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- 12 / 12 / 2023 -
New Developments in Gold Bullion Transactions

Circular No. 12/2023/TT-NHNN of the State Bank of Vietnam amends, supplements, and replaces certain provisions of Circular No. 06/2013/TT-NHNN dated March 12, 2013, by the Governor of the State Bank, providing guidance on the trading of gold bullion in the domestic market (“Circular 12”).

Now, let’s delve into the details together with Bizlawyer!

 

Circular 12 has made adjustments regarding the notification of transaction results as follows: The State Foreign Exchange Reserve Management Department will notify in writing the Foreign Exchange Management Department, Financial – Accounting Department, Trading Department, Issuing Department, and Reserve Department of the results of gold bullion transactions with each credit institution and enterprise after confirming the transaction. Compared to the old regulations, Circular 12 adds the requirement to notify the Trading Department.

Circular 12 has adjusted the payment period and the deadline for delivery, receipt of gold bullion as follows: The list of organizations that have fully paid for gold bullion on the day will be prepared by the State Foreign Exchange Reserve Management Department at the end of the day of confirming the transaction and at the end of the next working day after the day of confirming the transaction. Subsequently, the Department shall notify in writing the Financial – Accounting Department, Issuing Department, and Reserve Department to deliver gold bullion to credit institutions and enterprises. Immediately after the delivery and receipt of gold bullion is completed, the Issuing Department and Reserve Department shall notify in writing the State Foreign Exchange Reserve Management Department and the Trading Department to make payment to credit institutions and enterprises. According to the previous regulations, Circular No. 06/2013/TT-NHNN required notification in writing to the Trading Department for payment to credit institutions and enterprises.

Circular 12/2023/TT-NHNN takes effect from November 27, 2023.

 

This newsletter is for informational purposes only regarding newly issued legal regulations and is not intended for advice or application in specific cases.

We hope this information is helpful to our valued readers.

Bizlawyer is honored to accompany our esteemed readers!

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