VCCI suggest to consider some regulations on the management of trading gold

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The above issue was mentioned in the suggestion document for the Draft Circular amending and supplementing a number of articles of Circular 16/2012/TT-NHNN dated May 25, 2012 of the Governor of the Vietnam State Bank guiding a number of articles of the Decree No. 24/2012/ND-CP of the Government dated April 3, 2012 on management of gold trading activities, which have been sent to the State Bank by the Vietnam Chamber of Commerce and Industry (VCCI).

According to the VCCI, compared to current regulations, the draft removes several administrative procedures such as changing the business name and address, supplementing the business places of operating gold trading and terminating business operation at the licensed location. This is a positive change in administrative procedure reform, which will facilitate the business activities of enterprises.

However, to promote the simplification of administrative procedures, the VCCI proposed the drafting committee consider some additional regulations. Specifically, regarding the time for settling procedures for adjusting business licenses of trading gold bar, the draft stipulates that the enterprise must only carry out procedures for adjusting the business license of gold bar trading when there is a change of business information. The time for processing administrative procedures is 15 working days from the date of receiving complete and valid dossiers.

Furthermore, according to the VCCI, it was such a long time for considering and resolving the license adjustment procedure while the application was very simple which included only the application form and the business registration certificate. On the other hand, the draft did not give a specific period of time for considering the validity of the application, which might cause prolonged processing time when enforcement officials consider it an invalid dossier. Thus, to show the spirit of administrative procedure reform, VCCI suggested the drafting committee cut processing time to three working days from the date of receiving the valid dossier and stipulating the time for consideration was one working day from the date of receiving the dossier.

Besides that, the draft also supplemented the obligation of quarterly reporting or when the enterprise or credit institution that is granted a gold bar trading license changes its name and business address; supplementing business places; terminate operation at the licensed place of trading gold bar or report to the State Bank.

Compared to current circulars, the draft has adjusted the procedure for adjusting the business license into a regular reporting procedure. This adjustment would help reduce administrative procedures for businesses. However, according to the provisions of the law on enterprises (Decree 78/2015/ND-CP, Decree 108/2018/ND-CP about business registration), when establishing, changing or terminating operations of business locations, the enteprises were responsible to inform the business registration authority.

Hence, the information about business locations of enterprises was all kept on the National Database of Business Registration, State management agencies could share information to perform their management functions. Thereby, the above request would lead to the implementation of similar procedures at two different authorities.

Therefore, to facilitate the business and ensure State management, the VCCI suggested the drafting committee abolish this regulation. State management agencies would share and use information from the national database about business locations of enterprises operating trading gold.