A key change is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities. The SBV noted that this measure would not impose new obligations on customers, as identity verification is already completed when they open and use bank accounts.
Currently, SJC-branded gold bars are priced at nearly 12 million VND per mace (3.75 grams), meaning that even a small purchase of two maces would exceed the proposed threshold and must be paid via bank transfer.
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A customer shops for gold jewelery at a gold shop in Hai Ba Trưng District, Hanoi. |
While the proposal has received support from several experts, concerns remain about its practical impact, particularly on older and rural populations.
Nguyen Thi Ha, 60, from a suburban district of Hanoi, said she was surprised by the plan.
“People my age in the countryside don’t have bank accounts, and we don’t know how to transfer money. And we don’t feel comfortable asking someone else to buy gold for us,” she said.
Her concerns reflect a broader issue: many people in rural areas either do not have bank accounts or are unfamiliar with digital banking. Mandatory bank transfers could pose significant challenges for these groups.
Assoc. Prof., Dr. Nguyen Huu Huan, a senior lecturer at the University of Economics Ho Chi Minh City, said the regulation was reasonable and should apply to all gold transactions to prevent smuggling, ensure price transparency, and facilitate taxation.
Lawyer Nguyen Thanh Ha, Chairman of SBLaw, agreed, warning that gold trading could be a channel for tax evasion and money laundering. He noted that requiring bank transfers for transactions over 20 million VND would support anti-money laundering efforts and align with the Law on Tax Administration, which regulates non-cash payments.
However, lawyer Truong Thanh Duc, Director of ANVI Law Firm and arbitrator at the Vietnam International Arbitration Centre, questioned the legal basis for including this payment requirement in the gold trading regulation. He argued that non-cash payment rules should be included in legislation on payment systems rather than scattered across tax, real estate or credit laws.
Others have called for more clarity, particularly whether the transfer requirement would apply only to gold bars or extend to other forms such as gold rings, jewelery or mixed-alloy gold.
Under the draft, all gold transactions valued at 20 million VND or more must be conducted via payment accounts held by both the buyer and the licensed gold trading business at a commercial or foreign bank branch.
Source: VNA