Is Gold Permitted for Payment? What Conditions Must Be Met for Registering the Import of Raw Gold for Production?
Can gold be used for payment?
According to Article 19 of Decree 24/2012/ND-CP, regulations on violations in gold business activities are as follows:
Violations of legal regulations in gold business activities include:
Manufacturing gold jewelry and fine art without a Certificate of Business Eligibility issued by the State Bank of Vietnam.
Trading in gold bars; exporting, importing gold materials without permits issued by the State Bank of Vietnam.
Carrying gold when exiting or entering the country exceeding the stipulated amount without a permit issued by the State Bank of Vietnam.
Using gold as a means of payment.
Manufacturing gold bars contrary to the regulations in this Decree.
Other gold business activities not yet approved by the Prime Minister of the Government of Vietnam and not yet licensed by the State Bank of Vietnam.
Violations of other regulations in this Decree and other related legal provisions.
Therefore, according to current regulations, the use of gold as a means of payment is one of the prohibited activities in gold business operations.
What are the conditions for registering the import of gold materials for production?
According to Clause 1, Article 1 of Circular 38/2015/TT-NHNN:
Article 3. Conditions for issuing a License for importing gold materials for enterprises engaged in manufacturing gold jewelry and fine art
Possess a Certificate of Eligibility for manufacturing gold jewelry and fine art issued by the State Bank of Vietnam.
The demand for importing gold materials must align with the production plan for gold jewelry and fine art.
Not violating legal regulations on the management of gold business activities, and regulations on the management of the quality of circulated gold jewelry and fine art in the market for the consecutive 12 (twelve) months prior to the time of application and up to the time of issuance of the License for importing gold materials.
**** To import gold materials, the gold manufacturing enterprise must meet the above conditions.
Sincerely!
