise, and present to the Governor of the State Bank of Vietnam for decisions and adjustments to the annual total quotas for exporting gold bars, importing gold bars, and importing gold raw materials; issuing and adjusting annual quotas for exporting gold bars, importing gold bars, and importing gold raw materials for each enterprise and commercial bank;

d) The focal point for presenting to the Governor of the State Bank of Vietnam for issuance of the Regulation on the operation of the Council for setting the quotas as provided for in Article 18 of this Circular;

đ) Advising on presenting to the Governor of the State Bank of Vietnam for issuing, amending, and revoking the Export License for Gold Bars, Import License for Gold Bars, and Import License for Gold Raw Materials for enterprises and commercial banks as stipulated in this Circular.

2. Legal Affairs Department, Inspectorate of the State Bank of Vietnam, Credit Institution Supervision Department coordinate with the Foreign Exchange Management Department to advise on presenting to the Governor of the State Bank of Vietnam for issuance of the License for Gold Bar Production.

3. Monetary Policy Department, Forecasting and Statistics - Financial Stability Department, Credit Institution Supervision Department appoint representatives to participate in the Council for setting the quotas as provided for in Article 18 of this Circular, coordinate with the Foreign Exchange Management Department to perform tasks as stipulated in the Regulation on the operation of the Council for setting the quotas.

4. Information Technology Department coordinates with the Foreign Exchange Management Department to guide the methods, organization, implementation, and receipt of information connection from organizations as stipulated in this Circular, adjust the State Bank's reporting system to ensure that units can submit, receive, collect, and utilize the report forms prescribed in this Circular.

5. Banking Newspaper has the responsibility to receive and publish on the electronic information website of the State Bank of Vietnam the purchase price and sale price of gold bars provided by enterprises and credit institutions holding the License for Trading in Gold Bars.

6. Inspectorate of the State Bank of Vietnam and Regional Branches of the State Bank of Vietnam have the responsibility to conduct inspections, examinations, and handle violations related to gold bar production, jewelry and decorative gold products manufacturing activities; gold bar trading activities; gold bar export and import, gold raw material import activities; and other gold trading activities as stipulated in Clause 9, Article 4 of Decree No. 24/2012/NĐ-CP according to the provisions of this Circular.

Chapter IX

IMPLEMENTING PROVISIONS

Article 33. Effective Date

1. This Circular shall take effect from October 10, 2025, except for the provisions set forth in Clause 4 and Clause 5 of this Article.

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

a) Circular No. 16/2012/TT-NHNN dated May 25, 2012, issued by the Governor of the State Bank of Vietnam guiding certain provisions of Decree No. 24/2012/NĐ-CP dated April 3, 2012, of the Government on gold business management activities;

b) Circular No. 38/2015/TT-NHNN dated December 31, 2015, issued by the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circular No. 16/2012/TT-NHNN dated May 25, 2012, issued by the Governor of the State Bank of Vietnam guiding certain provisions of Decree No. 24/2012/NĐ-CP dated April 3, 2012, of the Government on gold business management activities;

c) Circular No. 03/2017/TT-NHNN dated June 6, 2017, issued by the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circular No. 16/2012/TT-NHNN dated May 25, 2012, issued by the Governor of the State Bank of Vietnam guiding certain provisions of Decree No. 24/2012/NĐ-CP dated April 3, 2012, of the Government on gold business management activities;

d) Circular No. 29/2019/TT-NHNN dated December 27, 2019, issued by the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circular No. 16/2012/TT-NHNN dated May 25, 2012, issued by the Governor of the State Bank of Vietnam guiding certain provisions of Decree No. 24/2012/NĐ-CP dated April 3, 2012, of the Government on gold business management activities;

đ) Circular No. 15/2021/TT-NHNN dated September 30, 2021, issued by the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circular No. 16/2012/TT-NHNN dated May 25, 2012, issued by the Governor of the State Bank of Vietnam guiding certain provisions of Decree No. 24/2012/NĐ-CP dated April 3, 2012, of the Government on gold business management activities;

e) Clause 1 of Circular No. 24/2022/TT-NHNN dated December 30, 2022, issued by the Governor of the State Bank of Vietnam amending and supplementing certain provisions of circulars governing administrative procedures in the foreign exchange management sector.

3. Certificates and Licenses granted before the date this Circular takes effect shall continue to be valid until such License expires. In cases where Certificates and Licenses granted before the date this Circular takes effect are amended or supplemented, such actions must be carried out in accordance with the provisions of this Circular.

4. The implementation time for connecting information from enterprises and commercial banks to the State Bank of Vietnam as stipulated in Chapter VI of this Circular shall be no later than March 31, 2026.

During the period prior to the implementation of the connection, the reporting by enterprises and credit institutions shall be conducted as follows:

a) Enterprises and commercial banks that have been granted a License for gold bar production shall report according to the forms at Appendixes 25, 26, 29, and 30 attached to this Circular in writing;

b) Enterprises and credit institutions that have been granted a License for buying and selling gold bars shall report according to the form at Appendix 10a attached to Circular No. 38/2015/TT-NHNN;

c) Branches of the State Bank of Vietnam in Regions shall report according to the form at Appendix 12 attached to Circular No. 38/2015/TT-NHNN.

5. The implementation time for providing information on listed prices to the State Bank of Vietnam as stipulated in Clause 6, Article 29 of this Circular shall be no later than December 31, 2025.

6. Based on the issuance of Licenses for gold bar production to enterprises and commercial banks, the construction, adjustment, and allocation of export quotas for gold bars, import quotas for gold bars, and import quotas for gold raw materials in 2025 for enterprises and commercial banks as stipulated in Article 11a of Decree No. 24/2012/NĐ-CP shall be implemented in accordance with the provisions of Articles 19 and 20 of this Circular, except for the deadlines specified in Clause 3 of 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 business operations are responsible for organizing the implementation of this Circular./.