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THE STATE BANK THE SOCIALIST REPUBLIC Of VIETNAM
Of VIETNAM Independence-freedom-Happiness
No.149/QD-NH7 htmlhtmlhtml-
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Hanoi, 6th July, 1994.
DECISION Of THE STATE BANK GOVERNOR ON THE ISSUANCE Of AUTHORIZED GOLD IMPORTING REGULATION
- Pursuant to the Decree 63/CP 24th September, 1993 of Government, delineating the gold trading management.
- On the proposals of the Head of the foreign Exchange Control Department.
DECIDES
Article 1:
Hereby issue in connection with this Decision the Regulation on Authorized Import of Gold.
Article 2:
This decision is effective as of the signing day.
Article 3:
The Head of the foreign Exchange Control Department, General Director of the Vietnam Gold, Silver & Precious Stone Corporation, Directors of State Enterprises trading in gold, Directors of the Commercial banks allowed to trade in gold are responsible for implementing this decision.
for The State Bank
Deputy Governor
LE VAN CHAU (Signed)
THE STATE BANK THE SOCIALIST REPUBLIC Of VIETNAM Of VIETNAM Independence-freedom-Happiness htmlhtml-- htmlhtmlhtmlhtml--
Article 1:
The import of gold is executed by the State Bank. In the necessary cases, the Governor of the State Bank allows some enterprises obtaining the license for trading in Gold to import gold under the from of assignment through the State Bank.
Article 2:
The Enterprises authorized to import gold have to implement strictly the Gold Management policy of the State and this regulation.
Article 3:
The State Bank is assignee to import gold, the State enterprises trading in gold and other Commercial banks allowed to trade in Gold, are assignors. In special cases, the Governor orders, the Vietnam Gold, Silver and Precious Stones Corporation in also a assignee.
II. BUSINESS, CONDITIONS AND PROCESS Of AUTHORIZED IMPORT Of GOLD VIA STATE BANK
Article 4:
Business authorized to import gold through the State Bank.
4.1: State Businesses granted license for trading in Gold by the State Bank include the Gold and Silver trading companies under Ministries, branches, people committee of provinces, cities.
4.2: The State Commercial Banks, joint-stock commercial banks, having the gold trading shops and granted license for trading in gold by the State Bank.
Article 5:
Conditions to be met for the State Bank's permission Businesses, which want to import gold through State Bank have to fulfill following conditions:
5.1: Obtaining a good reputation in the market, trading efficiently, and implementing well all regulations on gold management of the State.
5.2: Having Sufficient foreign exchange, which is confirmed by the banks keeping their accounts.
5.3: In order to import gold next time via State Bank, the businesses have to make a detailed report on the use of previously gold imported to the State Bank (the foreign Exchange Control Department).
Article 6:
The Process of gold import on assignment.
6.1: The businesses submit the application for authorized import of gold to the State Bank's Governor. In the application, the business have to specify the amount of gold to be imported, the time to import, maximum price, port of destination.
6.2: The maximum quantity of Gold decided by the Governor, the businesses directly negotiate with foreign partners the import price, quantity and inform the results to the State Bank.
6.3: The State Bank will sign a gold import contract on assignment with the businesses at CIf price, time of delivery... which have been agreed with foreign partners.
6.4: The State Bank, representatives of the business, sign a import contract with the foreign partners.
6.5: The businesses directly make payment, pay taxes and customs fee (if any) to the Customs Office of Provinces, Cities, pay the commission to the State Bank.
After the import of gold, within 10 days, the businesses have to present all the documents concerned to the tax paying to the State Bank (if import via State Bank).
III. RIGHTS AND OBLIGATIONS
Article 7:
Right and obligations of the businesses the assignors to import gold
7.1: Deciding the import price of gold, chose the suitable and foreign company to do business in order to achieve highest efficiency.
7.2: Being informed on time the time of delivery quantity, quality as the contents of the signed contract.
7.3: Paying 0.13% commission on the value of the consignment to the State Bank or the Vietnam Gold, silver and Precious Stones Corporation.
7.4: Paying import tax to State Budget.
7.5: Being under management, inspection of the State Bank and the concerned organizations.
7.6: Making report on the implementation of the contract and submitting to the State Bank (the foreign Exchange Control Department), in the report, the businesses have to write in details the imported quantity of gold, sold quantity and the selling price.
Article 8:
Rights and obligations of the State Bank in implementation of authorized contract.
8.1: Gathering the requests for authorized import of gold of businesses and submitting to the Governor to decide the amount of gold to be imported.
8.2: Informing the approved amount to the businesses.
8.3: Signing the import contract with the foreign partner after receiving the report on the negotiations of the businesses.
8.4: Informing the contents of the contract to the businesses; include price, quantity to be imported, date of delivery...
8.5: Receiving 0.13% commission on the value of consignment.
8.6: Checking and impelling the businesses to pay import tax.
VI. REGULATION ON AUTHORIZED IMPORT Of GOLD VIA THE VIETNAM GOLD, SILVER AND PRECIOUS STONE CORPORATION
Article 9:
The Vietnam Gold, Silver and Precious Stones Corporation plays a role of major organization to import gold authorized by the companies under the corporation system. The Corporation only import gold, which are authorized by the companies outside the system when receiving the order of the Governor.
The Corporation pursuant to Articles 5, 6, 7 of this Regulation to implement the authorized import of gold.
Article 10:
Rights and obligations of the Corporation in implementation of authorized Contract.
10.1: Gathering the Requests for authorized import of gold by the businesses (check the above mentioned in Article 5) to list the companies and submitting to the Governor (The foreign Exchange Control Department).
10.2: Receiving the 0.13% commission on the value of consignment, include the licensing fee paid to State Bank and the authority commission paid to the Corporation.
10.3: The Corporation is responsible for conducting the businesses to implement the authorized import of gold, informing the maximum quantity of gold to be imported, which are approved by the Governor.
10.4: Checking and impelling the businesses to pay import tax.
V. IMPLEMENTATION
Article 11:
Every quarter, State Bank (The foreign Exchange Control Department) gathers the reports on the situation of authorized import of gold by the Businesses and submits to the Governor.
Article 12:
The Head of foreign Exchange Control Department the financial accounting Department, Chief inspector... are responsible for conducting and controlling the implementation of this Decision.
Article 13:
All the amendments and additions to this regulation are decided by the Governor of the State Bank.
for The State Bank Deputy Governor
LE VAN CHAU (Signed)