Draft circular on gold business licensing released
The State Bank of Vietnam (SBV) has publicised a draft circular that would adjust existing regulations managing gold trading, Thoi bao Kinh te Viet Nam (Vietnam Economic Times) newspaper reported.
Hanoi (VNS/VNA) - The State Bank of Vietnam (SBV) has publicised a draftcircular that would adjust existing regulations managing goldtrading, Thoi bao Kinh te Viet Nam (Vietnam Economic Times)newspaper reported.
The draftcircular would amend Circular 16/2012/TT-NHNN dated May 25, 2012 toinstruct the implementation of Decree 24/2012/ND-CP issued by the Government.
Under thedraft circular, the SBV would cut administrative works in spot goldtrading management and remove conditions on changing business licences.
Forexample, when a company wants to change the information on its licence,the firm would be able to send a filing to the SBV and an adjustment willbe approved within 15 working days.
Inaddition, some reporting mechanisms between the SBV, its local offices andbusinesses would be eliminated to reduce the workload and expense for bothbusinesses and Government agencies.
Accordingto the SBV, the draft circular is in line with the Government’s efforts toreform administrative process, improve the business and investmentenvironment and support the development of the business community.
Both theprevious circular and the decree have helped re-arrange the domestic goldmarket and made it easier for the Government to control the market.
“At themoment, the domestic gold market has seen a decrease in trading liquidity.Therefore, it is necessary to amend regulations on gold trading businesslicensing,” Thoi bao Kinh te Viet Nam cited the SBV as saying.
The SBVis also exploring a new decree to amend Decree 24/2012/ND-CP.
The SBVhas finished collecting feedback from ministries, Government agencies, businessesand specialists on the decree and submitted the draft to the Prime Minister forapproval.
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On globalmarkets, benchmark gold on the Commodities Exchange traded at 1,535 USD anounce on August 13, up 1.17 percent from August 12.
Theuptrend was attributed to investors’ needs to hedge risks on worries abouttrade tensions, the global economic slowdown and rate cuts across centralbanks.
Goldprices last week jumped nearly 4 percent in total, bringing their rallythis year to 17 percent.-VNS/VNA
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