Vietnam deregulates jewelry and ornamental gold production

The Vietnamese government has issued Decree No. 390/2026/ND-CP, significantly altering the management of the gold business sector. Under the new regulations, effective October 16, 2026, the production, processing, and trading of jewelry and ornamental gold are no longer classified as conditional business sectors.

This reform removes the requirement for businesses to obtain a Certificate of Eligibility for Jewelry and Ornamental Gold Production from the State Bank of Vietnam. The government is shifting its regulatory approach from pre-inspection to post-inspection, aiming to simplify administrative procedures and lower barriers to market entry.

The decree is intended to allow businesses more autonomy over raw materials and to promote the manufacturing, processing, and export of jewelry. This move seeks to position Vietnam as a regional hub for jewelry production and export by creating a more open and equitable business environment.