Reasons for being "flexible" when refusing detailed instructions
In the document "Synthesizing and explaining the opinions of enterprises and commercial banks on the draft Circular" guiding Decree 232, the State Bank of Vietnam (SBV) has expressed a consistent view on giving autonomy to gold trading units in the process of preparing documents and procedures.
One of the most obvious examples is the recommendation from the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV). This unit requested the SBV to clearly specify which documents are "documents proving charter capital" so that the units have a basis for unified implementation.
In the explanatory document, the SBV responded "Not accepting" and stated the reason: "Requiring documents to prove to create initiative and flexibility in preparing business records".
This view continues to be expressed when both BIDV and the Joint Stock Commercial Bank for Industry and Trade of Vietnam (Vietinbank) both requested the SBV to provide more specific guidance on the types of documents and certificates accepted to prove the legal origin of exported gold bars.
The SBV also refused to provide a fixed list, only suggesting some general types such as "invoices, gold import documents, finished gold types, production documents...".
Gold enterprises apply the general law
Many other concerns of enterprises were also answered by the State Bank in the direction of requiring units to study and apply according to current legal regulations.
When BIDV requested guidance on documents proving that the business location for buying and selling gold bars had been notified to the business registration agency, the SBV replied that the enterprise needed to "compliance with the provisions of the law on business registration".
Similarly, DOJI Gold and Gemstone Group raised concerns about how to prove that "the remedial measures have been taken" after the inspection of gold trading activities. Responding to this opinion, the SBV said that the provisions in the draft Circular are appropriate and do not need further guidance.