THE GOVERNMENT
------- | THE SOCIALIST REPUBLIC OF VIETNAM
Independence– Freedom – Happiness
--------------- |
No. 24/2012/ND-CP | Hanoi, April 03, 2012 |
DECREE
ON GOLD BUSINESS ACTIVITIES
Pursuant to Law on the organization of the Government of December 25, 2001;
Pursuant to Commercial Law No.36/2005/QH11 of June 14, 2005;
Pursuant to Enterprise Law of November 29, 2005;
Pursuant to Law on the State Bank of Vietnam No. 46/2010/QH12 of June 16, 2010;
Pursuant to Law on credit institutions No. 47/2010/QH12 of June 16, 2010;
At the proposal of the Governor of the State Bank of Vietnam;
The Government hereby issues the Decree on management of gold business activities,
Chapter 1.
GENERAL PROVISIONS
Article 1. Governing scope
1. This Decree regulates gold business activities including: production and processing of gold jewellery and fine arts; purchase and sale of gold jewellery and fine arts; purchase and sale of gold bars; import and export of gold and other gold businesses, including gold trading via accounts and gold derivative activities.
2. This Decree is not applicable to gold exploitation and refinery by gold exploiting enterprises.
Article 2. Scope of regulation
This Decree applies to organizations and individuals that carry out gold business in the territory of Vietnam and other agencies, organizations and individuals relating to gold business activities.
Article 3. Interpretation of terms
In this Decree, the following terms shall be construed as below:
1. Gold jewellery and fine arts of which the gold content is 8 Carat (equivalent to 33.33%) or above that have been processed and fashioned to serve adornment and fine arts.
2. Gold bars means gold molded into bars, engraved with letters, weight indicators, quality, the symbol and the sign of producing enterprises and credit institutions licensed by the State Bank of Vietnam (hereinafter referred to as the State Bank) to produce, or gold bars produced by the State Bank’s in each specific period
3. Gold material means gold bullions, bars grains, pieces and other types.
4. Gold business activities via accounts means gold trading via accounts in the form of deposit transactions and the net value shall be constantly re-evaluated in line with fluctuations in gold price.
Article 4. Principles of management
1. Organizations’ and individuals’ gold ownership is recognized and protected by law.
2. The State Bank is the agency that, on behalf of the Government, uniformly manages gold business activities in accordance with provisions of this Decree.
3. The State shall exclusively produce gold bars, export gold material and import gold material for production of gold bars.
4. The gold business must be managed in order to sustainably develop and stabilize the gold market, ensuring the production and processing of gold jewellery and fine arts to serve the domestic market and export in accordance with law provisions.
5. Organizations and individuals doing gold business must comply with this Decree and other relevant law provisions.
6. The purchase and sale of gold bars; the production of gold jewellery and fine arts are conditional business and must be permitted by the State Bank by issuing the License to trade gold bar or the Qualification certificate of gold jewellery and fine arts production.
7. The business of gold jewellery and fine arts is conditional and not subject to the qualification certificate of business.
8. Gold derivative activities made by commercial banks and branches of foreign banks must comply with Article 105 of the Law on credit institutions.
9. Gold business activities, except gold import and export, purchase and sale of domestic gold material by enterprises producing gold jewellery and fine arts and enterprises trading gold jewellery and fine arts and other activities stipulated in Clause 6, 7 and 8 of this Article, are those in the list of restricted goods and services. Organizations and individuals shall be only entitled to do gold business after being approved by the Prime Mister and licensed by the State Bank.
Chapter 2.
ACTIVITIES OF PRODUCTION, PROCESSING, PURCHASE AND SALE OF GOLD JEWELLERY AND FINE ARTS
Article 5. Conditions for producing gold jewellery and fine arts
1. Enterprises producing gold jewellery and fine arts shall be issued with the Qualification certificate of gold jewellery and fine arts production when the following conditions are satisfied:
a) The enterprise is established under law provisions that have registered to produce gold jewellery and fine arts in the Certificate of business registration.
b) Having premises, facilities and necessary equipment serving the production of gold jewellery and fine arts.
2. The State Bank stipulates the procedures and dossiers on the Qualification certificate of gold jewellery and fine arts production.
Article 6. Responsibilities of enterprises producing gold jewellery and fine arts
1. Affixing their signs, symbols and weight on their products, announcing applicable standards and product weight in accordance with law provisions, bearing responsibility before law for their announced applicable standards and announced weight of gold products manufactured by themselves.
2. Taking responsibility under law for the announcement of applicable standards and weight of gold products which have been processed on their behalf.
3. Complying with law provisions on accounting regime, invoices and accounting records.
4. Taking measures for safety in production and business, environmental protection, fire and explosion prevention and fighting.
5. Sustaining the conditions stipulated in Clause 1 Article 5 of this Decree
6. Complying with this Decree and other relevant law provisions.
Article 7. Activities of processing gold jewellery and fine arts
Individuals, households, cooperatives and enterprises are entitled to process gold jewellery and fine arts enterprises producing gold jewellery and fine arts and must register the processing of gold jewellery and fine arts in the Certificate of household business registration, Certificate of business registration or Certificate of enterprise registration.
Article 8. Conditions for enterprises trading gold jewellery and fine arts
Enterprises trading gold jewellery and fine arts must meet the following conditions:
1. The enterprises is established under law provisions and the Certificate of enterprise registration must include the production of gold jewellery and fine arts.
2. Having premises, facilities and equipments serving gold jewellery and fine art trading.
Article 9. Responsibilities of enterprises trading gold jewellery and fine arts
1. Publicly posting the weight, gold content, purchasing and selling prices of gold jewelry and fine art at the location of transaction, taking responsibilities before law for the quality of their products being sold in the market.
2. Complying with law provisions on the accounting regime, invoices and accounting receipts.
3. Complying with law provisions on measurement.
4. Taking measures and facilities and equipment to ensure safety in business activities.
5. Complying with this Decree and other relevant law provisions.
Chapter 3.
PURCHASE AND SALE OF GOLD BARS
Article 10. Management of gold bar purchase and sale
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.
Article 11. 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.
3. The State Bank shall stipulats the procedures and dossiers on the License to trade gold bars applicable to enterprises and credit institutions.
Article 12. 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.
Chapter 4.
ACTIVITIES OF GOLD IMPORT AND EXPORT
Article 13. Import and export of gold jewellery and fine arts
1. The import and export of gold jewellery and fine arts shall be carried out in conformity with the Certificate of business registration or the Certificate of enterprise registration.
2. The import and export of gold jewellery and fine arts for international exhibitions and trade fairs shall be carried out in accordance with provisions of the Government on international exhibitions and trade fairs.
Article 14. Import and export of gold material
1. Depending on targets of monetary policies and gold supply-demand in each period, the State Bank shall organize the import and export of gold material for gold bar production, issue the licenses to import gold material to enterprises in accordance with provisions of Clause 3, 4, 5 and 6 of this Article and issue the license to export gold material to enterprises that possess the License for gold exploitation in accordance with Clause 7 this Article.
2. The import and export of gold material by the State Bank shall be exempt from import and export duties under the decisions of the Prime Minister.
3. The State Bank shall consider and issue the License to import and export gold material for gold jewellery and fine arts production to enterprises that have obtained the Qualification certificate of gold jewellery and fine arts production.
4. Enterprises doing gold business that have contracted to process gold jewellery and fine arts for foreign country shall be issued with the License to temporary import gold for re-export by the State bank.
5. Annually, the State Bank shall consider and issue the License to import gold material in the planning year to foreign-invested companies depending on the production capacity and the report on the export of gold jewellery and fine arts in the previous year.
6. Enterprises investing in gold exploitation overseas wishing to import gold exploited abroad shall be considered and issued with the License to import gold material by the State Bank.
7. Enterprises possessing the license to exploit gold shall be considered and issued with the License to export gold material by the State Bank .
8. The import and export of gold material in form of powder, solution, solder, salt and other semi-finished golden jewellery shall be carried out in conformity with the Certificate of business registration or the Certificate of enterprise registration.
9. The State Bank shall stipulate the conditions, procedures and dossiers on the issuance of the License to import and export gold material in accordance with Clause 3, 4, 5, 6 and 7 of this Article.
Article 15. Individuals bringing along gold when entering, exiting the country
Vietnamese and foreigners when entering, exiting the country through international border gates shall be entitled to bring along gold in accordance with provisions of the State Bank.
Vietnamese
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