DECISION

ON THE CARRYING OF GOLD BY INDIVIDUALS UPON ENTRY INTO AND EXIT FROM THE COUNTRY

THE GOVERNOR OF THE STATE BANK

Pursuant to The Law on the State Bank of Vietnam promulgated by the Decree No. 1/L-CTN dated 26/12 1997 of the Chairman of the Socialist Republic of Vietnam;
Pursuant to the Decree No.88/1998/ND-CP dated 2 November, 1998 of the Government on the functions, authority and organizational structure of the State Bank
Pursuant to the Decree No.63/1998ND-CP dated 17 August, 1998 of the Government on foreign exchange control;
Upon proposal of the Director of the foreign exchange control Department,

DECIDES

Article 1.

This Decision shall apply to the carrying of gold by the residents and non-residents being individuals (hereinafter called individuals) upon entry and exit through the Vietnam checking points with passports issued by competent authority of Vietnam or of foreign countries.

Article 2.

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Article 3.

Individuals upon entry and exit through Vietnamese check points carrying gold (not gold of international standard) of weight in excess of the weight provided for in Article 2 of this Decision but not more than 3,000 grams (three thousand grams) shall be subject to customs declaration at the check points and pay tax in accordance with current laws for the excess weight. If the gold carried is more than 3,000 grams (three thousand grams), the excess shall be deposited in the customs store for carrying out upon exit or for sending abroad. The individuals concerned shall bear all the related costs.

The gold carried into Vietnam by individuals can be sold to enterprises authorised to carry out gold business for Vietnamese Dong to cover expenses in Vietnam or for other legal purposes.

Individual upon entry carrying gold of international standard shall complete procedures to deposit this gold in the custom store for carrying out when exiting the country or to send abroad. The individuals concerned shall bear all the related costs.

Article 4.

Individuals exiting through the checking points of Vietnam and carrying gold of weight in excess of 300 grams (three hundred grams) shall have a permit of the State Bank for the weigh in excess of 300 grams (three hundred grams).

If the individuals carry gold of weight in excess of the limit provided for in Article 2 of this Decision but not more than the weight declared upon entry (if any), they shall have to present the customs declaration to the customs office and shall not require a State Bank permit.

Article 5. Application procedures to apply for the permit to carry gold upon exit

Individuals requiring a permit to carry gold upon the exit as provided for in Article 4 of this Decision shall file an application to the State Bank Head office or the State Bank branches in the provinces and cities in accordance with the authority to issue permits stipulated in Article 6 of this Decision. The file shall consist of:

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2. Documents for evidencing the source of the gold, if any;

3. A copy of the passport certified by the notary public (if the copy is not certified by the notary public, the original is to present for checking)

Within 10 working days since the date of receipt of complete file, the State Bank or the State Bank branches in the provinces or cities shall issue the permit or refuse to issue the permit. In case of refusal, the State Bank or the State Bank branches shall explain the reasons for doing so in writing.

Article 6. Authority to issue the permit to carry gold upon exit

General managers of State Bank branches in the provinces and centrally managed cities shall consider and issue permits to individuals to carry gold of weight up to 2,000 grams (two thousand grams); Permission to carry gold of weight in excess of 2,000 grams shall be by the State Bank-Head office.

Article 7.

This Decision shall be effective from the date of signing. Previous provisions in conflict with this Decision shall be repealed.

Article 8.

The Head of Governor office, The Director of Foreign Exchange Control Department, Heads of Department related in the State Bank, General Managers of State Bank Branches in the provinces and cities and individuals concerned shall be responsible for the enforcement of this Decision.

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FOR THE GOVERNOR OF THE STATE BANK OF VIETNAM
DEPUTY GOVERNOR




Le Duc Thuy