People have the right to own, buy and sell gold bars.
This information was confirmed by Mr. Nguyen Van Binh, Deputy Governor of the State Bank of Vietnam (SBV) yesterday (April 3).
According to current law, people have the right to own and store gold bars, the right to buy, sell and exchange gold bars, the right to deposit and withdraw gold bars at credit institutions licensed to trade in gold.
According to the State Bank of Vietnam, there are currently thousands of businesses operating in the gold business nationwide, with nearly 4,000 in Hanoi and Ho Chi Minh City alone. However, the production and trading of gold bars has many shortcomings.
Illustration photo: VnExpress
Besides the serious businesses, some businesses take advantage of the gold brokerage function to collude with each other to manipulate prices, speculate in the market, illegally buy and sell foreign currencies, and spread false information that affects people's psychology about gold and foreign currency prices to make profits. In particular, gold smuggling across the border is very common and increasingly large-scale, with the average annual import of smuggled gold alone ranging from 20 to 40 tons.
One of the reasons why the gold market has been chaotic recently, according to Mr. Binh, is because the state management function of gold is still fragmented.
Specifically, the State Bank has the function of managing gold trading activities for the import and export of raw gold in the form of blocks, bars, grains, and pieces; gold bar production activities; all other activities such as buying, selling, producing, and processing gold jewelry; importing and exporting gold jewelry and fine arts; gold bar trading activities on the market are licensed by the Department of Planning and Investment of the province or city; the Ministry of Industry and Trade manages the market...
To address the above shortcomings, according to Mr. Binh, the State Bank has also completed a draft decree to replace Decree 174 of 1999 on gold trading activities. The draft decree is being reviewed by ministries, branches, commercial banks, and gold production and trading enterprises this month and will be submitted to the Prime Minister for signing and promulgation in the second quarter of 2011. The direction for managing gold trading activities is to focus on gold import points, gradually narrow down and eventually eliminate gold bar trading in the free market; strictly control gold trading activities, and effectively prevent gold smuggling across borders.
On the other hand, the State Bank will coordinate more closely with the Ministry of Public Security, the Ministry of Industry and Trade, and localities to monitor compliance with regulations on foreign currency exchange and gold trading. Issue regulations on sanctions for violations, including suspension, revocation of operating licenses, confiscation of assets, and regulations on rewards for detecting violations of foreign currency exchange and gold trading activities. Strictly handle intentional violations according to the law.
According to Ho Chi Minh City Law
