Vietnam: Bill allows gold bar transaction (with conditions)

by **ADMIN** Wed Jun 22, 2011 7:15 am

June 21, 2011
Bill allows gold bar transaction

VietFinanceNews.com - The State Bank of Vietnam has finalised a draft regulation on gold bar trading, granting institutions and individuals eligibility to trade in this product, but with conditions.

Under the bill, transactions must take place at banks or businesses granted licences for gold bar trading.

“Trading gold bars with unlicensed institutions is illegal and using gold bars as a tool of payment is another kind of legal violation,” the bill rules.

Businesses eligible to engage in gold bar trading must meet conditions in capital, turnover and trading networks imposed by the central bank.

In addition to gold bars, the bill also spells out conditions for production, processing and trading in jewellery, emphasising the necessity of licences being obtained from the central bank.

Other kinds of transactions in gold were limited and must receive the Prime Minister’s approval and licences from the State Bank of Vietnam, the bill concludes.

http://www.vietfinancenews.com/2011/06/bill-allows-gold-bar-transaction.html