Several amendments and supplements to the management of gold business activities

LEGAL UPDATES

Several amendments and supplements to the management of gold business activities

On September 30th, 2021, the State Bank of Vietnam issued Circular No. 15/2021/TT-NHNN amending and supplementing several articles of Circular No. 16/2012/TT-NHNN ratified by the Governor of the State Bank of Vietnam on May 25th, 2012 guiding several articles of Decree 24/2012/ND-CP dated April 03rd, 2012 by the Government on the management of gold business activites. Accordingly, the Circular supplements regulations on the sequences and procedures for licensing the import of raw gold for foreign-invested enterprises to produce gold jewelry and fine arts under the national-one-stop-shop mechanism. Specifically, in case a foreign-invested enterprise wishes to import raw gold for the production of gold jewelry and fine art, and applies for a license under the national single-window system (MCQG), it shall submit a dossier as prescribed in Article 12 of Circular 16/2012/TT-NHNN to the MCQG portal to be granted a license to import raw gold as follows: 

  • When there is a need to import raw gold for the production of gold jewelry and fine art, the enterprise shall make and send 01 dossiers to the State Bank of Vietnam, which is comprised of: 

+ An application for a license to import raw gold (under the form sample in Appendix 5 to Circular 16/2012/TT-NHNN); 

+ Investment Registration Certificates; 

+ Report on the implementation of export, import and consumption of gold products in the Vietnamese market within 12 preceding months of the reporting time, enclosed with the import and export customs declarations and monitoring sheet certified by the Customs Authority (under the form sample in Appendix 8 of Circular No. 16/2012);    

+ The business and production plan of the enterprise; documents, dossiers  proving the production capacity of the enterprise; 

+ Contracts for processing gold jewelry and fine art with foreign countries. 

  • Within 15 working days from the date of receipt of complete and valid dossiers, the State Bank of Vietnam shall consider granting or refusing to grant (specify reasons) the license to import raw gold for enterprises. 

Circular No. 15/2021/TT-NHNN will be of full force and effect as of November 20th, 2021.

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This legal update is for general information only and is not a substitute for legal advice.