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VietNamNews

Gold decree takes shape

Update: January, 11/2012 - 09:03

HA NOI — The Government has required the State Bank of Viet Nam to ensure its draft decree on gold trading with the State's monopoly on gold bullion production as well as the export and import of gold material for production, according to a resolution issued at the Government's monthly meeting in December.

The resolution dictates that the decree recognise and protect the legal gold ownership of organisations and individuals and limit the use of gold as a form of payment.

The Government has assigned the State Bank to co-ordinate with the Ministry of Justice, the Government Office and relevant agencies to get ideas from Government officials to perfect the decree.

The decree seeks to restrict trade in gold bullion in order to stabilise the gold market, check hoarding and speculation, and minimise the influence of the gold market on monetary policy. —VNS

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