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The Vietnam Gold Business Association (VGTA) has written to the Prime Minister proposing a set of policy measures aimed at improving the operating conditions for the gold jewelry manufacturing sector, including a more flexible mechanism for sourcing gold to secure inputs for production and strengthen international competitiveness.
VGTA calls for allowing enterprises to import raw gold under contracts with foreign partners, with transactions registered through commercial banks. The association suggests applying an import regime similar to those used for other manufacturing sectors, where enterprises submit annual plans and provide periodic reports to competent authorities.
VGTA estimates that demand for raw gold for production is about 50 tons per year, equivalent to roughly 5 billion USD. It projects that half of this volume would be used for the domestic market, while the remainder would be exported, potentially generating foreign currency earnings of 3.5-4 billion USD.
The association also argues that the foreign currency requirement for raw gold imports—about 416 million USD per month—would be small relative to the scale of interbank market transactions, and therefore would not create significant pressure on foreign exchange supply and demand.
In addition to imports, VGTA highlights that current regulations do not clearly define how businesses can buy and mobilize gold from residents, creating legal risk for companies. To address this, it proposes allowing enterprises to borrow gold from the public at negotiated interest rates to unlock resources in the economy.
VGTA urges the Prime Minister to promptly remove licensing requirements and other conditions for the jewelry gold sector to align with the Investment Law 2025, which has moved the sector out of the list of restricted industries.
Specifically, the association recommends repealing relevant provisions in Decrees 24/2012, 232/2025 (amending Decree 24), and 340/2025 on administrative penalties. It also calls for harmonizing regulations issued by the State Bank of Vietnam, the Ministry of Industry and Trade, and other relevant ministries.
VGTA argues that streamlining administrative procedures could help the jewelry gold industry reach export turnover of 4-5 billion USD per year.
VGTA requests policy support across tax, credit, and trade. It proposes applying a 0% import tax on raw gold and allowing full deduction of processing costs into value added. The association also asks for prioritization of foreign currency credit for enterprises importing machinery and raw materials for export.
On the legal framework, VGTA suggests expanding regulations on diverse payment methods and hedging tools to manage gold price risk. It also calls for training and policy communication to support transparent and smooth market operation.
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