Vietnam to float gold bar trading six months

Gold traders in Vietnam will have six months to trade in gold bars freely before being compelled to conduct the transactions at stores licensed by the State Bank of Vietnam (SBV). Gold traders will have six months to trade in gold bars freely The SBV stipulated the extension period in Circular No. 16/2012/TT- NHNN, issued on May 25. The circular will take effect from July 10, 2012. During this time, firms and financial institutions who want to trade in gold bars must complete procedures to get a license for their operations from the SBV. Licenses for gold bar production, previously issued by the SBV, will be no longer valid since the Government's Decree No. 24/2012/NĐ-CP took effect beginning from May 25. Jewelers must finalise procedures to get new licenses from the SBV by May 25, 2013. In early April, Prime Minister Nguyen Tan Dung issued a decree which stipulated the Government's monopoly in gold bar production and gold material import-export beginning from May 25. As a result, the SBV will manage all gold production and trading in the country on behalf of the Government. The trade of gold bars will be allowed at enterprises and financial institutions, but only with a license granted by the SBV. In order to qualify for the license, firms must meet five requirements, which include having a minimum chartered capital of VND100 billion (USD4.79 million) and at least two years experience in gold trading. The firms must have paid taxes on gold trading equaling to VND500 million (USD23,969) per year over the two last years, and have at least three branches in localities under the jurisdiction of the central Government. The requirements for a financial institution to be granted a gold trading license include having a minimum chartered capital of VND3 trillion (USD143.81 million), being registered gold traders and having set up branches in at least five cities and provinces under the direct management of the central Government. Forex News Travel to Vietnam tour to vietnam Tour Ghep Mien Trung Tour Trang Mat Du Lich He Gia Re yen sao hitech review hue tourism vietnam weight loss cute girl dac san hue how to solve rubik how to tie a tie how to be pregnant how to cv what is fashion trends visit vietnam
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