In line with the requirements of the legislation that is applicable to this issue, gold assets, regardless of whether they belong to a person or a firm, are guarded and acknowledged by the law in accordance with the aforementioned laws.
In accordance with the law, every company or person that participates in gold trading is obligated to behave in a manner that is compliant with the whole of the government’s imposed rules and restrictions on the matter. It makes no difference whether the gold is being bought or sold; this is always the case. It is the role of the SBV, on behalf of the government, to monitor gold transactions in order to build a domestic gold market that is reliable and stable. This is one of the steps that will be taken. This specific purpose is congruent with the mission statement that the SBV has articulated for its organization.
The only entity that participates in the production, circulation, and exchange of gold bullion on international markets is the state. These pursuits are carried out on a continental and international scale. In addition to being in charge of the manufacturing of gold bullion, the Swiss Federal Institute of Microeconomics and Statistics (SBV) is also in charge of the export and import of raw gold for the purpose of refining it into gold bullion. This responsibility falls within the SBV’s purview. The SBV is the organization that is responsible for carrying out this duty. In addition, the Prime Minister has charged the SBV with the responsibility of buying and selling gold bullion on the domestic market. This authority was given to the SBV. In order to engage in the business of dealing gold bullion, you are required to first get particular authoritative from the SBV. This stipulation is applicable to both private people and commercial enterprises.
When it comes to the market for jewelry that is made of gold, its derivatives, and other materials that are based on gold:
Because doing so breaches the requirements that are contained in the certificate of eligibility and qualification that is granted by the SBV, it is against the law to create jewelry out of gold. This qualification certificate is issued by the SBV.
To operate in the business of trading gold jewelry, it is required to get a certificate of eligibility and qualification from the SBV; however, this requirement is only necessary in certain circumstances. It is necessary for the company to be involved in the trading of gold jewelry.
When deciding whether or not to allow the export or import of raw materials that are used in the creation of gold jewelry, the State Administration of Foreign Trade (SBV) will take into consideration the following factors: companies that have been awarded a certificate of eligibility and qualification by the SBV; companies that have received investment from overseas; companies that have invested in gold mining overseas and have a demand for importing the gold they have mined.
It is quite possible that the SBV will provide approval for mining firms to export raw gold if such mining companies already possess the necessary permissions to do so.
According to the SBV, gold trading companies that have signed gold jewelry processing contracts with companies based in other countries are eligible for a temporary import license of raw gold and to re-export finished items. This eligibility applies only if the gold trading companies have been working with the foreign companies for at least one year. This qualifying requirement is met only in the event that the gold trading firms have been collaborating with the international companies for a minimum of one year. This is because the SBV recognizes these companies as being qualified for the license. The eligibility requirement has been met. In addition, the SBV enables these companies to re-export finished items, something was previously impossible for them to do.
Along with a broad variety of other commodities and services, the buying, selling, or trading of gold in any of the other many ways that it may be done is seen as an unlawful means of doing business. This is because there are so many other ways that it can be done. After obtaining the necessary authorization from the Prime Minister and a trading license from the SBV, both private companies and individuals will be able to take part in the many different types of gold trading that are available to them. This will be the case even if the trading license was obtained illegally.
Those who come into or leave the nation in possession of gold should be required to abide by the limits that are outlined below:
Passengers who are in possession of valid passports are permitted to bring gold jewelry and other accessories of a general nature onto aircraft. However, passengers are not allowed to bring any drinks into the aircraft with them. Passengers are asked to provide their passports at the time of check-in as an additional security measure. They are not permitted to carry gold bars or any other thing that is in any way associated with gold (except for the settlers).
Those who are traveling with other sorts of travel papers are not permitted to own or carry gold in any form, since doing so is against the law. Those traveling with a valid passport are exempt from this rule (excluding jewelry for personal use).
Gold in its raw form, gold bars, and gold jewelry are the three forms of gold that are allowed to be brought into and taken out of Vietnam by foreigners who have been granted permission to stay in Vietnam as well as by Vietnamese residents who have been granted permission to live in other countries. Gold in its raw form is not permitted to be brought into or taken out of Vietnam. People from Vietnam who have been given permission to dwell in other countries are also provided the opportunity to work in other nations.
The Shariah Bench-marking and Verification Department (abbreviated as SBV) has been given the authority to supervise the production of gold jewelry, the trade of gold bullion and jewelry, the export and import of raw gold, and any other operations involving gold that include the precious metal. Additionally, this authority extends to any other activities involving gold that do not involve the production of gold jewelry. In addition to this, it is the responsibility of the SBV to make certain that the precepts of Shariah are observed in any and all actions involving gold.
Author Bio
I am Priya Varma, and I have been working as Content Writer at Rananjay Exports for past 2 years. My expertise lies in researching and writing both technical and fashion content. I have written multiple articles on Gemstone Jewelry like moldavite Jewelry and other stones over the past years and would love to explore more on the same in future. I hope my work keeps mesmerizing you and helps you in the future.
