SBV will ban the carrying of gold bars into Viet nam from may 15.— Photo Baodongnai.com.vn

HA NOI (Biz Hub) — Vietnamese and foreign individuals have been banned from carrying gold bars and gold raw materials when leaving or entering Viet Nam from May 15.

This was announced in Circular No. 11/2014/TT-NHNN, issued by the State Bank of Vietnam (SBV) on March 28.

The circular allows the carrying of gold jewellery and fine art made of gold provided the total weight of these objects is not more than 300 grams (10.5 oz). In case travellers bring more than the permitted amount, they must declare it to customs officials.

The circular further stated that this rule also applies to foreign individuals who are permitted to reside in Vietnam.

According to the circular, Vietnamese people living abroad can bring gold, including gold bars and gold materials, ranging in weight from 300 grams (10.5 oz) to less than 1 kilogram (35.2 oz), and must declare it to the customs authorities. If the weight of the gold is 1 kilogram or higher, the carriers must present a license from the SBV.

Since May 2012, the SBV has been the only gold importer in Viet Nam. This was done in order to manage the local gold market. Also in 2012, the SJC gold brand, which was originally from the Sai Gon Jewellery Company, became the state brand and the most prestigious gold brand in the local market.

Circular No. 11 replaces Decision No. 1165/2001/QD-NHNN on the carrying of gold across the country's borders. —VNS