On the afternoon of April 14, 2026, Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department (SBV), confirmed at the Q1/2026 press briefing that the central bank has received 11 applications for gold bar production and raw gold import licenses.VnExpress This is up from the 9 applications disclosed earlier this year.Saigon Times This represents the latest development in the process of dismantling a 13-year monopoly on gold bar production, and the clearest signal yet that a competitive market structure is gradually taking shape.
Decree 232 and the Liberalization Roadmap
Decree 232/2025, effective from October 10, 2025, officially abolished the state monopoly on gold bar production that had been in place since Decree 24/2012.Government Portal Under the new framework, enterprises and commercial banks meeting eligibility requirements can apply for production and raw gold import licenses.
The SBV is currently coordinating with multiple ministries to review technical standards and process applications.Dan Tri The process follows two stages: production licenses are granted first, followed by raw gold import permits. All applications are being reviewed simultaneously rather than individually. No entity has been formally licensed yet, but the increase from 9 to 11 applications indicates the process is attracting additional participants.
Capital Thresholds: Who Qualifies?
Decree 232/2025 sets two different minimum charter capital requirements depending on entity type.Government For enterprises, the minimum is VND 1,000 billion, along with a gold trading license, a clean regulatory record, and comprehensive internal processes from raw material intake to quality control. For commercial banks, the bar is significantly higher: VND 50,000 billion minimum charter capital, plus a gold bar trading license and similar compliance requirements.
At the VND 50,000 billion threshold, eight commercial banks currently qualify: Vietcombank, VietinBank, BIDV, Agribank, Techcombank, MB, VPBank, and ACB.CafeF On the enterprise side, the three most frequently mentioned names are PNJ, DOJI, and SJC.VnExpress That totals 11 entities, matching the number of applications received by the SBV. The SBV has explained that the high capital requirement for banks ensures only financially robust institutions participate in gold bar production.DNSE
The SJC Premium: Current Picture
This is the central question for investors holding SJC gold bars. As of April 14, 2026, world gold is trading at USD 4,787/oz, equivalent to approximately VND 152 million per tael (at the exchange rate of VND 26,343/USD). SJC gold bars are listed at VND 173 million per tael, a gap of roughly VND 21 million versus world prices, or 13.8%. SJC 99.99% gold rings are listed at VND 171.2 million per tael, about VND 1.8 million less than SJC bars but with equivalent gold content. The SJC bar bid-ask spread currently stands at VND 2.5 million (buy price VND 170.5 million).
The VND 21 million gap between SJC and world gold equivalent exists primarily because supply has been controlled by a single entity for 13 years. When multiple entities are licensed to produce and import raw materials, basic economic logic suggests competition will pressure this gap to narrow. However, the pace of narrowing depends on several factors: the number of entities actually approved, the ability to import raw materials smoothly, and buyer sentiment. SJC gold bars have become a “national brand” over 13 years; even with additional producers, consumers may still prefer SJC in the short term.
Three Scenarios for the Premium
| Scenario | Conditions | Impact on Premium |
|---|---|---|
| Slow | Licensing drags out, few entities approved, limited supply increase | Premium declines slightly, remains above VND 15 million |
| Moderate | 3-5 entities licensed in 2026, meaningful supply increase | Premium narrows to VND 10-15 million |
| Fast | Most applications approved, smooth raw material imports | Premium could fall below VND 10 million |
All three scenarios point in one direction: the premium narrows from current levels. The difference lies in speed, and speed depends entirely on the SBV’s actual licensing timeline. This is not a forecast; it is a structural market analysis based on changing supply conditions.
What SJC Gold Holders Should Watch
Understand the premium you are paying. At VND 173 million, the roughly VND 21 million premium over world equivalent may narrow as the market becomes more competitive. This is an opportunity cost that should factor into hold-or-buy decisions.
Monitor licensing progress. Each newly licensed entity is a signal for premium compression. The moment the SBV announces its first approved list will be the most important milestone; the market may react even before actual production begins.
Compare rings versus bars. SJC 99.99% gold rings at VND 171.2 million are VND 1.8 million cheaper than SJC bars with equivalent gold content. During the transition period, this is a lower-premium alternative.
Do not panic-sell on premium fears. The licensing process takes time: application review, technical inspections, and then actual production ramp-up. A declining premium does not mean SJC prices drop in absolute terms. If world gold continues rising (driven by Middle East tensions, global safe-haven demand), SJC prices can still increase; they may just rise more slowly than world prices.
Gold in the Broader Portfolio
World gold has gained approximately 6.5% over the past month (from USD 4,495/oz on March 27 to USD 4,787/oz on April 14), reflecting safe-haven demand amid global geopolitical tensions. In Vietnam, gold remains a traditional store of value for millions of households. However, gold generates no cash flow, unlike bank deposits (12-month rates at major banks range from 5-5.5%) or fixed-income products (yielding 8-11% annually). Capital that does not require immediate liquidity could be allocated more diversely rather than concentrated entirely in gold.
Conclusion
The 11 applications for gold bar production licenses mark the most significant structural transition in Vietnam’s gold market since Decree 24/2012. The SJC premium of approximately VND 21 million over world prices has structural grounds to narrow as supply opens up, but the pace depends entirely on actual licensing progress and raw material import capability.
Three factors to watch going forward: the first list of entities formally approved by the SBV, progress on raw gold import permits, and SJC price reactions at the moment of announcement.
