The State Bank of Vietnam (SBV) has recently issued a draft circular, requesting local gold traders to send monthly reports on their gold trading activities to the SBV’s ForexManagement Department within 5 days after the end of the period.
Besides, domestic businesses and credit institutions can only produce jewellery gold; trade bullion; or import and export material gold upon the approval of the central bank.
License to produce jewellery gold and to trade bullion will be granted once while the license for importing and exporting material gold will be valid one time only, the draft regulation said.
Foreign-invested businesses will be extended license to import material gold for processing jewellery gold annually. The license can then be adjusted in line with their actual needs and production capacity.
Exceptionally, foreign-invested firms are allowed to conduct some gold-related businesses without the central bank’s permission, including: importing and exporting material gold under the form of starved gold, fluid, strings, etc.; exporting jewellery gold processed from imported material gold; or importing for re-export jewellery gold to serve as replication, among others.