The State Bank of Vietnam (SBV) is seeking feedback on a draft circular amending and supplementing several articles of Circular No. 17/2014/TT-NHNN related to regulations on classification, packaging, and transportation of precious metals and gemstones. Since the consultation process began, the document has garnered significant attention from commercial banks as it directly affects the management and safekeeping of gold bullion, a valuable and sensitive asset.
In the summary of opinions published by the State Bank, BIDV proposed adding regulations on sealing precious metals, gemstones, gold bullion, and gold materials. They also suggested allowing the use of QR codes in packaging and sealing for easier management, counting, and transportation.
Sharing a similar progressive view, Sacombank recommended permitting the packaging of gold bullion in various types of boxes or bags such as nylon, cloth bags, wooden boxes, steel, thick plastic, or stainless steel, instead of limiting the form as currently prescribed. The reason given was to diversify packaging options and adapt to transportation conditions and practical operations.
Additionally, VietinBank and NCB also proposed supplementing the information on “size” on the sealing labels to facilitate inventory and monitoring.
According to the State Bank’s regulations, gold bullion is gold that has been struck into bars, bearing inscriptions indicating weight, quality…
However, in response to these proposals, the State Bank stated that it would retain the provisions in the draft. The drafting agency emphasized that the circular only mandates the mandatory elements on the seal to ensure asset safety, while the application of technology or additional details would depend on the actual conditions of each unit.
The SBV further explained: “Placing gold in soft cloth bags can easily cause impact, bending the gold bars and making observation difficult. Wooden or plastic boxes pose risks of termites, fire, and breakage upon impact. Therefore, the requirement to use stainless steel boxes is to ensure uniformity and the safest option for storage in the money vault. The requirement to line the inside of the box with velvet also aims to minimize scratches and bending during transportation and storage.”
Regarding the proposal to supplement the “size” element on the sealing labels, the SBV affirmed that gold bullion is classified based on fineness and weight, not external size, hence the addition of this detail is unnecessary.
Regarding domestic gold prices, this afternoon, August 26, SJC gold bar prices remained at historic highs, hovering around VND 126.1 million/tael for buyers and VND 127.7 million/tael for sellers. Gold ring and 99.99% gold jewelry prices fluctuated between VND 119.6 million/tael for buyers and VND 122.2 million/tael for sellers.
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