The Prime Minister has issued a decree on the management of gold trading, stipulating that the government will hold a monopoly over the production of gold bars as well as the import and export of unprocessed gold.
While the State Bank of Vietnam , on behalf of the Government, will still manage gold trading.
Under the decree, if an individual or enterprise owns gold legally, they will be protected by the law.
It also clearly defines trading activities that will be prohibited once the decree comes into effect, including processing gold for jewelry or trading bullion without a licence from the central bank.
From now on it will also be illegal to use gold as payment for goods or services as well as carrying out other gold-related businesses without permission from the Prime Minister or a licence issued by the State Bank of Vietnam .
The trading of gold bullion by enterprises or individuals can only be done through credit institutions and businesses that are licensed to trade gold bars by the State Bank of Vietnam .
Domestic businesses that are allowed to trade bullion must have a chartered capital of at least 100 billion VND; have a minimum of two-year experience in gold trading; have paid their annual taxes on gold trading of more than 500 million VND in the previous two years and trade in at least three cities or provinces directly under the control of the central authorities.
Meanwhile, credit institutions will be licensed to trade bullion provided that they have a minimum chartered capital of 3 trillion VND; are registered to trade gold trading and have branches in at least five cities and provinces authorised by the central authorities.-VNA