Travelers to be banned from carrying gold bars

 Individuals may be banned from taking gold bullion with them when they leave the country, the State Bank of Vietnam said Wednesday in a draft circular on which it is collecting feedback from relevant agencies.

The regulation also targets raw gold materials and includes an exception for those who wish to settle down in other countries, the central bank said.

In the abroad settlement case, travelers are allowed to carry only 1 kilogram of gold, instead of the current 3kg limit.

The SBV also aims at taking control over gold jewelry and fine arts through a tax policy. Specifically, local and international travelers wearing gold jewelry weighing at least 300g when leaving Vietnam will have to declare with the customs agency and pay taxes.

Last year the central bank also reduced the amount of foreign currency that can be taken out of the country without customs declaration from US$7,000 to $5,000.

The regulation took effect from September 1, while the limit for the dong was maintained at VND15 million.

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