Decision No. 1703/2004/QD-NHNN amending and supplementing Circular No. 10/2003/TT-NHNN dated September 16, 2003, issued by the Governor of the State Bank of Vietnam guiding the implementation of Decree No. 174/1999/ND-CP dated December 9, 1999 of the Government on gold business management and Decree No. 64/2003/ND-CP dated June 11, 2003 of the Government amending and supplementing Decree No. 174/1999/ND-CP.

DECISION OF THE GOVERNOR OF THE STATE BANK OF VIETNAM

Amending and supplementing Circular No. 10/2003/TT-NHNN dated September 16, 2003

of the Governor of the State Bank of Vietnam guiding the implementation of Decree

No. 174/1999/NĐ-CP dated December 9, 1999 of the Government on gold business management and Decree

No. 64/2003/NĐ-CP dated June 11, 2003

of the Government amending and supplementing Decree No. 174/1999/NĐ-CP

GOVERNOR OF THE STATE BANK OF VIETNAM

Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 dated December 12, 1997, and the Law Amending and Supplementing Certain Provisions of the Law on the State Bank of Vietnam No. 10/2003/QH11 dated June 17, 2003;

Pursuant to Decree No. 86/2002/NĐ-CP dated November 5, 2002 of the Government stipulating the functions, tasks, powers, and organizational structure of Ministries and ministerial-level agencies;

Pursuant to Decree No. 174/1999/NĐ-CP dated December 9, 1999 of the Government on gold business management; Decree No. 64/2003/NĐ-CP dated June 11, 2003 of the Government amending and supplementing Decree No. 174/1999/NĐ-CP;

At the proposal of the Head of the Foreign Exchange Management Department,

DECISION:

Article 1. Amending and supplementing certain contents of Circular No. 10/2003/TT-NHNN dated September 16, 2003 of the Governor of the State Bank of Vietnam guiding the implementation of Decree No. 174/1999/NĐ-CP dated December 9, 1999 of the Government on gold business management and Decree No. 64/2003/NĐ-CP dated June 11, 2003 of the Government amending and supplementing Decree No. 174/1999/NĐ-CP as follows:

1. Section 1 Chapter II is amended and supplemented as follows:

"Section 1. Conditions and scope of gold business activities

Organizations and individuals wishing to engage in gold buying and selling, gold jewelry and art production and processing must meet the conditions stipulated in Clause 2, Article 1 of Decree No. 64/2003/NĐ-CP dated June 11, 2003 of the Government amending and supplementing certain provisions of Decree No. 174/1999/NĐ-CP dated December 9, 1999."

2. Section 1 Chapter V is amended and supplemented as follows:

"Section 1. Reporting System

32. For organizations and individuals engaged in gold business

a) For organizations and individuals permitted to operate gold ingot production, export, and import

Annually, no later than January 10, they must report their gold business activities of the previous year according to the form attached to this Decision to the State Bank of Vietnam (Department of Foreign Exchange Management) and the State Bank of Vietnam branch in the province or centrally administered city where the organization has its main office or the individual has registered for business.

b) For foreign-invested enterprises operating in the field of gold jewelry and art production and processing

By no later than January 10 each year, they must report their implementation of gold export, import, and product consumption in Vietnam of the previous year according to Form 7 attached to Circular No. 10/2003/TT-NHNN to the State Bank of Vietnam (Department of Foreign Exchange Management) and the State Bank of Vietnam branch in the province or centrally administered city where the enterprise is headquartered.

33. For the State Bank of Vietnam branches in provinces and centrally administered cities

Annually, the State Bank of Vietnam branches in provinces and centrally administered cities must compile reports on the issuance of temporary import permits for gold raw materials to organizations and individuals engaged in gold business with contracts for re-export processing abroad according to the current reporting and statistical system regulations of the Governor of the State Bank of Vietnam applicable to units under the State Bank of Vietnam and credit institutions."

3. Abolishing Appendix 4, Appendix 5, and Appendix 8 promulgated together with Circular No. 10/2003/TT-NHNN.

Article 2. This Decision takes effect fifteen days after its publication in the Official Gazette. All previous regulations that conflict with this Decision are hereby abolished.

Article 3. The Head of the Department of Foreign Exchange Management, Heads of units under the State Bank of Vietnam, Directors of the State Bank of Vietnam branches in provinces and centrally administered cities, organizations and individuals engaged in gold business are responsible for implementing this Decision./.