Circular No. 10/2010/TT-NHNN dated March 26, 2010 of the State Bank of Vietnam amending Clauses 2 and 3, Article 2 of Circular No. 01/2010/TT-NHNN dated January 6, 2010, annulling Decision No. 03/2006/QD-NHNN dated January 18, 2010, 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. 10/2010/TT-NHNN of March 26, 2010, amending Clauses 2 and 3, Article 2 of Circular No. 01/2010/TT-NHNN of January 6, 2010, annulling Decision No. 03/2006/QD-NHNN of January 18, 2010, 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 directing opinions in the Government Office’s Official Letter No. 315/VPCP-KTTH of March 25, 2010;

The State Bank of Vietnam stipulates as follows:

Article 1. To amend Clauses 2 and 3, Article 2 of Circular 01/2010/TT-NHNN of January 6, 2010, annulling 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, as follows:

“2. Credit institutions and enterprises currently trading in gold via overseas accounts shall finalize and close overseas gold-trading accounts before June 30, 2010.

3. Permits for gold trading via overseas accounts granted by the State Bank to gold-trading credit institutions and 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 June 30, 2010.”

Article 2.

1. This Circular takes effect on March 26, 2010.

2. The Chief of the Office, the Director of the Foreign Exchange Management Department and 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 in gold via overseas accounts shall implement this Circular.-

For the Governor of the State Bank
Deputy Governor
NGUYEN VAN BINH