What are acts of violation in gold business activities in Vietnam?

What are acts of violation in gold business activities in Vietnam?

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

Acts of violation in gold business activities

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.

As regulated above, acts of violation of gold business include:

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

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

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

- Using gold as a mean of payment.

- Producing gold bars in contravention of this Decree.

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

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

What are acts of violation in gold business activities in Vietnam? - image from internet

Are enterprises trading gold bars allowed to trade gold bars through authorized agents in Vietnam?

Pursuant to Article 12 of the Decree 24/2012/ND-CP stipulating responsibilities of enterprises and credit institutions trading gold bars:

Responsibilities of enterprises and credit institutions trading gold bars

Enterprises and credit institutions trading gold bars are responsible to:

1. Purchase and sell only the kinds of gold bars stipulated in Clause 2 Article 3 of this Decree.

2. Keep from gold bars trading through authorized agents.

3. Comply with law provisions on accounting regime, invoices and accounting records.

4. Post the gold bar sale and purchase price publicly at the location of transaction.

5. Take measures and equipment to ensure safety in business activities.

6. Comply with this Decree and other relevant law provisions.

As regulated above, enterprises trading gold bars are not allowed to trade gold bars through authorized agents in Vietnam.

Which credit institutions are eligible for the License to trade gold bars in Vietnam?

Pursuant to Clause 2 Article 11 of the Decree 24/2012/ND-CP stipulating conditions for obtaining the License to trade gold bars:

Conditions for obtaining the License to trade gold bars

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 regulated above, credit institutions are eligible for the License to trade gold bars when the following conditions are satisfied:

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

- Having registered gold business.

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

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