Decree 24/2012/ND-CP on gold bar transaction
Since May 25, using gold bars as a tool of payment will be illegal, according to Decree 24/2012/NĐ-CP which was released by the Prime Minister on April 3.
The State secures a monopoly on gold bar production, export and import of raw materials for gold bar production.
According to the State Bank Governor Nguyen Van Binh, The State Bank of Vietnam (SBV) not merged Saigon Jewelry Joint Stock Company (SJC) but merging the gold produced of this company.
SBV Governor Nguyen Van Binh said that In the new regulations of the Government, the State would exclusively produce gold bars therefore It towarded the SJC gold brand is the State owner. At some point, the central bank could rename the SJC gold bar into SBV gold bar and made a roadmap to not disturb the transaction of gold and cut costs.