20 State monopoly sectors

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The production of gold bars will be one of State monopoly sectors.

The Ministry of Industry and Trade Ministry has announced the latest draft Decree on State monopoly sectors, goods and services in commercial activities. Attached with the draft Decree is the list of 20 State monopoly sectors.

20 State monopoly sectors included: Goods and services for security and defense purposes, industrial explosives; gold bars; raw gold; lottery; cigarettes, cigars; coinage; issue of postage stamps in Vietnam; transmission and operation of the national electricity system, construction, and operation of multi-purpose hydroelectric and nuclear power plants.

Reportedly, the previous draft Decree included 16 State monopoly sectors.

The new draft Decree has been built to specify regulations in the Trade Law 2005: "The Government shall conduct State monopolies for some commercial activities, goods or services to ensure the national interests. Accordingly, the Government shall specify the list of goods, services and sectors of the State monopoly".

The Ministry of Industry and Trade said that the provisions in the draft Decree would overcome the legal loopholes which occurred in previous legal documents; thereby, contributing to improving transparency, consistency and effectiveness of the legal system on the State monopoly in commercial activities.

In addition, the list of State monopoly sectors, goods and services is expected to contribute to enhancing a healthy and competitive environment. Because, it specifies the rights and obligations of relevant enterprises, thereby creating trust for enterprises on management of the Government through legislation.

The Ministry of Industry and Trade said that the issue of the Decree on the State monopoly was entirely necessary and feasible. The draft Decree has been widely consulted by the Ministries and local authorities as well as business associations in accordance with the Law.

The contents in the draft Decree of the Ministry of Industry and Trade to submit to the Government has been essentially approved by the Ministries, excluding issues related to goods and services for ​​defense and security purpose (which have been consulted by members of the Government) and the State monopoly on the import of raw gold to produce gold bars in line with the opinion of the Governor of the State Bank of Vietnam.

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