Circular No. 12/2015/TT-NHNN amending and supplementing certain articles of Circular No. 06/2013/TT-NHNN dated March 12, 2013, issued by the Governor of the State Bank of Vietnam guiding the activities of buying and selling gold bars on the domestic market of the State Bank of Vietnam.

CIRCULAR

Amending and supplementing certain articles of Circular No. 06/2013/TT-NHNN dated March 12, 2013 of the Governor of the State Bank of Vietnam guiding the activities of buying and selling gold bars on the domestic market of the State Bank of Vietnam

Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH 12 dated June 16, 2010;

No. 06/2013/UBTVQH13 dated March 18, 2013;

Pursuant to Decree No. 156/2013/NĐ-CP dated November 11, 2013, of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

Pursuant to Decree No. 50/2014/NĐ-CP dated May 20, 2014 of the Government on managing the state foreign exchange reserves;

Pursuant to Decree No. 24/2012/NĐ-CP dated April 3, 2012 of the Government on gold trading activities management;

Pursuant to Decision No. 16/2013/QĐ-TTg dated March 4, 2013 of the Prime Minister on the activities of buying and selling gold bars on the domestic market of the State Bank of Vietnam;

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

The Governor of the State Bank of Vietnam hereby promulgates this Circular amending and supplementing certain articles of Circular No. 06/2013/TT-NHNN dated March 12, 2013 of the Governor of the State Bank of Vietnam guiding the activities of buying and selling gold bars on the domestic market of the State Bank of Vietnam (hereinafter referred to as Circular No. 06/2013/TT-NHNN).

Article 1. Amending and supplementing certain articles of Circular No. 06/2013/TT-NHNN as follows:

1. Amending and supplementing Clause 1, Clause 2 Article 5 as follows:

"1. Except for credit institutions placed under special control, the State Bank shall suspend transactions in gold bars with credit institutions and enterprises for three (3) months from the date of discovery of any of the following violations:

a) Credit institutions and enterprises failing to sign transaction confirmation according to the process of buying and selling gold bars with the State Bank;

b) Credit institutions and enterprises failing to make payments, deliver or receive gold bars according to the transaction confirmation with the State Bank three (3) times;

c) Credit institutions and enterprises violating the provisions on information and reporting in this Circular three (3) times;

d) Credit institutions and enterprises being administratively fined for violations in gold trading activities.

2. For credit institutions placed under special control:

a) The State Bank shall suspend transactions in gold bars with credit institutions during the period the credit institution is placed under special control, except as provided in point b of this clause;

b) Based on the actual situation of credit institutions placed under special control, the Special Control Board at the credit institution shall submit a written request to the State Bank of Vietnam (through the Banking Inspection and Supervision Department) to allow the credit institution to conduct transactions in gold bars with the State Bank, and terminate such permission upon completion of the special control period."

"1. Serve as the coordinating body with the Foreign Exchange Management Department to report to the Governor of the State Bank for consideration and decision to suspend transactions and terminate transaction relationships in gold bars with credit institutions and enterprises as stipulated in Clause 1, Point a Clause 2 and Clause 3 Article 5 of this Circular; notify credit institutions and enterprises of the State Bank's decision to suspend transactions and terminate transaction relationships in gold bars."

“Article 25. Responsibilities of the Banking Inspection and Supervision Department

1. Notify in writing to the Trading Office the provisions stipulated in Point d Clause 1, Point a Clause 2 and Clause 3 Article 5 of this Circular.

2. On the basis of the request of the Special Control Board at credit institutions stipulated in Point b Clause 2 Article 5 of this Circular, serve as the coordinating body to report to the Governor for permission and termination of permission for credit institutions placed under special control to conduct transactions in gold bars with the State Bank; notify credit institutions of the State Bank's decision to grant or terminate permission for transactions in gold bars, and send copies to the Special Control Board at the credit institution and the Trading Office.

3. Conduct inspection and supervision activities on the buying and selling of gold bars between credit institutions and enterprises and the State Bank in accordance with the law."

Article 2. Implementation clause

This Circular takes effect from August 28, 2015.

This Circular takes effect from December 25, 2025/.

The Head of the General Office, Heads of Departments under the State Bank of Vietnam, Heads of units under the State Bank of Vietnam, Governors of State Bank of Vietnam branches in provinces and centrally governed cities; Chairmen of Boards of Directors, Chairmen of Management Councils, Chairmen of companies, General Managers (Directors) of credit institutions and enterprises conducting transactions in gold bars with the State Bank are responsible for organizing the implementation of this Circular./.