Penalties for violations against regulations on gold trading in Vietnam
The Government has just issued new regulations on administrative violations against regulations on gold trading. Please provide me with the information on penalties for administrative violations against regulations on gold trading in Vietnam. Thank you.
Penalties for violations against regulations on gold trading in Vietnam (Image from the Internet)
Pursuant to Article 24 of Decree 88/2019/ND-CP (effective from December 31, 2019) stipulating the form and level of fines for violations against regulations on gold trading:
1. A warning shall be issued for committing one of the following violations:
a) trading gold bullion with a credit institution or enterprise that does not hold a valid license for gold bullion trading;
b) using gold as a method of payment.
2. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed for committing one of the following violations:
a) trading gold bullion with a credit institution or enterprise that does not hold a valid license for gold bullion trading in case of repeated or serial violation;
b) using gold as a method of payment in case of repeated or serial violation.
3. A fine ranging from VND 30.000.000 to VND 50.000.000 shall be imposed for committing one of the following violations:
a) failing to post gold bullion buying and selling prices at transaction offices as prescribed by law;
b) failing to fulfill responsibility of the credit institution or enterprise engaging in gold bullion trading in case of changes to its branches or business locations as prescribed by law.
4. A fine ranging from VND 80.000.000 to VND 100.000.000 shall be imposed for committing one of the following violations:
a) trading in gold bullion against law regulations, except for the case prescribed in Point a Clause 8 of this Article;
b) carrying gold when exiting or entering Vietnam against law regulations, except for administrative violations in customs sector.
5. A fine ranging from VND 140.000.000 to VND 180.000.000 shall be imposed for committing one of the following violations:
a) trading gold bullion through authorized agents;
b) failing to comply with law regulations on gold positions;
c) importing or exporting gold jewelry or goldsmiths’ wares; gold materials in the form of powder, solution, solder or salt, and semi-finished gold jewelry products which are different from registered business lines as prescribed by law.
6. A fine ranging from VND 200.000.000 to VND 250.000.000 shall be imposed for using imported gold materials against the license to import gold materials for production of gold jewelry and goldsmiths’ wares.
7. A fine ranging from VND 250.000.000 to VND 300.000.000 shall be imposed for producing gold bullion against law regulations.
8. A fine ranging from VND 300.000.000 to VND 400.000.000 shall be imposed for committing one of the following violations:
a) trading gold bullion without obtaining a license for gold bullion trading as prescribed;
b) importing or exporting gold materials without obtaining a license from a competent authority as prescribed by law;
c) carrying out other gold trading transactions without obtaining license from a competent authority as prescribed by law.
9. Additional penalties:
a) Gold shall be confiscated if the violation prescribed in Point a or c Clause 8 of this Article is committed;
b) The license for gold bullion trading shall be suspended for 06 - 09 months if the violation prescribed in Point a Clause 5 of this Article is committed.
10. Remedial measures:
Proposed revocation of the license for gold bullion trading if the violation prescribed in Point a Clause 5 of this Article is repeated.
Above is the content of the regulations regarding the issue you are wondering about.
Best regards!
