All gold transactions worth over VND20 million (US$760) must now be paid by bank transfer.
The regulation, part of a government decree that took effect Friday and scrapped its monopoly on gold bar production, aims to improve market transparency.
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Gold bars on sale at a store in Ho Chi Minh City. Photo by Read/Quynh Tran |
A senior bank executive told Read that most firms are still either applying for licenses or waiting for approval to produce bullion.
“Many banks no longer have the necessary equipment or personnel for gold bar production following the decade-long monopoly.
“So it may take time for them to restart production.”
To qualify for a production license, banks must have charter capital of at least VND50 trillion, while others need VND1 trillion.
Only eight banks — Vietcombank, VPBank, Techcombank, BIDV, MB, VietinBank, Asia Commercial Bank, and Agribank — and jewelers PNJ, DOJI and SJC meet the requirements.
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