Vietnam’s central bank will begin issuing annual import and export quotas for gold starting October 10, 2025, under a new circular, VN Express has reported → view source.
The new circular will require enterprises and commercial banks engaged in gold trading or production to apply to the State Bank of Vietnam (SBV) for licences.
Licensed entities must then connect their transaction systems to the SBV to share real-time data on gold prices, volumes, and trade values.
They will also be required to publicly post gold prices at retail locations or on official websites.
This framework replaces the long-standing state monopoly on gold bullion by granting qualified firms and banks import and production rights.
However, annual quotas will be set based on monetary policy goals, domestic supply–demand conditions, and foreign reserve levels, the circular says.
This is noteworthy in that, in the past, the import of gold has been possible but only through the SBV.
It has, however, not done this for reasons related to monetary policy goals and foreign reserves levels, reasons that do not seem to have been resolved — the dong is down about 5 percent since the start of the year and looks to still be under some pressure.
That is to say, whereas the new circular allows firms to import gold on paper, it remains to be seen if import quotas will be significant enough to make a dent in Vietnam’s gold price which is currently around 11 percent higher than the world gold price.
See also: The Gold Price in Vietnam: Explained
Vietnam gold imports, tons
| HS Code | Description | 2020 | 2021 | 2022 | 2023 | 2024* |
| 710812 | Non-monetary unwrought gold | 4 | 4 | 4 | 4 | 4 |
| 710813 | Non-monetary semi-manufactured gold | 1 | 1 | 1 | 1 | 1 |
| 710811 | Non-monetary gold | 0 | 0 | 0 | 0 | 0 |
| 710820 | Monetary gold | 0 | 0 | 0 | 0 | 0 |
Source: Trade Map, accessed October 11; *based on partner data