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Official Gazette

Saturday, October 20, 2018

State to monopolize via-account gold trading

Updated: 08:03’ - 29/01/2018

The State would hold monopoly in mobilizing gold from organizations and individuals and via-account gold trading.
 

Transactions at a licensed gold bar shop of the Saigon Jewelry Company in Ben Thanh market, Ho Chi Minh City__Photo: Hoang Hai/VNA


Such is proposed in a draft decree prepared by the central bank to revise Decree 24 of 2012 regarding management of gold trading activities.

The draft says that gold trading, including also mobilizing gold from organizations and individuals and via-account gold trading, which are not yet specified in Decree 24, is a conditional business sector.

As explained by drafters, these gold trading activities could bring potential risks to traders and cause adverse impacts on the monetary policy and the economy.

The draft introduces simplified procedures and dossiers for licensing and terminating gold bar purchase and sale activities with a view to reducing unnecessary expenses for businesses and the society. Particularly, the central bank’s opinion would not be required in case gold traders wish to relocate their gold bar trading places.

In addition, producers of gold jewelries and fine arts would not need to obtain production eligibility certificates. However, they must be enterprises lawfully established and having registered production of such gold products, says the draft.

The draft removes requirements on physical and technical foundations on enterprises producing and those purchasing and selling gold jewelries and fine arts.- (VLLF)

 

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