Vietnam is set to ban travelers from bringing gold into and out of the country, only allowing a small amount of jewelry to pass through customs, a central bank draft circular says.
The ban will be applied to gold bars and gold material, news website VnExpress reported. Travelers are currently allowed to carry the precious metal as long as they declare their gold holdings to customs.
Travelers will still be allowed to bring jewelry, but if the amount exceeds 300 grams they will be required to inform customs officials and pay tax.
Immigrants from Vietnam who want to take their gold assets to another country will need approval from provincial authorities.
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The draft circular comes after the State Bank of Vietnam tightened regulations over gold trading earlier this year and took over the production of gold bars.
The VnExpress report did not say when the circular is expected to take effect.
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