The State Bank of Vietnam (SBV) has issued a document requiring credit institutions to strictly abide by the regulations for managing gold trading.
According to Official Letter No.1889/NHNH-QLNH dated March 21, credit institutions are not allowed to convert gold deposits into Vietnamese dong or other forms of currency, nor can they use gold deposits for mortgages, collateral or security for the payment of loans from other credit institutions.
They are also not permitted to loan their customers money to buy gold unless they receive permission from the SBV Governor, who can approve loans to purchase gold for jewelry production or processing.
Credit institutions must take back loans in gold or convert the outstanding loan into Vietnamese dong, and they cannot extend loans originally transacted in gold.
The SBV also asked credit institutions to strictly obey the regulations on managing assets, including keeping and storing gold for customers, and they must publish their fees for storing gold deposits.
They should pay no interest, fees or any type of return to the gold depositors, while the depositors should be required to pay fees for the institution to store their gold.-VNA
According to Official Letter No.1889/NHNH-QLNH dated March 21, credit institutions are not allowed to convert gold deposits into Vietnamese dong or other forms of currency, nor can they use gold deposits for mortgages, collateral or security for the payment of loans from other credit institutions.
They are also not permitted to loan their customers money to buy gold unless they receive permission from the SBV Governor, who can approve loans to purchase gold for jewelry production or processing.
Credit institutions must take back loans in gold or convert the outstanding loan into Vietnamese dong, and they cannot extend loans originally transacted in gold.
The SBV also asked credit institutions to strictly obey the regulations on managing assets, including keeping and storing gold for customers, and they must publish their fees for storing gold deposits.
They should pay no interest, fees or any type of return to the gold depositors, while the depositors should be required to pay fees for the institution to store their gold.-VNA
