Vietnam to Permit Gold Imports for First Time in a Decade

Vietnam will allow companies to import gold starting October 10, ending the central bank’s long-standing monopoly on bullion production, Reuters reported.

A decree issued on August 26 grants qualified firms annual gold import quotas, and the State Bank of Vietnam will issue licences to those companies and set the yearly limits, aiming to diversify supplies and improve transparency.

The central bank said it will also tighten oversight of gold trading firms to curb money laundering, speculation, smuggling, and illegal activities.

In parallel, it plans to launch an online gold exchange.

This marks the first time in over a decade that companies will be permitted to import gold, part of broader efforts to stabilize soaring domestic prices.

Local economists noted the move is designed to balance supply and demand in the gold market and could help mobilize private resources to support economic growth.