Vietnam Parliament moves to tighten regulation of diamond trade

On 5 August, the Vietnamese National Assembly debated amendments to the Investment Law that would place the business of diamonds – and gold (excluding jewelry) – into the list of sectors requiring conditional investment approval. MP Trịnh Xuân An cited recent market turbulence and incidents involving the retailer PNJ, urging that diamond trading be subject to stricter oversight to curb fraud and protect consumers.

MP Nguyễn Văn Huy also highlighted related consumer‑risk issues, noting that long‑term vacation‑contract sales have exposed buyers to large financial losses and should be classified by the nature of the service rather than its commercial label. The Finance Ministry said it will review the proposal and consider broader adjustments to the conditional‑investment catalogue.

If adopted, the amendment would impose tighter licensing and monitoring requirements on diamond dealers, aiming to improve market transparency and safeguard consumer rights.