Decision No. 11/2007/QĐ-NHNN on amending and supplementing Decision No. 03/2006/QĐ-NHNN dated January 18, 2006 of the Governor of the State Bank of Vietnam on gold trading on foreign accounts.

DECISION

Regarding amending and supplementing Decision No. 03/2006/QD-NHNN dated January 18, 2006 of the Governor of the State Bank of Vietnam on gold tradingon foreign accounts

__________________________________

GOVERNOR OF THE STATE BANK OF VIETNAM

Pursuant to the Law on the State Bank of Vietnam 1997, and the Law Amending and Supplementing Certain Provisions of the Law on the State Bank of Vietnam 2003;

Pursuant to the Law on Credit Institutions 1997, and the Law Amending and Supplementing Certain Provisions of the Law on Credit Institutions 2004;

Pursuant to Decree No. 52/2003/ND-CP dated May 19, 2003 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

Pursuant to Decree No. 160/2006/ND-CP dated December 28, 2006 of the Government detailing the implementation of the Foreign Exchange Law;

At the proposal of the Director of the Foreign Exchange Management Department.

DECISION:

Article 1. Amend and supplement certain provisions of Decision No. 03/2006/QD-NHNN dated January 18, 2006 of the Governor of the State Bank of Vietnam on gold trading on foreign accounts as follows:

"2. Company Limited Tan Cang - Petro Cam Ranh (hereinafter referred to as Tan Cang - Petro Cam Ranh Company) is an enterprise directly serving national defense and security, with 100% capital contribution from state-owned enterprises holding 100% of the Charter Capital."

"2. The 'gold status of credit institutions' is the net aggregate status between the permitted domestic physical gold trading status and the foreign account gold trading status of credit institutions."

2. Supplement Clause 5 of Article 2 as follows:

"5. The 'permitted domestic physical gold trading status' is the gold status complying with the State Bank of Vietnam's regulations on the maximum conversion ratio of gold-denominated deposits into cash and other physical gold trading statuses."

3. Amend sub-item b of Clause 1 of Article 3 as follows:

"b) Having at least one year of experience in one of the following fields:

- Gold buying and selling activities;

- Gold deposit and lending activities;

- Gold import and export activities."

4. Amend Clause 2 of Article 3 as follows:

"2. For credit institutions: Credit institutions must have a foreign exchange business license issued by the State Bank of Vietnam."

Article 2. Effective Date

This Decision shall take effect fifteen days after its publication in the Official Gazette.

Article 3. Responsibility for Implementation

The Head of the Office, the Director of the Foreign Exchange Management Department, Heads of relevant units under the State Bank of Vietnam, Governors of the State Bank of Vietnam branches in provinces and centrally-administered cities, General Directors (Directors) of credit institutions, and enterprises permitted to trade gold on foreign accounts are responsible for implementing this Decision./.