VGP - Since May 25, using gold bars as a tool of payment will be illegal, according to Decree 24/2012/NĐ-CP which was released by the Prime Minister on April 3.
The State Bank of Việt Nam (SBV) is expected to promulgate a circular on detailed implementation of the aforesaid Decree.
The Decree stipulates that gold ownership right of organizations and individuals is recognized and protected in line with the law.
The SBV acts on behalf of the Government to manage all gold business activities.
The State secures a monopoly on gold bar production, export and import of raw materials for gold bar production.
Any gold transaction of organizations and individuals must take place at banks and businesses
granted with licenses for gold bar trading.
Businesses eligible to engage in gold bar trading must meet conditions of having charter capital of over VND 100 billion; two-year experience in gold trading; annual tax payment of over VND 500 million in two consecutive years) and trading networks in at least three provinces and cities in Việt Nam)./.