Decree No. 63-CP on State Management of Gold Business Activities

DECREE

On State management of gold trading activities

THE GOVERNMENT

Pursuant to the Government Organization Law dated September 30, 1992;

Pursuant to the Ordinance on the State Bank of Vietnam dated May 24, 1990;

At the proposal of the Governor of the State Bank of Vietnam;

DECREE:

Article 1. - The State recognizes the lawful ownership of organizations and individuals over gold in the form of gold bars, ingots, lumps, powder, leaves, placer, nuggets, and jewelry.

Enterprises, organizations, individuals, and foreign-invested enterprises have the right to store, transport, or deposit gold at banks.

Article 2. - The State Bank of Vietnam is the State agency managing gold processing, manufacturing, pawnbroking, buying and selling, and importing and exporting activities; it works together with relevant ministries, sectors, and localities to manage the national gold market.

Article 3. - Organizations and individuals wishing to engage in gold trading must establish a business entity or register for trading.

Businesses wishing to engage in gold trading must be granted a business license by the State Bank of Vietnam. In addition to complying with the provisions on establishment under the laws on state-owned enterprises, the Company Law, and the Law on Private Enterprises, businesses must also meet the following conditions:

a) Having the statutory capital as prescribed by the State Bank of Vietnam for each type of enterprise and each region;

b) Having skilled technical workers;

c) Having a clear address (store) and location.

For individuals with high skills and expertise who wish to practice gold processing and manufacturing (jewelry making), the Governor of the State Bank of Vietnam shall consider granting permission.

Article 4. - Gold trading businesses may buy and sell gold bars, ingots, lumps, powder, leaves, placer, nuggets, and jewelry; they may also process, manufacture, and pawn gold.

Article 5. - The importation of gold is carried out by the State Bank of Vietnam.

Gold trading businesses wishing to export gold must obtain a permit from the State Bank of Vietnam.

Vietnamese citizens and foreigners when entering or leaving the country with personal effects made of gold must comply with the regulations stipulated in the Foreign Exchange Management Charter of the Socialist Republic of Vietnam and the guidelines of the State Bank of Vietnam.

Article 6. - Gold trading businesses and individuals must be subject to inspection and supervision by the State Bank of Vietnam and competent state agencies regarding compliance with the provisions of this Decree and related laws, including tax payment as prescribed by law.

Article 7. - Within twenty days from the date this Decree takes effect, the Governor of the State Bank of Vietnam, the Minister of Finance, and relevant agencies shall be responsible for issuing guiding documents for implementation.

Article 8. - After receiving guidance from relevant sectors, businesses must re-register within sixty days according to the provisions of this Decree. Any gold trading activities contrary to this Decree will be handled in accordance with the law.

Article 9. - This Decree takes effect from the date of signature and replaces Decision No. 38-CP dated February 9, 1979 of the Council of Ministers on the management of gold, silver, platinum, and diamonds for enterprises and state agencies; Decision No. 39-CP dated February 9, 1979 of the Council of Ministers on the unified management of gold, silver, platinum, and diamonds by the State; and Decision No. 139-CT dated May 24, 1989 of the Chairman of the Council of Ministers allowing state-owned economic units, collectives, and individual households to trade in gold, silver, and precious stones.

Article 10. - The Minister, the head of a ministry equivalent to a ministry, the head of a government agency, and the Chairman of the People's Committee of provinces and centrally-administered cities are responsible for implementing this Decree./.