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Central bank not to ban gold bullion purchase
Investors will also have the right to buy gold bullion, the State Bank of Vietnam has said following a change of mind, but it will have to only from banks and licensed firms.
The central bank’s final draft decree on managing gold trading stipulates that people can buy bullion as an investment – it had earlier considered allowing people to sell but not buy -- but not use it as a means of payment.
To be eligible for a three-month license for gold trading, businesses must meet certain conditions related to capital, revenue, and network, it says without spelling out the requirements.
Businesses producing and trading gold jewelry too must register for a license from the central bank.
The SBV also seeks to restrict gold exports and strictly regulate imports.
Export of jewelry made from 20-carat gold and above requires a license.
Only firms licensed to mine gold are eligible to export it.
As for imports, the central bank will only license jewelry firms involved in exports and some Vietnamese firms mining gold abroad that want to send the precious metal back to Vietnam.
The deputy chairman of a large gold trading firm said the new decree would reduce gold bullion trading in Vietnam since many gold shops would be unable to get the license.
This decree has already been sent to relevant authorities for consideration and submission to the government for approval by the end of June.
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