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Decree No. 24/2012/ND-CP dated April 03, 2012 of the Government on gold business activities
10/10/2012
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THE GOVERNMENT
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THE SOCIALIST REPUBLIC OF VIETNAM
Independence– Freedom – Happiness
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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...

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