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Bank sets new standards for gold traders
The State Bank of Viet Nam issued last Friday a circular to guide implementation of Decree 24/2012 on managing gold trading.
According to the decree, effective from May 25, the central bank will issue bullion trading licences to businesses that meet the following conditions: have a charter capital of at least VND100 billion (US$4.8 million), paid tax of VND500 million ($24,000) in each of the last two years, and have branches in no less than three provinces or central cities (in case of credit institutions, the requirements are higher).
The circular, effective from July 10, allows businesses who can meet the requirements a six-month period to apply for a new licence while continuing with their trading activities.
After six months only those licensed by the central bank will be able to buy and sell bullion.
For the production and trading of jewellery and fine-art gold, the transition time is set at 12 months. Within 12 months from the effective day of the decree, producers have to re-register their business before applying for a certificate from the SBV.
Traders of jewellery and fine arts items are also required to re-register within 12 months.
It is estimated that there are around 10,000 gold shops nation-wide, one-fourth of them in HCM City.
Nguyen Van Dung, chairman of the HCM City Association of Fine Arts, Gold, Jewellery and Gemstones, says most gold shops in the city do not have the required VND100 billion ($4.76 million) charter capital and in fact have less than VND10 billion ($476,190).
vietnamnews
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