Requirements for establishing a gold trading company in Vietnam

In the context of Vietnam's increasingly vibrant gold market and the ever-growing demand for gold jewelry, the gold jewelry business has become a sector attracting numerous individuals and enterprises. However, this is not a completely unrestricted business line. Vietnamese law stipulates relatively strict regulations on conditions, standards, and responsibilities of participating entities to ensure market transparency, protect consumer rights, and mitigate risks related to product quality and gold origin.

The following article provides a comprehensive and detailed analysis of the conditions for gold jewelry business under current legal regulations, while helping you understand the requirements to be met before entering this specialized field.

1. Overview of gold business activities in Vietnam

1.1. The Vietnamese gold market in 2025 and 2026

The 2025–2026 period marked unprecedented volatility within the domestic gold market. The year 2025 is characterized as a "bull run" era, with gold prices repeatedly breaching historical ceilings. This trend reflected a heightened "safe-haven" sentiment among the populace amidst global geopolitical instability and the monetary easing cycles adopted by major central banks, most notably the U.S. Federal Reserve (Fed). By late 2025, SJC gold bullion prices occasionally surpassed the 150 million VND/tael threshold, while 9999 gold rings fluctuated sharply between 145–155 million VND/tael. This exponential growth served not only as a reflection of asset valuation but also as a formidable challenge for macroeconomic regulation.

Entering 2026, rather than stabilizing, the market experienced extreme volatility characterized by wide price swings. In early January 2026, SJC gold bullion was quoted at 152.8 million VND/tael. This upward momentum propelled bullion prices to a new historical zenith of 191 million VND/tael on March 2, 2026. However, the inherent market instability was evidenced by a subsequent deep correction, with prices receding to 184.2 million VND/tael by March 5, 2026.

On the international stage, global gold prices established an all-time record of $5,608.35/ounce in January 2026. Market analysts observe that by 2026, investors have adopted a more risk-averse posture; the "herd mentality" has been replaced by sophisticated analyses of variables such as inflation, USD/VND exchange rates, and the recovery of alternative investment vehicles, including real estate and equities. Notably, the promulgation of Decree No. 340/2025/ND-CPconcerning administrative penalties in the monetary sector (effective February 2026)—is anticipated to facilitate a rigorous "market purging," eliminating business entities that lack sufficient legal and technical capacity.

1.2. The role of State management in the gold business

Given the idiosyncratic nature and high impact of the gold market, Vietnamese law classifies gold business operations as a conditional business line subject to the direct oversight of the State Bank of Vietnam (SBV). The regulatory framework governing this sector is established through specialized legal instruments, which prescribe the scope of gold business activities, the eligibility criteria for business entities, licensing mechanisms, and the supervisory authority of state agencies.

In recent periods, several statutory provisions concerning gold market management have been amended to refine the regulatory apparatus. These amendments include the determination of eligibility requirements for enterprises and commercial banks to engage in gold bullion production under SBV authorization. Furthermore, supplemental regulations have been introduced regarding transaction management, invoicing requirements, and administrative sanctions within the banking and monetary sectors.

The most significant shift in state management since late 2025 is the abolition of the absolute state monopoly on gold bullion production. Pursuant to Decree No. 232/2025/ND-CP, the State has transitioned to a management model based on licensing qualified enterprises and commercial banks—those possessing sufficient financial solvency and institutional reputation—to produce gold bullion under the rigorous supervision of the SBV. This strategic shift aims to bolster market supply, harmonize supply-demand dynamics, and narrow the irrational spread between domestic and international gold prices. Concurrently, the State has reinforced its oversight role by mandating the use of e-invoices and requiring bank transfers for high-value transactions.

Against this backdrop, an analysis of the legal requirements for gold business operations is essential to clarify the statutory obligations imposed upon market participants in Vietnam.

2. Types of gold business permitted by law

Current statutory provisions distinguish between two primary categories of gold business operations: jewelry and artisanal gold craftsmanship, and gold bullion trading. This classification is predicated upon the specific characteristics of the product, its intended utility, and the corresponding degree of state regulatory oversight mandated for each respective asset class.

On this basis, the following forms of gold business activities are permitted under the law:

2.1. Jewelry and art gold business

According to Clause 1, Article 3 of Decree 24/2012/ND-CP, jewelry and art gold are explained as follows: Jewelry and art gold are gold products with a content of 8 Karats (equivalent to 33.33%) or higher, which have undergone processing and crafting to serve jewelry or artistic decoration needs.

The essential characteristic of this type is the diversity in models, content, and artistic quality. Unlike gold bars which require absolute purity, jewelry gold is often mixed with other metals such as copper, silver, or palladium (alloys) to increase hardness, allowing jewelers to easily set gemstones or create complex shapes.

In actual transactions at gold shops, jewelry gold business includes the retail of products such as wedding rings, necklaces, earrings, bracelets, and sophisticatedly crafted brooches. These products carry not only the material value of precious metals but also include labor costs, design value, and the brand prestige of the enterprise. Furthermore, feng shui items like God of Wealth statues, gold leaf paintings, or gold mascots also fall within the scope of jewelry and art gold business.

2.2. Gold bar business

According to Clause 2, Article 3 of Decree 24/2012/ND-CP (as amended by Clause 2, Article 1 of Decree 232/2025/ND-CP): Gold bars are gold products stamped into pieces, with inscriptions of weight and quality, featuring the symbols of enterprises and commercial banks permitted by the SBV to produce them.

In contrast to jewelry gold, gold bullion is standardized in both form and fineness, typically characterized by high purity levels (generally 99.99%). Gold bullion operations encompass the production, trading, and distribution of bullion under a licensing mechanism administered by the State Bank of Vietnam.

Historically, SJC gold bullion was the predominant brand circulating in the market. However, pursuant to the amended provisions of Decree No. 232/2025/ND-CP, the production of gold bullion may now be undertaken by eligible enterprises and commercial banks that have been granted a license by the State Bank, shifting away from the previous model of exclusive State-organized production.

Owing to its nature as a highly liquid investment and reserve asset, the production and trading of gold bullion are subject to a more stringent regulatory framework compared to those governing jewelry and artisanal gold craftsmanship.

2.3. Comparison between gold bars and jewelry gold

The following table provides a detailed comparison for enterprises and investors regarding the two types under the legal framework applicable for 2026:

3. Conditions for jewelry and art gold business

The business of jewelry and artisanal gold craftsmanship is classified as a conditional business line. Consequently, any organization or individual seeking to enter this sector must satisfy specific legal requirements and, in certain instances, must be granted a Certificate of Eligibility for Jewelry and Artisanal Gold Production by the State Bank of Vietnam. The primary conditions pertain to the legal status of the business entity, the registered scope of business, and the physical infrastructure supporting such operations.

Pursuant to Article 5 of Decree No. 24/2012/ND-CP, an enterprise engaged in the production of jewelry and artisanal gold shall be issued a Certificate of Eligibility for Jewelry and Artisanal Gold Production by the State Bank of Vietnam upon fulfillment of the following criteria:

3.1. Conditions regarding the business entity

According to Article 5 of Decree 24/2012/ND-CP and supplementary guiding documents, entities wishing to engage in jewelry and art gold business must be legally established enterprises. This means that individual business households, if they wish to operate professionally in production or trading, must perform procedures to convert into a corporate model (such as a Limited Liability Company or a Joint Stock Company). Requiring a corporate model helps the State manage accounting regimes, tax obligations, and legal responsibilities for product quality more strictly.

3.2. Conditions for industry registration

In the Certificate of Business Registration, the business unit must register appropriate industry codes according to Decision 36/2025/QD-TTg on the Vietnam Standard Industrial Classification. Typical codes include:

• Code 46724: Wholesale of gold, silver, and other precious metals.
• Code 47732: Retail of gold, silver, precious and semi-precious stones, and jewelry.
• Code 2420: Production of precious and non-ferrous metals.
• Code 3211: Production of jewelry and related parts.

Most importantly, enterprises are only permitted to operate production after being granted a Certificate of Eligibility for Jewelry and Art Gold Production by the SBV. For trading activities, enterprises must ensure conditions regarding location and equipment are ready for post-inspection.

3.3. Conditions regarding physical facilities

Physical facilities are a prerequisite to ensure consumer rights and security for gold shops. Specific requirements include:

• Fixed business location: Must have a clear head office or store; mobile business or trading at unregistered locations is prohibited.
• Measurement and testing equipment: Must be equipped with high-precision electronic scales (verified by measurement authorities) and spectrometers or gold testing devices to objectively determine gold content.
• Strict security systems: The store must have tempered glass cabinets, a 24/7 camera surveillance system capable of storing data for at least 30 days, and an alarm system connected to functional agencies.
• E-invoice system: From 2025, all gold shops must use e-invoices initiated from point-of-sale systems with data directly connected to tax authorities to ensure revenue transparency.

4. Conditions for gold bar business

Gold bar business includes two activities: Gold bar production and Buying/Selling gold bars. This is the most strictly managed sector in the precious metals market.

4.1. Conditions for enterprises and credit institutions

According to Article 11 of Decree 24/2012/ND-CP and the addition of Article 11a (per Clause 7, Article 1 of Decree 232/2025/ND-CP), the absolute State monopoly has been abolished in favor of a licensing mechanism for capable units.

*For gold bar trading activities:

- Enterprises are licensed when meeting the following criteria:

• Charter capital: From 100 billion VND or more.
• Entity type: Established and operating according to law.
• Operational experience: At least 2 years of experience in the gold business field.
• Tax obligations: Paid at least 500 million VND/year in taxes from gold business for 2 consecutive years.
• Branch network: Must have sales locations in at least 3 provinces or centrally-run cities.

- For Credit Institutions (Banks), licensing conditions include:

• Charter capital of 3,000 billion VND or more.
• Registered gold business activities.
• A branch network in at least 5 provinces or centrally-run cities.

*For gold bar production activities:

- The State Bank of Vietnam (SBV) shall consider granting a Gold Bar Production License to an enterprise that fulfills the following:

• Possesses a valid Gold Bar Purchase and Sale License;
• Maintains charter capital of at least 1,000 billion VND;
• Has no record of administrative penalties regarding gold business operations, or has fully complied with all remedial measures, sanctions, or recommendations within the specified timeframe as stipulated in administrative penalty decisions or inspection/audit conclusions by competent state authorities (if any);
• Maintains internal regulations on gold bar production, including essential contents such as: raw material import procedures, production processes, production supervision, and product quality control protocols.

- A Commercial Bank shall be considered for a Gold Bar Production License if it fulfills the following:

• Possesses a valid Gold Bar Purchase and Sale License;
• Maintains charter capital of at least 50,000 billion VND;
• Satisfies the same requirements regarding administrative compliance and internal production regulations as specified for enterprises above.

4.2. Licensing procedures

Gold Bar Purchase and Sale License: The State Bank of Vietnam shall grant this license to eligible enterprises and credit institutions. The specific dossiers and procedures are governed by Articles 4, 12, and 16 of Circular No. 34/2025/TT-NHNN.

Gold Bar Production License: This license is issued by the Governor of the State Bank of Vietnam. Guidelines for the application dossier and procedures are set out in Articles 5 and 17 of Circular No. 34/2025/TT-NHNN.

Licensed entities are obligated to publicly list buy and sell prices at transaction locations and on their official websites, while simultaneously establishing internal purchase and sale procedures to ensure transaction security.

5. Gold export and import activities

Under Article 14 of Decree No. 24/2012/ND-CP (as amended by Clause 9, Article 1 of Decree No. 232/2025/ND-CP), gold export and import activities are not universally permitted. These activities may only be conducted under a License issued by the State Bank and must adhere to the following statutory conditions:

5.1. Export and Import of Gold Bars and Raw Gold for Enterprises and Commercial Banks

Enterprises and commercial banks are permitted to export or import gold if they fall under the categories defined in Article 11a of Decree No. 232/2025/ND-CP (i.e., they have been licensed for gold bar business or production). These organizations must be granted:

• An annual gold export/import quota.
• A license for each specific transaction.

This transaction-based licensing mechanism allows the State Bank of Vietnam to exercise rigorous control based on:

• The volume of gold in circulation;
• The timing of export/import;
• he impact on the domestic market.

5.2. Raw Gold Import Conditions for Jewelry and Fine Art Gold Processing Enterprises

A specialized group permitted to import raw gold consists of enterprises holding processing contracts for gold jewelry and fine arts with foreign partners. To be granted a license for the temporary import of raw gold, the enterprise must meet two conditions:

• Certificate of Eligibility for Gold Jewelry and Fine Art Production: Issued by the State Bank to verify the enterprise's actual production capacity, craftsmanship lines, and compliance with State management requirements.
• Contractual Conformity: The demand for raw gold imports must strictly align with the processing contract signed with the foreign partner.

5.3. Raw Gold Import Conditions for Foreign-Invested Enterprises (FIEs)

FIEs may import raw gold based on their production capacity and the previous year's export reports (if any), provided they meet the following:

• Registered Production Activity: The production of gold jewelry and fine arts must be recorded in the Investment Registration Certificate or Enterprise Registration Certificate.
• Capacity-Based Demand: The volume of imported raw gold must be consistent with the enterprise’s actual production capacity and export contracts. Management authorities will review the production capacity and previous year's export reports annually to determine licensing.

5.4. Raw Gold Import Conditions for Overseas Gold Mining Enterprises

In cases where a Vietnamese enterprise invests in gold mining abroad, they may import gold into Vietnam provided:

• Registered Mining Activity: The mining operation must be officially recognized in the Overseas Investment Certificate.
• Ownership Verification: The imported raw gold must be directly mined by the enterprise abroad or distributed according to a mining cooperation agreement.

5.5. Raw Gold Export Conditions for Domestic Gold Mining Activities

Enterprises holding valid domestic gold mining licenses may be permitted to export raw gold under the following conditions:

• The entity is a Foreign-Invested Enterprise (FIE).
• Possesses a lawful gold mining license.
• The exported gold must be directly extracted by the enterprise from domestic sources.

These regulations enable the State to monitor mining output and control the outflow of gold into the international market.

6. Procedural Steps for Establishing a Gold Business

To operationalize a gold establishment in 2026, investors must adhere to a systematic four-step process designed to ensure full regulatory compliance from incorporation to commencement of operations.

Step 1: Selection of Business Model

Depending on financial capacity and target market objectives, investors may select one of the following models:

• Traditional Brick-and-Mortar (Offline): Focused on high-traffic residential areas or traditional markets. While this model fosters high levels of local trust, it involves significant real estate overhead.
• Hybrid Online-Offline Model: Utilizing a small physical footprint as a showroom while driving sales through social media and specialized websites. This is the prevailing trend in 2026 to optimize capital expenditure.
• Gold Bar Specialized Enterprise: Reserved exclusively for entities with substantial capital (upwards of 100 billion VND) and an inter-provincial branch network.

Step 2: Business Registration

Upon finalizing the model, the investor must submit a business incorporation dossier to the Department of Planning and Investment. Critical Note: Professional production or trading of gold may not be conducted under the "Individual Business Household" (Hộ cá thể) legal form. The enterprise must explicitly list the appropriate industry codes for wholesale and retail of gold, silver, and precious stones in its registration.

Step 3: Tax and Invoicing Registration

This is a critical phase within the current regulatory environment:

• Digital Signature (Token): Mandatory for electronic tax declarations.
• E-invoices Generated from Point-of-Sale (POS) Systems: Enterprises must register a specialized invoice template for gold and precious stones with the tax authorities. Failure to implement e-invoices may result in the revocation of the business license.

Step 4: Physical Premises Preparation

This stage focuses on finalizing the physical site for inspection by competent authorities:

• Installation of standardized display counters and specialized lighting.
• Equipping the premises with large-scale fireproof and anti-theft safes.
• Establishing a surveillance camera system and sales management software capable of integrated data synchronization.

7. Capital Requirements for Opening a Gold Establishment

Capital remains the primary barrier to entry for investors in this market. Total investment is categorized into Statutory Capital and Actual Operating Capital.

- Statutory Capital (As prescribed by law):

• Gold Bar Trading: Minimum charter capital of 100 billion VND.
• Gold Bar Production (New Regulation): Minimum charter capital of 1,000 billion VND.
• Jewelry Gold: No rigid minimum is prescribed by law, though substantial preparation is required in practice.

- Actual Investment Capital (For a small-scale establishment):

Based on 2026 market surveys, to open a small-scale jewelry gold shop (20–30 m²), an investor requires approximately 700 million to 1.5 billion VND.

Note: With capital below 500 million VND, maintaining a physical storefront is extremely challenging due to the high gold prices projected for 2026. For this capital bracket, a digital-first (online) business model is strongly recommended.

8. Legal notes for gold businesses in 2026

As we move through 2026, inspection and enforcement protocols have reached an unprecedented level of stringency. Enterprises must pay particular attention to the following:

• Mandatory Bank Transfers for Transactions exceeding 20 Million VND: In compliance with Anti-Money Laundering (AML) and anti-tax evasion frameworks, all gold transactions valued at 20 million VND or more per day must be executed via bank transfer. As of February 9, 2026, cash payments for such transactions may incur administrative fines of up to 20 million VND.
• Compulsory Invoice Issuance: Establishments are required to issue electronic invoices (e-invoices) immediately upon the transfer of gold ownership to the customer, regardless of the transaction value.
• Customer Data Retention: For gold bar transactions, enterprises must implement a robust data storage system to record customers' personal identification (ID) and Tax Identification Numbers (TIN) for direct data synchronization with the State Bank of Vietnam.
• Quality Standard Declaration: Manufacturing enterprises must self-declare their applied standards regarding gold content (purity) and weight, assuming full legal liability for the accuracy of such disclosures.
• Heavy Penalties for Unauthorized Production: Under Decree No. 340/2025/ND-CP, the production of gold bars without a valid license is subject to fines ranging from 250 to 300 million VND.

9. Frequently asked questions

Are individuals permitted to sell gold bars?

Individuals have the right to legal ownership of gold bars; however, they may only sell them to banks or enterprises that have been granted a Gold Bar Purchase and Sale License by the State Bank of Vietnam. Selling gold bars to unlicensed establishments constitutes a legal violation, and both the buyer and seller may face administrative fines of up to 20 million VND.

Does opening a gold establishment require specific specialized licenses?

Yes. In addition to the Enterprise Registration Certificate, a shop requires a Certificate of Eligibility for Gold Jewelry and Fine Art Production (for workshops) and must satisfy all physical infrastructure and e-invoicing requirements. If the business intends to trade in gold bars, it must additionally obtain a Gold Bar Purchase and Sale License issued by the State Bank of Vietnam.

Is approval from the State Bank of Vietnam required for gold business?

Correct. The State Bank of Vietnam (SBV) is the primary regulatory authority overseeing all gold-related activities. Depending on the business model, dossiers are submitted either to the SBV Provincial/Municipal Branch (for jewelry gold) or the SBV Head Office (for gold bar operations).

Conclusion

While the jewelry gold sector may not be as heavily restricted as gold bar operations, individuals and enterprises must strictly adhere to regulations concerning business registration, quality standards, metrology, product labeling, and tax obligations. These regulations not only ensure the transparency of the gold market but also safeguard the legitimate rights of consumers.

For those intending to enter this sector, mastering the statutory conditions for jewelry gold business from the outset will facilitate seamless operations, mitigate legal risks, and establish a foundation for sustainable growth. Furthermore, rigorous compliance allows an enterprise to build brand prestige and customer trust—pivotal factors for success in the high-potential gold jewelry industry.