Vietnam bans gold bars from cross border transit

Thanh Nien News

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In an effort to tighten its control over Vietnam’s gold market, the central bank has prohibited Vietnamese and foreigners from carrying gold bars and raw gold in and out of the country.
The ban was stipulated in a circular recently issued by the State Bank of Vietnam that will take effect this May 15, Tuoi Tre (Youth) newspaper reported on Saturday.
Under the new regulations, people can bring with them gold jewelry and ornamental gold products, and they are required to declare it with customs when the gold weighs more than 300 grams in total.
People are allowed to carry all kinds of gold when they enter or leave Vietnam for immigration.
But, they have to apply for a license with the state bank if the gold weights over one kilogram in total, and declare it with customs if the weight is over 300 grams.
The news report quoted analysts as saying that the central bank made the latest move in order to curb gold from being drained overseas while its domestic price is lower than the world price.
It is also part of the bank’s effort to tighten its control over Vietnam’s gold market, they said.
The bank has previously issued regulations like requiring people to declare their personal information when trading gold worth over VND300 million, according to the report.

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