How is gold measured in Vietnam? Where can people sell gold bars in Vietnam?
Please ask: How is gold measured in Vietnam? Where can people sell gold bars in Vietnam? - Question from Ms. Hoa (Hanoi).
How many gold fractions equal 1 gold mace in Vietnam?
Pursuant to Appendix A issued with National Standard TCVN 7054:2014, there are regulations on 1 mace of gold as follows:
Units of measurement for the mass of gold
The international unit of measurement used to measure the international unit of measurement used to measure mass commercial gold is grams or kilograms
a) Traditional European units:
- Troy ounce, symbol oz t:
1 oz t = 31.1030 g
- Avoirdupois ounce, symbol oz av:
1 oz av = 28.3945 g
- Pennyweight, symbol dwt:
1 dwt = 1.5550 g
b) Traditional Asian units:
- Mace (momme):
1 mace = 3.75 g
- Secondary units:
+ Lạng (tael)
1 tael = 37.5 g
In Vietnam, gold is usually measured by tael.
1 tael = 37,5 g
How many gold fractions equal 1 gold mace in Vietnam? Where can people sell gold bars in Vietnam? (Image from the Internet)
Are gold coins considered gold bars in Vietnam?
In Article 3 of Decree 24/2012/ND-CP, there are regulations on gold as follows:
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.
According to the above regulations in Vietnam, gold bars are gold molded into bars, engraved with letters, weight indicators, quality, the symbol. Therefore, gold coins are not gold bars.
Where can people sell gold bars in Vietnam?
According to Article 10 of Decree 24/2012/ND-CP regulating management of gold bar purchase and sale as follows:
Management of gold bar purchase and sale
The purchase and sale of gold bars by organizations and individuals shall be only done at credit institutions and enterprises being issued with the License to trade gold bars by the State Bank.
Therefore, people are not allowed to sell gold bars at jewellery shops that have not been issued with the License to trade gold bars by the State Bank.
Gold bars can only be legally sold at the places licensed by the State Bank. Sellers can check the list published by the State Bank or request the buyers to present the license to trade in gold bars before selling.
What actions are prohibited in gold business activities in Vietnam?
Pursuant to Article 19 of Decree 24/2012/ND-CP regulating acts of violation in gold business activities as follows:
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.
Thus, actions that are prohibited in gold business activities in Vietnam 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.
Best regards!
