PNJ Among 11 Firms Seeking Gold Bar Production Licenses in Vietnam

Overview

The State Bank of Vietnam (SBV) announced on April 14, 2026, that 11 enterprises and credit institutions have submitted applications for licenses to produce gold bars and import gold raw materials. This includes Phú Nhuận Jewelry Joint Stock Company (PNJ) and seven major banks, as part of a regulatory shift ending the state monopoly. The SBV stated the move aims to increase supply and stabilize the domestic gold market, which has experienced recent volatility.

Key Facts

• 11 enterprises and credit institutions have applied for gold bar production and import licenses, up by 2 units from early 2026 figures reported by SBV.
• The announcement was made by Mr. Đào Xuân Tuấn, Director of the Foreign Exchange Management Department at SBV, during a press conference on Q1 2026 banking results.
• Decree 232 ends the state monopoly on gold bar production, allowing licensed enterprises and banks meeting conditions to operate.
• Minimum capital requirements: VND 1,000 billion for enterprises, VND 50,000 billion for banks.
• 38 enterprises and banks are currently licensed to buy and sell gold bars, but only a few ‘leading’ enterprises like PNJ, DOJI, and SJC meet the VND 1,000 billion capital threshold.
• Major banks with capital over VND 50,000 billion include Vietcombank (VCB), VPBank (VPB), Techcombank (TCB), BIDV (BID), MB (MBB), VietinBank (CTG), and Agribank (AGR).
• Applications are under review by SBV in coordination with relevant ministries and agencies, with licensing results to be announced after completion.

What Happened

According to Mr. Đào Xuân Tuấn, Director of the Foreign Exchange Management Department at the State Bank of Vietnam, 11 enterprises and credit institutions have filed applications for licenses to produce gold bars and import gold raw materials. This represents an increase of two units from figures disclosed by SBV earlier in 2026. The announcement was made during a press conference on April 14, 2026, to present Q1 2026 banking results. Mr. Tuấn noted that the applications are currently being reviewed by SBV in coordination with relevant ministries and agencies, with licensing results to be announced after the evaluation process is complete.

The SBV representative stated that the domestic gold market has seen significant fluctuations recently, prompting regulatory measures to stabilize it. Licensing additional units to produce gold bars and import raw materials is considered a solution that could impact supply, thereby affecting the price differential between domestic and international gold markets in the near future. This follows Decree 232, which abolishes the state monopoly on gold bar production, allowing qualified enterprises and banks to obtain operational licenses.

Market Context

PNJ (HOSE: PNJ) closed at VND 109 on April 14, 2026, down 1.27% on volume of 462,200 shares, underperforming the broader market trend where banking stocks like VCB, TCB, and VPB saw slight gains. The news comes as SBV addresses gold market volatility, with PNJ positioned as one of the few ‘leading’ enterprises already meeting the VND 1,000 billion capital requirement for production licensing. This regulatory development could influence investor sentiment toward PNJ, given its potential expansion into gold bar production, a higher-margin segment compared to retail jewelry.

Strategic Significance

The licensing shift represents a strategic opportunity for PNJ to diversify its revenue base beyond traditional jewelry retail into gold bar production, potentially capturing a larger share of the precious metals market. By meeting the capital threshold and having existing gold trading licenses, PNJ is well-positioned to secure a production permit, which could enhance its vertical integration and reduce reliance on external suppliers. For the banking sector, this move allows major banks like VCB and VPB to expand into commodity-based financial services, aligning with broader trends of bancassurance and asset diversification in Vietnam’s competitive banking landscape.

What to Watch

• Announcement of licensing results by SBV after the review process is completed.
• Q2 2026 earnings reports from PNJ and affected banks to assess any early impact on financials.
• Updates on gold import volumes and production capacity from licensed entities.
• Changes in the domestic-international gold price gap as new supply enters the market.
• Regulatory filings from PNJ and banks detailing capital allocations for gold production operations.