12.09.202500:05:56UTC+00Vietnam to Permit Gold Imports for First Time in a Decade

Vietnam is set to permit companies to import gold starting on October 10, effectively ending the central bank's long-standing control over bullion production, as reported by Reuters. Following a decree issued on August 26, eligible firms will receive annual gold import quotas. The State Bank of Vietnam will be responsible for licensing these companies and determining their annual import limits. This initiative is intended to diversify gold supplies and enhance market transparency. Additionally, the central bank aims to strengthen its supervision of gold trading firms to prevent money laundering, speculation, smuggling, and other illegal activities. Furthermore, plans are underway to launch an online gold exchange. This decision marks the first time in over a decade that companies are allowed to import gold, aligning with broader efforts to stabilize rising domestic prices. Local economists believe this move is designed to balance the gold market’s supply and demand, potentially mobilizing private resources to bolster economic growth.