Is it permissible for households to trade gold bars in Vietnam?

Is it permissible for households to trade gold bars in Vietnam?

Pursuant to Article 8 of the Decree 24/2012/NĐ-CP stipulating conditions for enterprises trading gold jewellery and fine arts in Vietnam as follows:

Enterprises trading gold jewellery and fine arts must meet the following conditions:

1. The enterprises is established under law provisions and the Certificate of enterprise registration must include the production of gold jewellery and fine arts.

2. Having premises, facilities and equipments serving gold jewellery and fine art trading.

As regulations above, households are not allowed to trade gold bars. You must establish the enterprise and have the Certificate of enterprise registration in trading gold bars under law provisions.

How much charter is needed for trading gold bars in Vietnam?

Pursuant to Article 11 of the Decree 24/2012/NĐ-CP stipulating conditions for obtaining the License to trade gold bars in Vietnam as follows:

1. Enterprises are eligible for the License to trade gold bars when the following conditions are satisfied:

a) Being established and operated under law provisions.

b) Having the charter capital of 100 billion VND and above.

c) Having 2-year experience in gold trading or more.

d) Having paid the tax on gold business of 500 (five hundred) million VND/year or above during the two latest successive years (upon verification of the tax authority).

đ) Having branches and sale offices in 3 (three) provinces and centrally-affiliated cities or more in Vietnam.

2. Credit institutions are eligible for the License to trade gold bars when the following conditions are satisfied:

a) Having charter capital of 3,000 (three thousand) billion VND and above.

b) Having registered gold business.

c) Having branches and sale offices in 5 (five) provinces and centrally-affiliated cities or more in Vietnam.

3. The State Bank shall stipulats the procedures and dossiers on the License to trade gold bars applicable to enterprises and credit institutions.

As regulations above, to be eligible to obtain the License to trade gold bars in Vietnam, you must establish the enterprise and have the charter capital of 100 billion VND and above.

What are prohibited acts in trading gold bars in Vietnam?

Pursuant to Article 19 of the Decree 24/2012/NĐ-CP stipulating acts of violation in gold business activities in Vietnam as follows:

Acts of violation of gold business include:

1. Producing gold jewellery and fine arts without the Qualification certificate of gold jewellery and fine arts production issued by the State Bank.

2. Purchasing and selling gold bars, importing and exporting gold materials without the license issued by the State Bank.

3. Individuals bringing along gold when entering, exiting the country exceeding the limit prescribed by law without the written permission from the State Bank.

4. Using gold as a mean of payment.

5. Producing gold bars in contravention of this Decree.

6. Conducting other gold business without being permitted by the Prime Minister licensed by the State Bank.

7. Violations of other provisions of this Decree and other relevant law provisions.

Above are prohibited acts in trading gold bars in Vietnam.

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