PNJ and Gold Shops Split on Decree 390 Cashless Payment Rules

Overview

Decree 390, which amends and supplements Decree 24 on gold trading management, took effect on October 16 and requires cashless payment for gold purchases and sales totalling VND 5 million or more per customer per day. Implementation across Hà Nội and Hồ Chí Minh City gold shops is inconsistent, with some outlets accepting only transfers from a customer’s own bank account and refusing e-wallets. For Phú Nhuận Jewelry (PNJ), listed on HOSE, the rules reshape how its retail network captures large-ticket gold demand.

Key Facts

• Decree 390 took effect on October 16, amending Decree 24 on gold trading management.
• The cashless threshold is VND 5 million or more per customer per day, aggregated across transactions.
• Phú Quý applies the rule to gold, silver, jewellery and all other products, accepting only the customer’s own bank account and no e-wallets, securities accounts or third-party accounts.
• Mi Hồng requires buyers to transfer from their own account to the company account and pays sellers by bank transfer only.
• Bảo Tín Minh Châu cites international credit-card fees of about 3% for the business and 1.5% for the buyer, and prioritises bank transfer.
• A PNJ store in Trấn Biên ward, Đồng Nai, announced it has reopened unlimited, fee-free credit-card payment for gold purchases, excluding 9999 gold bars and plain rings.
• Some shops accept third-party transfers with customer information, while others require the account holder to be the transacting customer.

What Happened

Under Decree 390, gold transactions of VND 5 million or more per customer per day must be settled through non-cash payment instruments. Tuổi Trẻ reported that seven days after the decree took effect, gold businesses in Hà Nội were no longer accepting cash for transactions at or above the threshold. Most large stores on Trần Nhân Tông street require the transaction to be in the customer’s own name: sellers must hold a bank account to receive transfers, and buyers must pay cashlessly once the threshold is reached.

The rollout has friction. Several gold businesses refuse e-wallet payments because they cannot verify the buyer’s identity, and some accept third-party transfers only if the customer supplies information. Card acceptance is also uneven. Some companies take credit cards only for gold jewellery, while 9999 gold is bank-transfer only. PNJ’s Đồng Nai store, by contrast, said it had restored unlimited card payment without fees for gold purchases, except for gold bars and 9999 plain rings. The reports are based on shop notices and staff statements, not a single consolidated regulatory filing.

Market Context

PNJ closed at VND 18,600 on October 22, 2026, on HOSE. The stock sits in the personal and household goods sector, where gold retail revenue is sensitive to both the gold price and transaction friction. The decree arrives as Vietnamese gold prices remain elevated and the State Bank of Vietnam has moved to tighten the gold market’s legal framework. Payment friction at the counter is a near-term operational variable for jewellery retailers rather than a demand driver on its own.

Strategic Significance

The decree effectively formalises the audit trail for large gold transactions, which favours organised chains with banking integrations and card-acquiring infrastructure over small independent shops. PNJ’s decision to absorb card fees and restore unlimited card acceptance lowers friction for jewellery buyers and can shift share toward its network, though the exclusion of 9999 bars and plain rings from fee-free card payment limits the benefit on the most price-sensitive products. The refusal of e-wallets across much of the industry reflects identity-verification limits rather than policy, and shops that solve verification first stand to capture younger, digital-first buyers.

What to Watch

• PNJ’s Q3 and Q4 2026 revenue disclosure, to gauge whether card and transfer mix shifts jewellery volumes.
• Further State Bank of Vietnam guidance or inspections clarifying e-wallet and third-party transfer acceptability.
• Whether peer chains such as Phú Quý, Mi Hồng and Bảo Tín Minh Châu revise their payment policies.
• Card-acquiring fee disclosures and any merchant discount negotiations with banks.
• Gold price movements and any change to the VND 5 million daily threshold.