The business license to buy and sell gold bars are issued to businesses operating in this field. The licensing process includes many steps, from preparing documents to checking conditions and approval by the State Bank. The article below will provide detailed information about the types of gold allowed to be traded, licensing conditions, procedures and necessary documents according to the latest regulations in 2024.

Types of gold currently allowed to be traded

According to Decree 24/2012/ND-CP, types of gold allowed to be traded in Vietnam include:

• Gold jewelry and fine arts: Are gold products with a content of 8 Karat (33.33%) or more, processed and crafted to serve the needs of jewelry and fine art decoration.
• Gold bar: Gold stamped into pieces, stamped with letters and numbers indicating the volume, quality and symbol of a business or credit institution licensed to produce by the State Bank of Vietnam. Gold bars can also be produced by the State Bank in each period.
• Raw gold: Unprocessed gold, used to produce gold jewelry, fine arts or gold bars.

This classification helps strictly manage gold business activities, ensuring transparency and compliance with legal regulations.

Conditions for being granted a business license to buy and sell gold bars

To be granted a gold trading license, businesses need to meet the following conditions according to Clause 1, Article 11 of Decree 24/2012/ND-CP:

• Is an enterprise legally established and operating in accordance with Vietnamese law.
• Have a minimum charter capital of 100 billion VND.
• Have experience operating in the field of gold buying and selling business for at least 2 years.
• Have the tax amount paid from gold trading activities reaching at least 500 million VND/year for the last 2 consecutive years, certified by the tax authority.
• Have a network of branches and sales locations in at least 3 provinces and centrally run cities.

For credit institutions, according to Clause 2, Article 11 of Decree 24/2012/ND-CP, conditions include:

• Have a minimum charter capital of 3,000 billion VND.
• Registered to operate gold business.
• Has a branch network in at least 5 provinces and centrally run cities.

These conditions are intended to ensure that businesses and credit institutions have sufficient financial capacity, experience and scale of operations to conduct gold trading business effectively and in compliance with legal regulations.

Procedures for granting a business license to buy and sell gold bars

Prepared documents

According to Clause 2, Article 1 of Circular 03/2017/TT-NHNN, application documents for a gold bar trading license include:

For businesses:

• Application for a Business License to buy and sell gold bars (according to Sample in Appendix 2 of Circular 03/2017/TT-NHNN).
• List of locations registered as business locations to buy and sell gold bars (headquarters, branches, business locations).
• Branch operation registration certificate and document showing the registered location as a business location for buying and selling gold bars that have been registered for business or notified to the competent business registration agency.
• Confirmation from the tax authority on the tax amount paid for gold trading activities in the previous 2 consecutive years.

For credit institutions:

• Application for a Business License to buy and sell gold bars (according to Sample in Appendix 3 of Circular 03/2017/TT-NHNN).
• List of locations registered as business locations for buying and selling gold bars (headquarters, branches, transaction offices).
• Branch operation registration certificate and document showing the registered location as a business location for buying and selling gold bars that have been registered for business or notified to the competent business registration agency.

Issuing authority

The State Bank of Vietnam (Foreign Exchange Management Department) is the competent authority to grant business licenses to buy and sell gold bars.

Implementation steps

According to Article 15 of Circular 16/2012/TT-NHNN, the process of granting a gold bar trading license includes the following steps:

Step 1: Enterprise or credit institution submits application to the State Bank of Vietnam (Foreign Exchange Management Department). Businesses can submit directly at the One-Stop Department or via postal service.

Step 2: The State Bank of Vietnam notifies the State Bank branches in provinces and cities in the area to check the documents; legal proof of ownership or legal right to use the business location for the enterprise and the situation of necessary equipment to carry out gold bar buying and selling activities at the location registered as the purchasing business location , selling gold bars.

Step 3: Within 7 working days, the State Bank branch in provinces and cities reports the inspection results to the State Bank of Vietnam (Foreign Exchange Management Department).

Step 4: The Foreign Exchange Management Department submits to the Governor for consideration and decision on granting a Business License to buy and sell gold bars. Within 30 working days from the date of receipt of complete and valid documents, the State Bank shall issue or refuse to issue (specify reasons) Business License to buy and sell gold bars.

Consulting services to support applications for business license to buy and sell gold bars

Long Phan provides professional consulting services to support businesses and credit institutions in the process of applying for a gold trading license. Services include:

• Consulting on licensing conditions and assessing the business’s ability to meet them.
• Support in preparing complete and accurate documents according to regulations.
• Business representatives work with authorities.
• Monitor application progress and resolve arising issues.
• Consulting on operating procedures after being licensed.

With experience and expertise in the field of licensing, Long Phan is committed to supporting businesses in completing licensing procedures quickly, effectively and in compliance with legal regulations.

The process of granting a gold trading license requires strict compliance with legal regulations. Customers need to carefully prepare documents and fully meet the prescribed conditions. For detailed advice and support on gold trading license procedures, please contact Long Phan via hotline 0906735386. We are ready to support customers throughout the licensing process.