Vietnam: SBV proposes to allow two-way bullion trading: latest draft decree

by **ADMIN** Tue Jun 21, 2011 8:32 am

The State Bank of Vietnam (SBV) proposed to allow organizations and individuals to sell and buy bullions instead of one-way trading as mulled before, according to the final draft decree on bullion trading regulation released last week.

The State Bank of Vietnam (SBV) proposed to allow organizations and individuals to sell and buy bullions instead of one-way trading as mulled before, according to the final draft decree on bullion trading regulation released late last week, the local newswire VnExpress reported.

All gold trading transactions must be carried out at banks or licensed traders, local media reported. Buying, selling bullions with those without bullion trading licenses will be violation, the Decree Draft read.

Manufacturing, processing and trading gold jewelry are also conditional business activities in which organizations, individuals must set up a company and get business licenses from the central bank to be eligible for these activities.

When granting licenses for businesses to produce bullion, the SBV will determine a process, paperwork, number of firms to produce, process bullion at specific time to keep a close eye on this activity.

In term of gold import-export, the SBV said that only enterprises with licenses to exploit gold are entitled to export gold materials.

The central bank will only grant licenses to only gold jewelry producers for domestic uses and export, and enterprises invest in gold exploiting projects abroad that need to import their exploited gold.

Using gold as a mean of payment also makes a violation, the VnExpress added.

http://vietnambusiness.asia/sbv-proposes-to-allow-two-way-bullion-trading-latest-draft-decree/