Proposal to abolish sub-licenses for gold jewelry.

The State Bank of Vietnam (SBV) is seeking feedback on the draft Decree amending and supplementing several articles of Government Decree No. 24 dated April 3, 2012 (Decree 24) on the management of gold trading activities. The draft presents several noteworthy proposals.

According to the draft, the production, processing, and trading of gold jewelry and handicrafts will no longer be a conditional investment and business sector.

This means that businesses and establishments will no longer have to meet specific conditions to be granted a certificate of eligibility to produce gold jewelry and handicrafts, as currently stipulated.

Proposal to abolish sub-licenses for gold jewelry. (Photo: Cong Hieu).

To align with these changes, the State Bank of Vietnam proposes abolishing a number of regulations in Decree 24, including provisions related to the conditions for operating the production of gold jewelry and handicrafts; the conditions for trading gold jewelry and handicrafts; the processing of gold jewelry and handicrafts; and the responsibilities of businesses in this field.

The draft also clearly stipulates that, from the date the new decree takes effect, the Certificate of Eligibility for the Production of Gold Jewelry and Handicrafts previously issued by the State Bank of Vietnam will no longer be a requirement for organizations and individuals to carry out the production of gold jewelry and handicrafts.

However, removing business conditions does not mean loosening regulations.

Organizations and individuals operating in the gold jewelry and handicraft sector must still fully comply with all legal regulations regarding product quality, measurement standards, product labeling, price listing, invoices and documents, tax obligations, fire prevention and control, environmental protection, consumer rights protection, and anti-money laundering.

In addition, the draft Decree also adds more specific regulations on the responsibilities of businesses and banks licensed to export and import gold.

Accordingly, these units must build information systems to process and store complete and accurate data on the export, import, purchase, sale, use, and inventory of imported raw gold; data on transactions of buying and selling raw gold; and connect with and provide information to the State Bank of Vietnam.

In addition, the scope of inspection and supervision by the State Bank of Vietnam is proposed to be revised to be more comprehensive, including the production of gold bars; the trading of gold bars; the export and import of gold bars and raw gold; compliance with regulations on licensing, quotas, reporting, trading, and use of imported raw gold; and other gold business activities under the management of the Decree.

Recently, the government has also requested that the revision of the decree be accelerated to better align with market developments and improve the effectiveness of state management.

The State Bank of Vietnam stated that the drafting of the document aims to closely follow the directives of the Party and the State, and to further improve the mechanism for managing the gold market in a transparent manner, in line with the new situation.

Source: https://vtcnews.vn/de-xuat-bo-giay-phep-con-doi-voi-vang-trang-suc-ar1020939.html