On October 28, 2021, the State Bank of Vietnam (SBV) issued Decision No. 1700/QD-NHNN announcing a number of amendments and supplementation to, and an abolishment of administrative procedures applied for forex operations, which are currently performed at the Single Window Service under the SBV’s jurisdiction.
Accordingly, the amended and supplemented administrative procedures under the SBV’s jurisdiction are comprised of:
(i) Administrative procedures performed at the SBV are the application procedures for a license to import raw gold by a foreign-owned enterprise in order to produce gold jewelry and craft; the application procedures for a license to export raw gold by an enterprise owning a license for gold extraction in Vietnam; the application procedures for a license to import raw gold by an enterprise which has made an investment in gold extraction overseas.
(ii) Administrative procedures performed at the SBV provincial branches are the application procedures for a license to temporarily import raw gold for re-export by an enterprise which has a contract on manufacturing gold jewelry and craft with a foreign counterpart; the application procedures for amending the license for temporary import of raw gold for manufacturing by an enterprise which has a contract on manufacturing gold jewelry and craft with a foreign counterpart; the application procedures for a license to import raw gold by an enterprise engaged in the manufacturing of gold jewelry and craft.
The abolished administrative procedures under the SBV’s jurisdiction are the application procedures for a modification of the enterprise's information in the license for gold bullion trading.
This Decision will take effect from November 20, 2021, and shall abolish the administrative procedures under the following codes: 1.01882, 1.000205, 1.000215 as announced in Decision No.1762/QD-NHNN dated September 1, 2015; 1.000107, 2.000074 as announced in Decision No.1262/QD-NHNN dated June 10, 2015; 1.000545, 2.000084 as announced in Decision No.119/QD-NHNN dated January 22, 2020 announcing new administrative procedures in replacement of the abolished administrative procedures under the SBV’s jurisdiction.
Le Hang