Decree No. 64/2003/ND-CP Amending and Supplementing Decree No. 174/1999/NĐ-CP dated December 9, 1999 of the Government on Management of Gold Business Activities

DECREE

Amending and supplementing Decree No. 174/1999/NĐ-CP dated December 9, 1999 on gold business managementof the Government

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THE GOVERNMENT

Pursuant to the Law on Organization of the Government dated December 25, 2001;

Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 dated December 12, 1997;

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

DECREE:

Article 1. Amending and supplementing some articles of Decree No. 174/1999/NĐ-CP dated December 9, 1999 of the Government on gold business management as follows:

1. Repeal Article 7 on the authority to adjust the minimum capital requirement.

2. Amend Article 8 as follows:

"Article 8. Conditions and scope of gold business activities.

1. Organizations and individuals wishing to engage in gold buying and selling, production, and processing of gold jewelry and artworks must meet the following conditions:

a) Registering business in accordance with the law;

b) Having material and technical facilities and equipment that meet the requirements for gold buying and selling, production, and processing of gold jewelry and artworks;

c) Having skilled workers with the necessary expertise to meet the requirements for gold buying and selling, production, and processing of gold jewelry and artworks.

3. Amend Article 9 as follows:

"Article 9. Gold bar production Based on the monetary policy objectives for each period, the State Bank of Vietnam issues a permit for gold bar production to enterprises meeting the following conditions:

a) Being an enterprise registered to operate gold jewelry and artwork production;

b) Having material and technical facilities and equipment that meet the requirements for gold bar production;

c) Having managers and skilled workers with the necessary expertise to meet the requirements for gold bar production."

4. Amend Article 11 as follows:

"Article 11. Export and import of gold jewelry and artworks

1. The export and import of gold jewelry and artworks shall be carried out according to the business registration certificate of the enterprise and relevant regulations.

2. The export and import of gold jewelry and artworks for participation in exhibitions and trade fairs shall be carried out in accordance with the Government's regulations on trade fairs and exhibitions."

5. Amend and supplement Article 12 as follows:

"Article 12. Export and import of gold raw materials and gold bars

1. The export and import of gold raw materials in the form of sheets, wires, powder, solutions, soldered flakes, gold salts, and semi-finished gold jewelry products shall be carried out according to the business registration certificate of the enterprise and relevant regulations.

2. Based on the monetary policy objectives for each period, the State Bank of Vietnam permits enterprises registered for gold export and import to export and import gold raw materials in the form of blocks, ingots, grains, and bars.

3. Organizations and individuals engaged in gold business who have contracts for overseas gold processing may be permitted by the State Bank of Vietnam to import gold raw materials in the form of blocks, ingots, grains, and bars to fulfill their overseas processing contracts.

4. Enterprises with permits for gold mining operations may be permitted by the State Bank of Vietnam to export gold raw materials in the form of gold dust, ingots, and post-mining processed lumps."

Article 2. This Decree takes effect fifteen days from the date of its publication in the Official Gazette. The provisions of Decree No. 174/1999/NĐ-CP dated December 9, 1999, amended in Article 1 of this Decree, shall cease to be effective from the date this Decree takes effect.

Article 3. The State Bank of Vietnam is responsible for guiding the implementation of this Decree.

Article 4. The Ministers, Heads of Ministries equivalent to ministries, Heads of government agencies, and Chairmen of provincial people's committees directly under the central government shall be responsible for implementing this Decree./.