What is a gold bar according to the law in Vietnam? When shall enterprises in Vietnam be eligible for the License to trade gold bars in Vietnam?
What is a gold bar according to the law in Vietnam? When shall enterprises in Vietnam be eligible for the License to trade gold bars in Vietnam? What are responsibilities of enterprises and credit institutions trading gold bars in Vietnam?
What is a gold bar according to the law in Vietnam?
Pursuant to Article 3 of the Decree 24/2012/ND-CP:
Interpretation of terms
In this Decree, the following terms shall be construed as below:
1. Gold jewellery and fine arts of which the gold content is 8 Carat (equivalent to 33.33%) or above that have been processed and fashioned to serve adornment and fine arts.
2. Gold bars means gold molded into bars, engraved with letters, weight indicators, quality, the symbol and the sign of producing enterprises and credit institutions licensed by the State Bank of Vietnam (hereinafter referred to as the State Bank) to produce, or gold bars produced by the State Bank’s in each specific period
3. Gold material means gold bullions, bars grains, pieces and other types.
4. Gold business activities via accounts means gold trading via accounts in the form of deposit transactions and the net value shall be constantly re-evaluated in line with fluctuations in gold price.
As regulated above, gold bars means gold molded into bars, engraved with letters, weight indicators, quality, the symbol and the sign of producing enterprises and credit institutions licensed by the State Bank of Vietnam (hereinafter referred to as the State Bank) to produce, or gold bars produced by the State Bank’s in each specific period.
What is a gold bar according to the law in Vietnam? When shall enterprises in Vietnam be eligible for the License to trade gold bars in Vietnam? - image from internet
When shall enterprises in Vietnam be eligible for the License to trade gold bars in Vietnam?
Pursuant to Clause 1 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, enterprises eligible for the License to trade gold bars when the following conditions are satisfied:
- Being established and operated under law provisions.
- Having the charter capital of 100 billion VND and above.
- Having 2-year experience in gold trading or more.
- 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).
- Having branches and sale offices in 3 (three) provinces and centrally-affiliated cities or more in Vietnam.
What are responsibilities of enterprises and credit institutions trading gold bars in Vietnam?
Pursuant to Article 12 of the Decree 24/2012/ND-CP stipulating responsibilities of enterprises and credit institutions trading gold bars in Vietnam:
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 and credit institutions trading gold bars are responsible to:
- Purchase and sell only the kinds of gold bars, which are gold molded into bars, engraved with letters, weight indicators, quality, the symbol and the sign of producing enterprises and credit institutions licensed by the State Bank of Vietnam to produce, or gold bars produced by the State Bank’s in each specific period.
- Keep from gold bars trading through authorized agents.
- Comply with law provisions on accounting regime, invoices and accounting records.
- Post the gold bar sale and purchase price publicly at the location of transaction.
- Take measures and equipment to ensure safety in business activities.
- Comply with this Decree and other relevant law provisions.
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