Circular No. 11/2014/TT-NHNN dated March 28, 2014 of the State Bank of Vietnam regulating on the carrying of gold by individuals on exit or entry

THE STATE BANK OF VIETNAM

Circular No.11/2014/TT-NHNNdated March 28, 2014 of the State Bank of Vietnam regulating on the carrying of gold by individuals on exit or entry

Pursuant to the Law No.46/2010/QH12of June 16, 2010 on the State Bank of Vietnam;

Pursuant to the Ordinance No.28/2005/UBTVQH11dated December 13, 2005 on foreign exchange control;

Pursuant to the Decree No.156/2013/ND-CP dated November 11, 2013 of the Govermentdefining the functions, tasks, powers and organizational structure of the State Bank of Vietnam.

Pursuant to the Decree No.24/2012/ND-CP dated April 03, 2012 of the Goverment onthe management of gold business activities;

At the proposal of the director of the Foreign Exchange Management Department,

The Governor of the Vietnam State Bank promulgates the Circular regulating on the carrying of gold by individuals on exit or entry

Article 1. Subjects and scope of regulation

This Circular regulates on the carrying of ingot gold, raw material gold, and jewelry gold, fine-art gold by the following subjects on exit or entry:

1. Vietnamese and foreign individuals leave or enter Vietnam through Vietnamese border-gates with passports or other documents granted by competent Vietnamese or foreign authorities, excluding documents as prescribed under Clause 2 of this Article (hereinafter referred to as passport).

2. Vietnamese and foreign individuals leave or enter Vietnam through Vietnamese border gates with laissez-passers or border identity cards granted by competent Vietnamese authorities or authorities of countries that share the borders.

3. Individuals permitted to settle in Vietnam or individuals permitted to settle abroad.

Article 2. Carrying of gold by individuals leaving or entering with passports

1. Vietnamese and foreign individuals leave or enter Vietnam with passports are not permitted carrying ingot gold, raw material gold. In the case that foreign individuals who carry into Vietnam ingot gold, raw material gold must complete the procedures for depositing at the customs warehouse, which they would receive back and bring with them out of the country, or complete the procedures for sending abroad and bear all related expenses that arise.

2. Vietnamese and foreign individuals leave or enter Vietnam with passports carry jewelry gold, fine-art gold articles in a total amount of 300 (three hundred) grams or more must declare such to the customs.

Article 3. Carrying of gold by individuals leaving or entering Vietnam with laissez-passers or border identity cards

1. Vietnamese or foreign individuals who enter or leave Vietnam with laissez-passers or border identity cards must not carry raw material gold, ingot gold, jewelry gold, fine-art gold articles except for the cases as stipulated under Clause 2 of this Article.

2. Vietnamese or foreign individuals who enter or leave Vietnam with laissez-passers or border identity cards may wear jewelry gold of ornamental character such as: ring, necklaces, bracelets, earrings, pins and other kinds; If it exceeds the amount of 300 (three hundred) grams or more, they must declare such to the customs.

Article 4. Carrying of gold by individuals leaving or entering Vietnam in cases of settlement

1. If foreign individuals, who are permitted to settle in Vietnam, carry into the country raw material gold, ingot gold, jewelry gold, fine-art gold articles in a total amount of 300 (three hundred) grams or more, they must declare such to the customs.

2. Vietnamese individuals, who are permitted to settle abroad, carry gold out of the country (raw material gold, ingot gold, jewelry gold, fine-art gold articles) must comply with the following regulations:

a) Carrying a total amount of 300 (three hundred) grams or more to under 01 (one) kilogram, they must declare to the customs.

b) Carrying a total amount of 01 (one) kilogram or more, they must have permits granted by the directors of the State Bank’s branches of the provinces or cities where they reside and they must declare to the customs also.

Article 5. Dossiers and procedures of application for permits of carrying gold leaving Vietnam in case of settlement

1.Vietnamese individuals, who are permitted to settle abroad, carry gold out of the country on leaving as stipulated under Point b Clause 2 Article 4 of this Circular must send dossiers to the State Bank’s branches of the provinces or centrally-run cities where they reside. Such a dossier consists of:

a) An application for a permit for carrying gold out of the country, made according to a set form.

b) Sale invoices or other papers proving the lawful origin, or written undertakings of the gold carrier of the lawfulness, of the gold amount he/she needs to carry in case of having no receipt, documents to prove its origin;

c) A copy of the passport, the entry visa for the countries requesting entry visas;

d) The decision of the competent authority to permit the settlement or other papers that have equivalent value;

2. Documents as stipulated under Point b, c, d Clause 1 of this Article must be the original ones or copies certified according to the law. If documents are in foreign language, they must be translated into Vietnamese and certified.

3. Within 15 (fifteen) working days after receiving the complete and valid dossiers, the State Bank’s branches of the provinces or centrally-run cities shall consider the issuance of permits for carrying gold out of the country according to Appendix 2 of this Circular. In case of refusal, they must reply in writing, clearly stating the reason.

4. Permits for carrying gold out of the country shall be effective within 6 (six) months since it is issued.

Article 6. Effect

1. This Circular takes effect on May 15, 2014 and replaces the Decision No.1165/2001/QD-NHNNdated September 12, 2001 of the State Bank Governor on the carrying of gold by individuals on exit or entry.

2. The director of the State Bank’s Office, the director of the Foreign Exchange Management Department, the heads of the concerned units of the State Bank, the directors of the State Bank’s provincial/municipal branches, and concerned individuals shall have to implement this Decision.

For the State Bank Governor
Deputy Governor
Dao Minh Tu