THE STATE BANK OF VIETNAM
Circular No. 06/2013/TT-NHNN of March 12, 2013, guiding the gold bar trading by the State Bank of Vietnam on the domestic market
Pursuant to June 16, 2010 Law No. 46/2010/QH12 on the State Bank of Vietnam;
Pursuant to June 16, 2010 Law No. 47/2010/QH12 on Credit Institutions;
Pursuant to the Government’s Decree No. 96/2008/ND-CP of August 26, 2008, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;
Pursuant to the Government’s Decree No. 86/1999/ND-CP of August 30, 1999, on management of state foreign exchange reserves;
Pursuant to the Government’s Decree No. 24/2012/ND-CP of April 3, 2012, on management of gold business activities;
Pursuant to the Prime Minister’s Decision No. 16/2013/QD-TTg of March 4, 2013, on the gold bar trading by the State Bank of Vietnam on the domestic market;
At the proposal of the director of the Foreign Exchange Management Department,
The State Bank Governor promulgates the Circular guiding the gold bar trading by the State Bank of Vietnam on the domestic market.
Chapter I
GENERAL PROVISIONS
Article 1. Scope of regulation and subjects of application
This Circular guides gold bar trading activities between the State Bank of Vietnam (below referred to as the State Bank) and credit institutions and businesses licensed for gold bar trading.
Article 2. Interpretation of terms
In this Circular, the terms below are construed as follows:
1. Trading representative of a credit institution or business means the lawful representative of a credit institution or a business in gold bar trading transactions with the State Bank.
2. Direct gold bar trading means a form of trading in which the State Bank decides on and announces its gold bar trading prices, volumes and partners.
3. Gold bar trading through bidding means a form of trading in which the State Bank holds a bidding to determine gold bar trading partners, prices and volumes.
4. Price-based bidding means a form of bidding in which bidders offer bids which serve as the basis for determining the winning bid and the winning gold bar volume.
5. Volume-based bidding means a form of bidding in which bidders register their bid volumes which serve as the basis for determining the winning volume at the price announced by the State Bank.
6. Gold bar batch means the unit of volume in gold bar trading transactions between the State Bank and credit institutions and businesses. The volume of a gold bar batch is decided and notified by the State Bank before the transaction time.
