Circular No. 01/2010/TT-NHNN dated January 06, 2010 of the State Bank of Vietnam annulling Decision No. 03/2006/QD-NHNN dated January 18,2006, on gold trading via overseas accounts, and Decision No. 11/2007/QD-NHNN dated March 15, 2007, amending and supplementing Decision No. 03/2006/QD-NHNN

THE STATE BANK OF VIETNAM

Circular No. 01/2010/TT-NHNN of January 6, 2010, annulling Decision No. 03/2006/QD-NHNN of January 18, 2006, on gold trading via overseas accounts, and Decision No. 11/2007/QD-NHNN of March 15, 2007, amending and supplementing Decision No. 03/2006/QD-NHNN

Pursuant to the 1997 Law on the State Bank of Vietnam and the 2003 Law Amending and Supplementing a Number of Articles of the Law on the State Bank of Vietnam;

Pursuant to the 1997 Law on Credit Institutions and the 2004 Law Amending and Supplementing a Number of Articles of the Law on Credit Institutions;

Pursuant to the Government’s Decree No. 160/2006/ND-CP of December 28, 2006, detailing the implementation of the Ordinance on Foreign Exchange;

Pursuant to the Government’s Decree No. 96/2008/ND-CP of August 26, 2008, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

In furtherance of the Prime Minister’s concluding opinions in the Government Office’s Notice No. 369/TB-VPCP of December 30, 2009;

The State Bank of Vietnam provides the following stipulations:

Article 1. To annul the State Bank Governor’s Decision No. 03/2006/QD-NHNN of January 18, 2006, on gold trading via overseas accounts, and Decision No. 11/2007/QD-NHNN of March 15, 2007, amending and supplementing Decision No. 03/2006/QD-NHNN of January 18, 2006, on gold trading via overseas accounts.

Article 2.

1. Credit institutions and enterprises trading gold via overseas accounts shall terminate all gold-trading activities via overseas accounts from the effective date of this Circular, except transactions to finalize or close gold-trading accounts via overseas accounts prescribed in Clause 2 of this Article.

2. Credit institutions and enterprises trading gold via overseas accounts shall finalize and close overseas gold-trading accounts before March 30, 2010.

3. Permits for gold trading via overseas accounts granted by the State Bank for credit institutions or gold-trading enterprises under Decision No. 03/2006/QD-NHNN of January 18, 2006, on gold trading via overseas accounts, and Decision No. 11/2007/QD-NHNN of March 15, 2007, amending and supplementing Decision No. 03/2006/QD-NHNN, cease to be effective on March 30, 2010.

Article 3.

1. This Circular takes effect on January 6, 2010.

2. The chief of the Office, the director of the Foreign Exchange Management Department, heads of units of the State Bank of Vietnam, directors of provincial-level branches of the State Bank of Vietnam and credit institutions and enterprises trading gold via overseas accounts shall implement this Circular.-

Governor of the State Bank
NGUYEN VAN GIAU