Legal basis
- Law on State Bank of Vietnam 2010
- Decree 24/2012/ND-CP
- Circular 16/2012/TT-NHNN guiding Decree 24/2012/ND-CP on management of gold trading activities issued by the State Bank of Vietnam
Content
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.
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.The State Bank shall stipulats the procedures and dossiers on the License to trade gold bars applicable to enterprises and credit institutions.
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
Above is our consultancy about this issue. If you need more detailed advice and answers as well as how to access this service, please contact directly the Deputy Director of Sales: Lawyer Nguyen Duc Trong via hotline: 0912.35.65.75, 0912.35.53.53 or call the free legal consultation hotline 1900.6575 or send a service request via email: info@hongbanglawfirm.com hoặc lienheluathongbang@gmail.com
Wishing you and your family good health, peace and success!
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