On 29 April 2011, the State Bank of Vietnam (SBV) issued Circular No. 11/2011/TT-NHNN (Circular 11) to terminate gold mobilisation and lending by credit institutions, including branches of foreign banks.
Circular 11 was released in an effort made by the Vietnamese Government to curb dollarisation and gold speculation in the economy, stabilise the foreign exchange and gold market and minimise using gold as a means of payment.
The key points of Circular 11 are presented below:
Circular 11 took effect as of 1 May 2011 and replaced Circular No.22/2010/TT-NHNN dated 29 October 2010 of the Governor of the SBV regulating mobilisation and lending in gold by credit institutions.
For inquiries related to this Legal Update, please contact:
Dao Nguyen ( )
Thinh Dan ( )
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