Expected to grant gold import quota before December 15 every year

Customers conduct transactions at a gold shop belonging to DOJI Gold and Gemstone Group, on Cau Dat Street, Gia Vien Ward. Photo: TRUNG KIEN

Accordingly, before December 15th, the State Bank of Vietnam will grant export and import quotas for gold bars and raw gold to businesses and commercial banks.

Specifically, entities wishing to participate in gold bar production must submit an application to the State Bank of Vietnam, including a request form, documents proving charter capital, internal regulations on production processes, and corrective action documents following inspections (if any). Within 5 working days, the State Bank of Vietnam will review the application and provide reasons for granting or denying the license.

No later than November 15th of each year, licensed businesses and commercial banks must submit their gold import and export quota requests to the State Bank of Vietnam.

The Governor will establish a Council to develop and adjust export and import limits for gold bars and raw gold. Members will include leaders from the Foreign Exchange Management Department, the Monetary Policy Department, the Forecasting and Statistics Department - Monetary and Financial Stability, and the Department of Credit Institution Management and Supervision.

The advisory council assists the Governor in deciding and adjusting the total quota and allocation to each enterprise and commercial bank, based on monetary policy objectives and the supply and demand of gold in each period, the size of foreign exchange reserves, and the situation of gold bullion and raw gold exports and imports.

In addition, the Circular also stipulates that businesses and banks licensed to trade and buy/sell gold bars must connect with and provide the listed prices to the State Bank of Vietnam no later than the end of this year.

These entities must also share information, including trading volume and transaction value, with the State Bank of Vietnam. Parties involved in the production, export, and import of gold bars and raw gold must also provide the State Bank of Vietnam with additional information regarding raw material sources, production time, and final products. The deadline for this information sharing is no later than March 31st of the following year.

Source: https://baohaiphong.vn/du-kien-cap-han-muc-nhap-vang-truoc-ngay-15-12-hang-nam-522120.html