HA NOI (Biz Hub) — Deputy Prime Minister Vu Van Ninh has directed the Customs Department to waive customs procedures for all gold imported by the State Bank of Viet Nam (SBV) until it reaches bank storage, Hai Quan (Customs) newspaper reported.

Ninh told Ministries of Finance, Public Security and SBV to implement the direction. It means that the gold can enter the country not only without customs procedures but also without tests on the quality of the gold itself.

According so SBV, upon collecting each shipment of imported gold, the central bank would issue written documents to commission units to collect the precious metal and be responsible for the nature of each shipment.

The exemption will only apply until the gold is sealed and transported to SBV storage, where regular customs procedures will be carried out.

It follows a proposal to the Prime Minister by the bank in May for the free flow of gold through Customs, which can cause difficulties.

SBV also suggested that the gold be officially placed on a list of preferential goods, similar to the way goods for security and defence are brought into the country.

At present, SBV material used for money printed overseas is exempt from customs procedures.

On Monday, the gap between the local and international gold price narrowed. The Saigon Jewellery Company (SJC) sold its gold for VND38.12 million ($1,815) while on the kitco.com trading floor, the gold selling price climbed to $1,395 per ounce, or $1,681 a tael, leaving gold prices in Viet Nam $134 per tael higher than global rates..—VNS