Decision No. 416/1998/QD-NHNN on carrying gold by individuals when entering and exiting the country

Pursuant to …;

DECISION NO. 416/1998/QĐ-NHNN OF THE STATE BANK OF VIETNAM
DATED DECEMBER 8, 1998, BY THE GOVERNOR OF THE STATE BANK OF VIETNAM ON CARRYING GOLD BY INDIVIDUALS WHEN ENTERING AND LEAVING THE COUNTRY

- BASED ON THE LAW ON THE STATE BANK OF VIETNAM PUBLISHED PURSUANT TO PRESIDENTIAL DECREE NO. 01/L-CTN ON DECEMBER 26, 1997 OF THE PRESIDENT OF THE SOCIALIST REPUBLIC OF VIETNAM;

- BASED ON GOVERNMENT DECREE NO. 88/1998/NĐ-CP OF NOVEMBER 2, 1998 ON THE FUNCTIONS, POWERS, AND ORGANIZATIONAL STRUCTURE OF THE STATE BANK OF VIETNAM;

- BASED ON GOVERNMENT DECREE NO. 63/1998/NĐ-CP OF AUGUST 17, 1998 ON FOREIGN EXCHANGE MANAGEMENT;

- AT THE PROPOSAL OF THE HEAD OF THE FOREIGN EXCHANGE MANAGEMENT DEPARTMENT,

Pursuant to …;

Article 1: THIS DECISION APPLIES TO THE CARRYING OF GOLD BY RESIDENTS AND NON-RESIDENTS WHO ARE INDIVIDUALS (HEREINAFTER REFERRED TO AS "INDIVIDUALS") WHEN ENTERING AND LEAVING VIETNAMESE BORDERS WITH PASSPORTS ISSUED BY VIETNAMESE AUTHORITIES OR FOREIGN AUTHORITIES.

Article 2: WHEN ENTERING AND LEAVING VIETNAMESE BORDERS, INDIVIDUALS CARRYING GOLD FOR NON-COMMERCIAL PURPOSES WITH A MAXIMUM WEIGHT OF 300 GRAMS (THREE HUNDRED GRAMS) (IF IT IS JEWELRY, THEN EXCLUDING THE PIECES WEARING ON PERSON, EACH TYPE NOT MORE THAN 5 PIECES OR 5 SETS) DO NOT NEED TO DECLARE TO CUSTOMS.

Article 3: WHEN ENTERING VIETNAMESE BORDERS, INDIVIDUALS CARRYING GOLD (NOT INTERNATIONAL STANDARD GOLD) WITH A WEIGHT EXCEEDING THE LIMITATION STATED IN ARTICLE 2 OF THIS DECISION BUT NOT MORE THAN 3000 GRAMS (THREE THOUSAND GRAMS) MUST DECLARE TO CUSTOMS AND PAY TAXES ACCORDING TO LAWS FOR THE EXCESS PART. IF CARRYING MORE THAN 3000 GRAMS (THREE THOUSAND GRAMS), THEY MUST PROCEDURE TO STORE THE EXCESS PART IN CUSTOMS WAREHOUSE TO TAKE OUT WHEN LEAVING OR PROCEDURE TO TRANSFER OUT OF THE COUNTRY. ALL RELATED COSTS SHALL BE BORNE BY THE INDIVIDUAL.

THE GOLD THAT INDIVIDUALS BRING INTO VIETNAM CAN BE SOLD TO ENTERPRISES PERMITTED TO TRADE IN GOLD FOR VIETNAMESE DONG (VND) TO MEET THEIR NEEDS FOR SPENDING IN VIETNAM OR USED FOR OTHER PURPOSES ALLOWED BY LAW.

WHEN ENTERING THE COUNTRY, IF INDIVIDUALS CARRY INTERNATIONAL STANDARD GOLD, THEY MUST PROCEDURE TO STORE THE INTERNATIONAL STANDARD GOLD IN CUSTOMS WAREHOUSE TO TAKE OUT WHEN LEAVING OR PROCEDURE TO EXPORT OUT OF THE COUNTRY. ALL RELATED COSTS SHALL BE BORNE BY THE INDIVIDUAL.

Article 4: WHEN LEAVING VIETNAMESE BORDERS, INDIVIDUALS CARRYING GOLD WITH A WEIGHT OVER 300 GRAMS (THREE HUNDRED GRAMS) MUST APPLY FOR PERMISSION FROM THE STATE BANK OF VIETNAM FOR THE EXCESS PART OVER 300 GRAMS (THREE HUNDRED GRAMS).

IN CASE INDIVIDUALS CARRYING GOLD WITH A WEIGHT EXCEEDING THE LIMITATION STATED IN ARTICLE 2 OF THIS DECISION BUT NOT EXCEEDING THE AMOUNT DECLARED TO CUSTOMS WHEN ENTERING (IF ANY), THEY MUST PRESENT THE CUSTOMS DECLARATION FORM AT ENTRY TO CUSTOMS WITHOUT APPLYING FOR PERMISSION FROM THE STATE BANK OF VIETNAM.

Article 5: PROCEDURE FOR APPLYING FOR PERMISSION TO CARRY GOLD OUT WHEN LEAVING THE COUNTRY:

INDIVIDUALS WHO WANT TO APPLY FOR PERMISSION TO CARRY GOLD OUT WHEN LEAVING THE COUNTRY ACCORDING TO THE PROVISIONS OF ARTICLE 4 OF THIS DECISION MUST SUBMIT APPLICATION DOCUMENTS TO THE CENTRAL STATE BANK OF VIETNAM OR THE BRANCH OF THE STATE BANK OF VIETNAM IN THE PROVINCE/CITY WITH THE AUTHORITY TO ISSUE PERMISSION AS PROVIDED IN ARTICLE 6 OF THIS DECISION. THE APPLICATION DOCUMENTS INCLUDE:

1. APPLICATION FORM FOR CARRYING GOLD (IN WHICH THE PURPOSE OF CARRYING GOLD MUST BE CLEARLY EXPLAINED);

2. DOCUMENTS PROVING THE SOURCE OF THE GOLD CARRIED (IF ANY);

3. COPIES OF THE PASSPORT CERTIFIED TRUE COPY (IF THE COPIES ARE NOT CERTIFIED, THE ORIGINAL MUST BE PRESENTED FOR COMPARISON).

WITHIN 10 WORKING DAYS FROM THE DATE OF RECEIVING COMPLETE AND LEGAL APPLICATION DOCUMENTS, THE STATE BANK OF VIETNAM OR THE BRANCH OF THE STATE BANK OF VIETNAM IN THE PROVINCE/CITY WILL ISSUE PERMISSION OR DENY PERMISSION. IN CASE OF DENIAL, THE STATE BANK OF VIETNAM OR THE BRANCH OF THE STATE BANK OF VIETNAM MUST PROVIDE WRITTEN REASONS.

Article 6. AUTHORITY TO ISSUE PERMISSION TO CARRY GOLD OUT WHEN LEAVING THE COUNTRY

THE DIRECTOR OF THE BRANCH OF THE STATE BANK OF VIETNAM IN THE PROVINCE/CITY UNDER THE CENTRAL AUTHORITY IS RESPONSIBLE FOR ISSUING PERMISSION FOR INDIVIDUALS TO CARRY GOLD OUT WHEN LEAVING THE COUNTRY WITH A WEIGHT OF UP TO 2000 GRAMS (TWO THOUSAND GRAMS); ABOVE THAT LEVEL, THE CENTRAL STATE BANK OF VIETNAM IS RESPONSIBLE FOR ISSUING PERMISSION.

Article 7. THIS DECISION TAKES EFFECT FROM THE DATE OF SIGNATURE. ALL PRIOR REGULATIONS CONTRARY TO THIS DECISION ARE ABOLISHED.

Article 8. MR. CHIEF OF THE GOVERNOR'S OFFICE, HEAD OF THE FOREIGN EXCHANGE MANAGEMENT DEPARTMENT, HEADS OF DEPARTMENTS AND BUREAUS ASSOCIATED WITH THE STATE BANK OF VIETNAM, DIRECTORS OF THE BRANCHES OF THE STATE BANK OF VIETNAM IN THE PROVINCE/CITY, AND INDIVIDUALS CONCERNED ARE RESPONSIBLE FOR IMPLEMENTING THIS DECISION.