The Gold Business Association has petitioned the Prime Minister to allow businesses to import raw gold under contracts with foreign partners, registered through banks.

The Vietnam Gold Business Association (VGTA) has recently sent a document to the Prime Minister proposing several policies related to the business of gold jewelry and handicrafts.

In particular, the Association recommends a flexible mechanism for gold raw material sources, including import and domestic mobilization, to ensure input for production and increase international competitiveness.

Specifically, VGTA proposes allowing businesses to import raw gold under contracts with foreign partners, registered through commercial banks, similar to the raw material import mechanism of other manufacturing industries. Businesses will register their annual plans and report periodically to the management agency.

According to VGTA's estimates, the demand for raw gold for production is approximately 50 tons per year, equivalent to $5 billion. Of this, half serves the domestic market, and the remainder is exported, potentially bringing in $3.5-4 billion in foreign exchange revenue.

The association believes that the demand for foreign currency of approximately $416 million per month to import raw gold is insignificant compared to the scale of transactions in the interbank market, and therefore does not put significant pressure on the supply and demand of foreign currency.

Regarding domestic gold resources, the Association believes that the lack of clear regulations on buying, selling, and mobilizing gold from the public is creating legal risks for businesses. The organization proposes allowing businesses to borrow gold from the public at negotiated interest rates to unlock resources within the economy.

Gold jewelry displayed at the store on April 21st. Photo: Hoang Giang

In addition, the association recommends that the Prime Minister promptly remove business conditions and licenses for the gold jewelry and handicraft business to align with the 2025 Investment Law, which has already removed this sector from the list of conditional business sectors.

Specifically, the Association proposes abolishing the relevant regulations in Decree 24/2012, Decree 232/2025 (amending Decree 24), and Decree 340/2025 on administrative penalties, while synchronizing the circulars of the State Bank of Vietnam, the Ministry of Industry and Trade, and other relevant ministries and agencies.

According to the Association, if the policy of reducing administrative procedures is implemented correctly, the gold jewelry and handicraft industry could achieve export turnover of 4-5 billion USD per year.

This association also proposed supportive policies regarding taxes, credit, and trade, including a proposal to apply a 0% import tax on raw gold, allowing the full inclusion of processing costs in the added value, and prioritizing foreign currency credit for businesses importing machinery and raw materials for export.

Regarding the legal environment, the Association proposes adding regulations related to diverse payment methods, tools for hedging against gold price risks , and training and dissemination of policies to help the market operate transparently and smoothly.

Quynh Trang

Source: https://vnexpress.net/