Strictly handle the purchase and sale of gold bars by stores without business licenses.

Photo caption — SJC gold bars (Illustration photo)

The Governor of the State Bank has just issued Document No. 4696/NHNN-QLNH requesting the Directors of State Bank branches in provinces and cities to implement the management of the foreign exchange and gold markets; in which strictly handle the purchase and sale of gold bars by stores without a business license to buy and sell gold bars.

Accordingly, credit institutions and enterprises licensed to trade in foreign exchange and gold bars in the area are required to strictly comply with relevant legal provisions on foreign exchange management and gold trading activities.

In addition, urgently coordinate with local authorities (police, market management, tax, etc.) to strengthen inspection and strictly handle violations of the law in foreign exchange and gold trading and service provision activities. Especially activities related to foreign currency exchange; receiving and paying foreign currency; one-way money transfer from Vietnam to foreign countries and payment for current transactions not in accordance with regulations; buying and selling gold bars by stores without a business license to buy and sell gold bars.

The State Bank also requires regular monitoring, management, and close supervision of developments in the foreign exchange and gold markets in the area to promptly take appropriate and effective handling measures.

The State Bank also issued Document No. 4697/NHNN-QLNH, requesting the People's Committees of provinces and cities to strengthen the dissemination and dissemination to relevant agencies, departments, organizations and individuals in the area of the provisions of the law on foreign exchange and gold management; the directions of the Government and the Prime Minister on urgent issues on the management of foreign exchange and gold market activities for serious implementation.

At the same time, urgently implement measures and tools according to the provisions of law to strictly and effectively manage and operate the foreign exchange and gold markets. Do not allow profiteering, speculation, and manipulation of exchange rates and gold prices, and increase the application of information technology and digital transformation in the supervision, management, and operation of the gold market.

In addition, enterprises and gold trading units are required to strictly implement regulations on electronic invoices in gold trading activities; direct local authorities to strengthen situation monitoring, inspection, examination and supervision according to assigned functions, tasks and powers; strictly handle violations of the law in foreign exchange and gold trading and service provision activities. Especially activities related to foreign currency exchange; receiving and paying foreign currency; one-way money transfer from Vietnam to foreign countries and payment for current transactions not in accordance with regulations; gold bar buying and selling activities of stores without a business license to buy and sell gold bars.

TB (according to VNA)

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