Decree 24/2012/ND-CP and Circular 16/2012/TT-NHNN of the State Bank of Vietnam on the gold trading management
At some gold trading points in Hanoi like Tran Nhan Tong str (Hai Ba Trung dist), Dinh Tien Hoang str, Hang Bac str, Ha Trung str (Hoan Kiem dist), gold prices are in disorder. Gold plain ring and three letters A gold (AAA ) are bought at only 41.80 million VND/tael, while SJC gold price hits 46.37 million VND/tael. Therefore, “non-SJC” and SJC gold which are both 9999 gold but have a difference of nearly 5 million VND/tael in price.
Information from the State Bank of Vietnam (SBV) shows that the country has about 8,000 gold trading businesses. According to Circular 16/2012/TT-NHNN, from January 10th 2013, organizations wishing to do gold business must satisfy 5 conditions:
1. Business established and operated under the provisions of the law
2. Charter capital of over 100 billion VND
3. Has business experiences in the field of buying and selling gold for at least two years
4. Has the tax amounts of gold trading activities from 500 million VND / year in the last two consecutive years (certified by the tax authorities)
5. Has branch network and sales locations in Vietnam in at least three provinces and cities that are directly under the Central Government.
For credit institutions, The SBV considers issuing business license to buy, sell gold if they meet three conditions:
1. Charter capital of 3,000 billion VND or more
2. Has registered business activities of gold trading
3. Has branch network in at least five provinces and cities directly under the Central Government in Vietnam.
For businesses buying and selling gold jewelry, fine art must satisfy two conditions.
1. Enterprises established under the provisions of law, has registered business activities of buying, selling gold jewelry and fine art in the certificate of business registration.
2. Has location, facilities and equipments necessary for the buying and selling activities of gold jewelry and fine art.
With the above conditions, around 5,600 gold trading points will be wiped out. Thus, leaving only about 2,400 points across the country that are qualified.
Decree 24/2012/ND-CP and Circular 16/2012/TT-NHNN will officially take effect from January 10th 2013.
(Source: ANT Lawyers)