Strictly control and combat gold smuggling

Gold smuggling increases in border gates due to high price difference

The GDVC takes measures to supervise and control gold smuggling.

Following the Prime Minister's direction at the meeting on gold market management solutions and the State Bank's proposal on implementing the Prime Minister's direction in gold market management, the GDVC requests local customs departments to smoothly and quickly process customs procedures for gold products imported by the State Bank.

The GDVC requires the local customs departments to strictly control and prevent gold smuggling and illegal transportation across borders; manage the gold imported and exported by legitimate gold companies; closely monitor goods and luggage at border gates, and handle shipments showing signs of violation.

Earlier, the State Bank sent an official dispatch proposing the Ministry of Finance to coordinate in implementing tasks assigned in the Government Decree No. 24/2012/ND-CP dated April 3, 2012 on managing gold business; performing tasks and solutions to stabilize and manage the gold market as per in the Prime Minister's directions.

The State Bank also asked the MoF to request gold traders, especially gold bar traders to strictly use e-invoice in gold transactions to enhance transparency and effectiveness of supervision and administration to ensure effective operation of the market; and handle traders failing to comply with the regulations.

In addition, the MoF is proposed to provide information on golds smuggling and illegal transportation across border gates for the State Bank to provide solutions to effectively manage the market.

The State Bank asked the MoF to support in customs clearance for imported gold for bidding.