Gold businesses must have capital of 1,000 billion VND to be able to produce gold bars.

There will be many gold bar brands joining the market soon - Photo: THANH HIEP

In addition to capital, many conditions must be met to produce gold bars.

Decree No. 232 was just issued by the Government today, August 26, amending and supplementing a number of articles of Decree No. 24 (issued on April 3, 2012) on the management of gold trading activities. The notable content of Decree 232 is the abolition of Clause 3, Article 4 of Decree 24/2012, eliminating the State's monopoly mechanism on the production of gold bars, the export of raw gold and the import of raw gold to produce gold bars.

So what are the conditions for granting a license to produce gold bars?

Decree 232 stipulates that the State Bank will consider granting a license to produce gold bars for enterprises when they meet all the conditions. Specifically, the enterprise must have a license to buy and sell gold bars and have a charter capital of VND 1,000 billion or more.

On the commercial bank side, to be considered by the State Bank for a license to produce gold bars, in addition to having a business license to buy and sell gold bars, a bank must also have a charter capital of VND50,000 billion or more.

In addition, both enterprises and banks must meet the condition of not being administratively sanctioned for violations of gold trading activities, or being administratively sanctioned for violations of gold trading activities but having completed remedial measures according to the decision on administrative sanctions...

In addition, there must be internal regulations on gold bar production, including basic contents such as raw material import process; gold bar production process; production supervision process; product quality control process.

Enterprises and banks are allowed to produce gold bars immediately after being granted a license.

The Decree also emphasizes that the Governor of the State Bank will prescribe the documents and procedures for granting licenses to produce gold bars.

And the binding of a series of regulations as above is to ensure that enterprises and commercial banks producing gold bars are experienced organizations, have sufficient financial capacity, and comply with the law on gold trading activities to carry out the production of gold bars.

This is also a necessary basis for businesses and commercial banks to immediately start producing gold bars when they are granted a license to produce gold bars, meeting the urgent requirement of effectively managing the gold market in the current context, ensuring the principle that the State still manages the production of gold bars.

Binding the responsibilities of organizations that produce and trade in gold bars

In addition, Decree 232 also adds some new contents in the direction of expansion, increasing the responsibility of enterprises and commercial banks producing gold bars and the responsibility of enterprises and credit institutions trading in gold bars.

Specifically, organizations that are allowed to produce, trade, buy and sell gold bars are only allowed to produce, trade, buy and sell the specified type of gold bars. Comply with the provisions of law on accounting, creating and using invoices and vouchers.

In addition to enterprises, commercial banks producing gold bars are responsible for announcing the applicable standards, mass and content of the products according to the provisions of law and are responsible before the law for the mass and content standards of the products produced in accordance with the announced mass and content standards.

Must take full responsibility for the gold bars produced by themselves, guarantee the gold bars for customers according to the law, and at the same time fully and accurately store data on the gold bars produced.

Build an information system to process and store data on produced gold bars with basic contents including information on input materials, production time, and output products; connect and provide information to the State Bank according to regulations of the Governor of the State Bank.

Enterprises and credit institutions engaged in gold buying and selling must publicly post the buying and selling prices of gold bars at the transaction location or on the electronic information page and provide information on the listed prices to the State Bank.

The State Bank emphasized that organizations licensed to trade in gold bars are not allowed to trade in gold bars through authorized agents.

At the same time, it is necessary to develop internal regulations on buying and selling gold bars, which clearly stipulate the process of buying and selling gold bars with customers. Publicly announce information about the rights and obligations of customers on the electronic information page of the credit institution, enterprise or publicly post at the transaction office. At the same time, fully and accurately store data on buying and selling gold bars.

Build an information system to process and store data on gold bar trading transactions with basic contents including identification information for individuals, corporate tax codes for businesses, transaction volume and value of buyers and sellers. Implement connection to provide information to the State Bank according to regulations of the Governor of the State Bank.

Comply with the provisions of this Decree and other relevant legal provisions.

Source: https://baoquangninh.vn/doanh-nghiep-vang-phai-co-von-tu-1-000-ti-dong-moi-duoc-san-xuat-vang-mieng-3373344.html