On 16/10/2026, the Government issued Decree No. 390/2026/NĐ-CP amending Decree No. 24/2012/NĐ-CP on gold business management, effective the same day. Producing, processing and trading gold jewellery and decorative art are no longer conditional business lines, the related conditions and certificates are abolished, and oversight shifts from prior to post-inspection. Gold bar production and trading still require a State Bank of Vietnam licence. Gold purchases or sales of 5 million VND or more in a single day must be paid by non-cash means, down from 20 million VND previously, aimed at improving transparency and preventing tax evasion.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Thay đổi lớn trong hoạt động kinh doanh vàng ở Việt Nam
Keywords
goldPNJState Bank of VietnamregulationVietnam
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Related tickers and likely impact
PNJ
• NeutralPhu Nhuan Jewelry
Relevance: medium
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Retail |
| Industry | Specialty Retailers |
| Market cap | 9,518 bn VND |
| P/E | 3.9 |
| P/B | 0.71 |
| Close on 10/23/2026 | 17.45 |
| Change that session | -6.18% |
XAU/USD
• NeutralRelevance: low
| Market | Gold |
|---|---|
| Close on 10/23/2026 | 3,995.78 |
| Change that session | -0.72% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Gold buying and selling from 5 million dong must be paid without cash
From October 16, customers buying or selling gold worth 5 million dong or more in a day must pay by non-cash means, down from the previous 20 million dong threshold. Decree 390/2026/NĐ-CP, signed by Deputy Prime Minister Nguyễn Văn Thắng, also removes conditional business requirements for producing, processing and trading gold jewellery and decorative art, so producers no longer need a State Bank eligibility certificate. Gold bars remain a conditional business requiring a State Bank licence. For firms processing gold for foreign partners, the State Bank may consider raw-gold import licences, while companies must build data systems on gold imports, exports, trading, use and inventory that connect to the regulator.
- Buying and selling gold worth VND 5 million a day must be paid by non-cash means
From October 16, buying or selling gold worth VND 5 million or more in a day must be paid by non-cash means such as bank transfer, QR code, bank card or e-wallet, down from the previous VND 20 million threshold. Decree 390, signed by Deputy Prime Minister Nguyễn Văn Thắng, amends Decrees 24 and 232 and repeals the rules on producing and processing gold jewelry and decorative art, so State Bank of Vietnam (SBV) certificates for such production are no longer required. Pending applications for new or supplementary certificates will be halted, and fees already paid will be handled under regulations. For raw gold imports, processors with foreign processing contracts may be considered for licenses matching their needs, foreign-invested firms receive annual licenses, and all must keep data on imports, sales and inventory connected to the SBV. Import, export and temporary import licenses issued before October 16 remain valid until they expire.
- Trading gold under the new legal framework: Which acts may be penalized?
Decree 232/2025/NĐ-CP amending the rules on gold trading took effect on 10/10/2025, and Decree 340/2025/NĐ-CP on administrative penalties in the monetary and banking sector takes effect from 09/02/2026. Under Article 28, individuals who buy or sell gold bars with credit institutions or businesses lacking a license, or use gold as a means of payment, face a warning; repeat or multiple violations are fined 10 million to 20 million dong. Violations on price transparency and product information face fines of 30 million to 50 million dong, while improper gold bar trading carries 80 million to 100 million dong. The highest fines of 300 million to 400 million dong apply to unlicensed production, trading, or import and export of gold. Penalties for organizations are twice those for individuals for the same violation, so the top individual fine of 400 million dong corresponds to 800 million dong for organizations.
- 'Black swan' event has a major impact on Vietnam’s diamond market
At PNJ’s extraordinary shareholders’ meeting on October 21, the company said customer buybacks surged from July after an incident involving the P-Lab director, with July’s total value reaching nearly 6,000 billion VND, almost equal to all of 2025 (about 7,000 billion VND). General Director Phan Quốc Công called the episode a “black swan,” and the company shortened payment times for some gold and jewelry products to 2–7 days, while diamonds remain at 120 days. The board proposed booking a 7,071 billion VND provision in 2026, which would push the pre-tax result to a loss of more than 6,000 billion VND, even though revenue is projected at 39,057 billion VND, up 10%. PNJ also plans to close 25–30 underperforming stores and issue up to 550 million shares in a private placement; Chairwoman Cao Thị Ngọc Dung apologized to shareholders.
- PNJ Surges to Ceiling Price Right Before the Decisive Hour
PNJ shares hit the VND 19,750 ceiling price in the October 20 session while the broader market corrected, with over 16.3 million shares traded and foreign investors net buying nearly VND 70 billion. The stock is still less than half its peak above VND 40,000. Ahead of the extraordinary shareholders' meeting on October 21, PNJ plans a VND 7,071 billion loss provision for its goods exchange policy, assuming 80% of sold goods are exchanged; if fully recognised, its 2026 after-tax result could be a loss of about VND 6,270 billion, and the revenue target falls from VND 48,660 billion to VND 39,057 billion. The company also proposes a private placement of up to 550 million shares and fundraising of up to VND 8,000 billion. In July and August 2026, PNJ posted revenue up 4.5% but an after-tax loss of VND 61 billion, while gross margin fell from about 18.5% to 10%.
- Gold ring and bar prices on the evening of October 15 at SJC, PNJ, DOJI, Bao Tin Minh Chau and Bao Tin Manh Hai
Domestic gold prices closed the October 15 session largely unchanged at most brands, including SJC, PNJ, DOJI and Bao Tin Manh Hai. Bao Tin Minh Chau cut its buy and sell prices for gold rings by 600,000 VND per tael and lowered its SJC gold bar buy price to 138.2 million VND per tael, while its sell price held at 143.3 million VND. SJC and PNJ listed gold rings at 139.8–142.8 million VND per tael and SJC gold bars at 140.3–143.3 million VND per tael. Internationally, spot gold rose 1.2% to around 4,154 USD per ounce after falling 1.35% in the previous session. Intraday updates at 9:30 and 13:45 showed Bao Tin Minh Chau lowering prices further, while most other brands stayed flat.
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