In Vietnam, is it permissible to sell and purchase gold online? What are the responsibilities of entities trading gold bars?

In Vietnam, is it permissible to sell and purchase gold online?

Pursuant to Article 10 of the Decree 24/2012/NĐ-CP stipulating management of gold bar purchase and sale:

The purchase and sale of gold bars by organizations and individuals shall be only done at credit institutions and enterprises being issued with the License to trade gold bars by the State Bank.

Pursuant to Article 19 of the Decree 24/2012/NĐ-CP stipulating acts of violation in gold business activities:

Acts of violation of gold business include:

1. Producing gold jewellery and fine arts without the Qualification certificate of gold jewellery and fine arts production issued by the State Bank.

2. Purchasing and selling gold bars, importing and exporting gold materials without the license issued by the State Bank.

3. Individuals bringing along gold when entering, exiting the country exceeding the limit prescribed by law without the written permission from the State Bank.

4. Using gold as a mean of payment.

5. Producing gold bars in contravention of this Decree.

6. Conducting other gold business without being permitted by the Prime Minister licensed by the State Bank.

7. Violations of other provisions of this Decree and other relevant law provisions.

As regulations above, credit institutions and enterprises issued with the License to trade gold bars by the State Bank can trade under many types of business as long as they ensure the management from the State Bank. Therefore, you are allowed to trade gold online as this act is not considered as a violation of gold business.

In Vietnam, what are the responsibilities of entities trading gold bars?

Pursuant to Article 12 of the Decree 24/2012/NĐ-CP stipulating responsibilities of enterprises and credit institutions trading gold bars:

Enterprises and credit institutions trading gold bars are responsible to:

1. Purchase and sell only the kinds of gold bars stipulated in Clause 2 Article 3 of this Decree.

2. Keep from gold bars trading through authorized agents.

3. Comply with law provisions on accounting regime, invoices and accounting records.

4. Post the gold bar sale and purchase price publicly at the location of transaction.

5. Take measures and equipment to ensure safety in business activities.

6. Comply with this Decree and other relevant law provisions.

Best regards!