DECREE

ON THE AMENDMENT, SUPPLEMENT OF THE DECREE No. 174/1999/ND-CP DATED 9 DECEMBER, 1999 OF THE GOVERNMENT ON THE MANAGEMENT TO GOLD TRADING ACTIVITIES

THE GOVERNMENT

- Pursuant to the Law on Government organization dated 25 December, 2001;
- Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 dated 12 December, 1997;
- Upon the proposal of the Governor of State Bank of Vietnam,

DECREES:

Article 1. To amend and supplement several Articles of the Decree No. 174/1999/ND-CP dated 9 December, 1999 of the Government on the management to gold trading activities as follows:

1. Article 7 on the competence to adjust charter capital shall be repealed.

2. Article 8 shall be amended as follows:

"Article 8. Conditions and scope of gold trading activities.

1. Organizations and individuals engaging in gold trading activities, processing of jewelry and fine art gold should fully satisfy following conditions:

a) Their business registration must be made in compliance with provisions of applicable laws.

b) Their material, technical conditions and equipment satisfy the requirements of gold trading, production and processing of jewelry, fine art gold

c) Their workers possess professional skills satisfying requirements of gold trading activities, production and processing of jewelry, fine art gold."

2. Article 9 shall be amended as follows:

"Article 9. Production of piece gold

Based on monetary objectives and policies from time to time, the State Bank shall grant a permit to produce piece gold to enterprises, which fully satisfy following conditions:

1. Being enterprises, which have made business registration for production of jewelry, fine art gold;

2. Their material, technical conditions and equipment satisfy the requirements of piece gold production;

3. Their managerial officers and workers possess professional skills satisfying requirements of piece gold production."

3. Article 11 shall be amended as follows:

" Article 11. Export and import of jewelry and fine art gold

1. The export and import of jewelry and fine art gold shall be carried out according to the enterprise's certificate for business registration and the regulation of Prime Minister on export-import management.

2. The export and import of jewelry and fine art gold for participating in exhibitions and fairs shall be carried out in accordance with the regulation of the Government on commercial fair and exhibition."

4. Article 12 shall be amended and supplemented as follows:

" Article 12. Export and import of raw material gold and piece gold

1. The export and import of raw material gold in the forms of foil, stick, powder, solution, welded scab and jewelry gold of all kinds in the forms of semi-finished products shall be carried out in accordance with the certificate of business registration of enterprises and the regulation of Prime Minister on export-import management.

2. Based on monetary policies from time to time, the State Bank shall permit enterprises, which have registered for gold export and import, to export, import raw material gold in forms of bar, bullion, dust, piece.

3. Organizations and individuals trading in gold, which have entered into the gold processing contract with foreign countries, shall be permitted by the State Bank to import raw material gold in forms of bar, bullion, dust, piece for implementing the processing contract with foreign countries.

4. Enterprises with a permit of gold exploitation shall be permitted by the State Bank to export raw material gold in forms of nuggets, stick, clot refined after exploitation ".

Article 2. This Decree shall be effective after 15 days since the date of publication in the Official Gazette. The regulations in the Decree No. 174/1999/ND-CP dated 09 December, 1999 which are already amended at Article 1 of this Decree shall cease its effectiveness since the effectiveness of this Decree.

Article 3. The State Bank of Vietnam shall be responsible for guiding the implementation of this Decree.

Article 4. Ministers, Heads of Ministerial agencies, Heads of Governmental offices, Chairmen of People's committees in provinces and cities under the central Government's management shall take responsibility for the implementation of this Decree.