The Ministry of Justice has just announced the appraisal dossier of the Draft Decree Amending and supplementing a number of articles of Decree No. 24/2012 of the Government on the management of gold trading activities.
In the summary table of comments on the draft amendment to Decree 24, ACB , Eximbank, BIDV, Vietinbank, and MBBank banks proposed to add regulations on outsourcing the production of gold bars.
Accordingly, it is proposed to supplement: Enterprises and credit institutions licensed to import gold bars and raw gold are allowed to outsource gold bar production to enterprises and credit institutions licensed by the State Bank of Vietnam (SBV) to produce gold bars.
It is recommended that the State Bank clarify the concept of "gold bar production" activities, which means that enterprises and credit institutions licensed to produce gold bars (licensed parties) must directly produce gold bars or can hire/assign other enterprises and credit institutions to produce gold bars, and the licensed party is still responsible for the production of these gold bars.
At the same time, these banks proposed allowing businesses and credit institutions that produce gold bars to hire production and processing of gold bars abroad.
Explaining, the State Bank said that Article 178 of the 2005 Commercial Law stipulates that "commercial processing is a commercial activity... to perform one or more stages in the production process at the request of the ordering party in order to receive remuneration".
The draft Decree stipulates that enterprises and commercial banks that are permitted to produce gold bars are responsible for: Announcing the applicable standards, weight, and content of the product according to the provisions of law and being legally responsible for the weight and content standards of the produced products that are in accordance with the announced weight and content standards. At the same time, they are fully responsible for the gold bar products they produce, guaranteeing the gold bar products for customers according to the provisions of law; fully and accurately storing data on the gold bars produced.
Thus, enterprises and commercial banks are fully responsible for the gold bars they produce or hire for processing and must announce the applicable standards, volume and content of the gold bars they produce or hire for processing.
How to ensure the quality of gold bars?
HDBank, Vietinbank, BIDV , and TCB proposed to add: Regulations on having an independent gold quality testing center to ensure consistent quality of gold bars in transactions; regulations allowing a qualified third party to participate in testing the quality of gold bars (weight, content, etc.) produced by licensed enterprises.
At the same time, specific regulations include: Quality standards, quality inspection instructions, and the need for common standards for the entire market on the volume and content of gold bars from state management agencies for businesses and credit institutions producing gold bars to apply...
Explaining, the State Bank said that the Draft Decree stipulates the responsibility of the Ministry of Science and Technology to preside over and coordinate with relevant agencies to issue national standards for gold jewelry, fine arts and gold bars; inspect and manage the quality of gold jewelry, fine arts, gold bars and raw gold in production, import and circulation on the market; and inspect measuring instruments of gold trading enterprises.
The State Bank will synthesize and recommend the Ministry of Science and Technology to study and amend the regulations in Circular 22/2013 to organize the testing of gold bar and raw gold content.
In the summary of comments on the draft amendment to Decree 24, the Gold Business Association and DOJI suggested that credit institutions, especially commercial banks, should not be added to the list of those participating in the production and trading of gold bars. The reason is that if credit institutions are allowed to carry out “production” activities, it will be inconsistent with and inconsistent with the provisions of the Law on Credit Institutions.
Explaining, the State Bank said that licensing businesses and commercial banks to participate in the production and trading of gold bars is necessary in the current period to ensure a more competitive, open and transparent gold market, and has been specifically explained by the State Bank in reports and submissions sent for public comments.
Accordingly, closely following the General Secretary's direction on eliminating the state monopoly mechanism on the production of gold bars in a controlled manner on the principle that the State still manages the production of gold bars, the draft Decree stipulates the conditions for granting licenses for the production of gold bars with the aim of selecting enterprises and commercial banks with sufficient financial capacity and compliance with the law on gold trading activities to carry out the production of gold bars.
Source: https://nld.com.vn/de-xuat-cho-doanh-nghiep-ngan-hang-thue-gia-cong-vang-mieng-o-nuoc-ngoai-196250712231919171.htm
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