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VietNamNews

Carrying gold out of the country may be banned

Update: July, 30/2012 - 09:46

HA NOI — Vietnamese and foreign individuals may be banned from taking gold bullion out of the country when they leave. The ban may also extend to raw gold, such as nuggets and gold dust.

A draft circular from the State Bank of Viet Nam (SBV) states that it is collecting feedback on the matter from relevant agencies.

Under the new rule, Vietnamese and international travellers wearing gold jewellery weighing more than 300g would also have to declare it with customs and pay taxes.

However, people who go abroad for legal permanent residency would be allowed to carry one kilogram of gold if they possess a permit issued by SBV branches in the provinces and cities where they reside.

The draft rule states that requests for permits would take 15 days to process.

Vu Ngoc Lan, deputy director of the SBV's Legislation Department, said the circular aimed to strengthen the management of gold bullion and raw gold to keep the market stable.

"Strict management will create the right conditions for the processing of gold and trading, and ensure the rights of residents and gold enterprises," she said.

In the existing circular issued in 2001, she said the SBV did not ban individuals from carrying gold bullion when leaving the country. It only asked them to declare it with customs and apply for permits from the SBV.

However, Nguyen Hoang Lan, director of the Thanh Cong Wrapping Private Company, said 15 days was too long to wait for a permit.

"To help residents follow the regulations, the State should simplify procedures and shorten the time for issuing permits," he said. — VNS

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