Is an enterprise allowed to conduct the business of buying and selling gold bars through authorized agents?

Is there any other place besides credit institutions for buying and selling gold bars by organizations and individuals?

Buying and selling activities of gold bars by organizations and individuals are regulated in Article 10 of the Resolution Decree 24/2012/ND-CP, specifically as follows:

Management of business activities of buying and selling gold bars

Buying and selling activities of gold bars of organizations and individuals are only carried out at credit institutions and businesses licensed by the State Bank to buy and sell gold bars.

Under Vietnamese law, buying and selling gold bars can only be done at the following places:

– Credit institutions;

– Enterprises granted business licenses to buy and sell gold bars by the State Bank

Thus, according to the provisions of law on managing business activities of buying and selling gold bars, in addition to buying at credit institutions, we also buy and sell gold bars at enterprises licensed by the State Bank to buy and sell gold bars.

How much charter capital an enterprise must have will meet the conditions for the State Bank to consider granting a business license to buy and sell gold. piece?

The charter capital of the enterprise to be able to meet the conditions for the State Bank to consider granting a Business License to buy and sell gold bars is specified in Article 11 of Decree 24/2012/ND-CP, specifically as follows:

Conditions for granting a Business License to buy and sell gold bars

1. Enterprises will be considered by the State Bank for a business license to buy and sell gold bars when they fully meet the following conditions:

a) Are an enterprise established and operating in accordance with the law.

b) Have a charter capital of 100 billion VND or more.

c) Have experience operating in the field of gold buying and selling business for 2 years or more. (two) years or more.

d) Having paid tax amount for gold business activities of 500 (five hundred) million VND/year or more for the most recent 2 (two) consecutive years (certified by the tax authority).

d) Having a network of branches and sales locations in Vietnam from 3 (three) provinces and centrally-run cities or more.

Thus, under Vietnamese law, businesses that are considered by the State Bank for a business license to buy and sell gold bars must have a charter capital of 100 billion VND or more.

In addition, for the State Bank to consider granting a business license to buy and sell gold bars, businesses must also meet all of the following conditions:

– The enterprise is established and operates according to the provisions of law;

– Have 2 years or more of experience operating in the field of gold trading and trading;

– Within the last 2 consecutive years, the tax amount paid for gold business activities is from 500 million VND/year (confirmed by the tax authority).

– Has a network of branches and sales locations in Vietnam from 3 provinces and centrally-run cities or more.

Are businesses allowed to conduct business of buying and selling gold bars through authorized agents?

Whether businesses are allowed to conduct gold bar business through authorized agents is based on Article 12 of Decree 24/2012/ND-CP as follows:

Responsibilities of businesses and credit institutions Using the business of buying and selling gold bars

Enterprises and credit institutions engaged in the business of buying and selling gold bars are responsible for:

1. Only allowed to buy and sell gold bars specified in Clause 2, Article 3 of this Decree.

2. Gold bar trading is not allowed through authorized agents.

3. Comply with legal regulations on accounting, preparation and use of invoices and documents.

4. Publicly listing at the trading location the buying and selling price of gold bars.

5. Have measures and equipment to ensure safety in business operations.

6. Comply with the provisions of this Decree and other relevant laws

Under Vietnamese law, businesses engaged in the business of buying and selling gold bars have the following responsibilities:

– Only allowed to buy and sell gold bars according to the provisions of law;

– Not allowed to conduct gold bar business through authorized agents;

– Implement and comply with legal regulations related to accounting regimes, preparation and use of invoices and documents;

– At transaction locations, it is necessary to publicly post the buying and selling prices of gold;

– During business operations, it is necessary to have measures and equipment to ensure safety;

– Comply with legal regulations.

Thus, under Vietnamese law, businesses will not be allowed to conduct gold bar trading through authorized agents.