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VGTA has proposed that the government specify a clear mechanism for mobilizing and trading gold from the public, to be used as input material for jewelry production. The association calls for allowing enterprises producing and trading gold jewelry to borrow gold from the public at negotiated interest rates to support production.
VGTA argues that issuing appropriate and transparent policies is necessary to promote the gold jewelry industry and gradually position Vietnam as a center for high-quality jewelry craftsmanship and export.
The association also recommends clearly identifying participants in gold transactions, including individuals not conducting business, household businesses, and individual gold traders. It says this delineation would provide a basis for uniform application of invoices, taxes, and payments.
Regarding imported gold materials, VGTA proposes a “breakthrough” mechanism. It suggests that enterprises producing and exporting gold jewelry be allowed to import gold inputs in quantities agreed with foreign partners and registered with commercial banks, similar to arrangements used in the textile, footwear, or mechanical sectors.
Under the proposal, when an enterprise needs to import, it would submit the required documents to the bank. Enterprises would also register annual import plans and periodically report on the use of gold inputs for production, domestic consumption, and export. VGTA says these reports would be submitted to the State Bank of Vietnam and the Ministry of Industry and Trade to support management of the trade balance and foreign currency.
VGTA estimates that demand could reach up to 50 tons per year, equivalent to about 5 billion USD. After processing, about half of the production would serve the domestic market, while the remainder—approximately 25 tons—is intended for export.
The association estimates that exported gold could bring in between 3.5 and 4 billion USD per year. It concludes that, with an appropriate mechanism to mobilize gold from the public and facilitate the import of input materials, Vietnam’s jewelry sector would have an opportunity to develop more strongly, increase value addition, and contribute positively to economic growth.
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