The appraisal dossier of the draft Decree amending and supplementing a number of articles of Decree No. 24/2012 on the management of gold business activities has just been announced.
In the draft, the State Bank proposed to add a regulation that payments for gold purchases and sales worth VND20 million or more per day by a customer must be made through the customer's payment account and the payment account of the business opened at a commercial bank or foreign bank branch.
This content is completely new compared to current regulations.
The State Bank explained that this is to ensure the requirement of authenticating customer information but does not create additional obligations for customers, because the information authentication has been performed when customers open and use payment accounts at commercial banks and foreign bank branches.
This regulation also aims to increase publicity and transparency in gold buying and selling transactions.
At the same time, the operator said that it is necessary to clearly define the value of 20 million VND or more per day of a customer to avoid circumvention of the law by dividing transactions (under 20 million VND).
According to the State Bank, after 14 years of applying Decree 24, many regulations are no longer suitable to practical situations.
Therefore, one of the important contents that the gold market is interested in and that this agency proposed the Government to amend is to remove the regulation that the State has a monopoly on the production of gold bars, the export of raw gold and the import of raw gold to produce gold bars.
The viewpoint is to eliminate 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, while expanding the right to import under control to increase the supply of gold; ensuring the principle of respecting the ownership rights, property rights, and freedom of business of people and enterprises; ensuring transparency in the market.
Buying and selling gold worth 20 million VND/day may have to be paid without cash (Photo: Manh Quan).
In the draft new Decree, the State Bank recommends that the production of gold bars and the trading of gold bars must be licensed by the State Bank, as the production of gold bars is a conditional business activity. This amendment and supplement is in line with the goal of shifting from a monopoly mechanism for the production of gold bars to a mechanism for licensing the production of gold bars.
Regarding the regulations on the export and import of raw gold, the State Bank also proposed to issue annual quotas and one-time licenses to enterprises and commercial banks to export and import gold bars. Annual quotas and one-time licenses are issued to enterprises and commercial banks to import raw gold.
"This proposed addition aims to unify regulations to eliminate the monopoly mechanism for exporting and importing raw gold to produce gold bars in a controlled manner on the principle that the State still manages through granting quotas and licenses," the State Bank explained.
Source: https://dantri.com.vn/kinh-doanh/de-xuat-mua-ban-vang-20-trieu-dongngay-phai-chuyen-khoan-20250712220129839.htm
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