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Legal Update

Vietnam Authorities Taking Steps to Close Gold-Trading Floors

19 January 2010
Mayer Brown Legal Update


Following the release of the Government Office's Notice No. 369/TB-VPCP dated 30 December 2009 ("Notice 369") conveying the Prime Minister's order to close all the gold-trading floors by 30 March 2010, the competent State bodies issued legal documents to implement his instruction.

Full Update

On 6 January 2010 the State Bank of Vietnam released Circular No. 01/2010/TT-NHNN ("Circular 01") with immediate effect to repeal Decision No. 03/2006/QD-NHNN of the Governor of the State Bank dated 18 January 2006 on gold trading from offshore accounts ("Decision 03") and Decision No. 11/2007/QD-NHNN dated 15 March 2007 which amended Decision 03.

Circular 01 stipulates that:

  1. Credit institutions and enterprises currently trading gold from offshore accounts must terminate all such activities as from 6 January 2010 except for transactions to finalise payment and to close accounts prescribed below.
  2. Credit institutions and enterprises currently trading gold from offshore accounts must finalise transactions and close such accounts prior to 30 March 2010.
  3. Licences to trade gold from offshore accounts issued by the State Bank to credit institutions and gold traders pursuant to Decision 03 and Decision 11 shall no longer be valid as from 30 March 2010.

For its part, on 8 January 2010 the State Commission on Securities issued Official Letter No. 84/UBCK-QLKD requesting securities companies to strictly implement the order of the Prime Minister, as expressed in Notice 369, that no later than 30 March 2010 the trading of gold under all forms via domestic bank accounts should be banned.

For inquiries related to this Client Alert, please contact:

Dao Nguyen ( )

Thinh Dan ( )

Learn more about our Vietnam offices and Banking & Finance practice.

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