The decree targets violations in gold trading with a tiered sanction system. Warnings will apply to buying or selling gold bars from unlicensed credit institutions or enterprises, or using gold as payment. Repeated or multiple offences carry fines of 10 - 20 million VND (384 - 768 USD). The same range applies to failing to route gold transactions through required payment accounts.
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Vietnam tightens rules on gold, foreign currency trading with new penalties. (Photo for illustration) |
Fines of 30 - 50 million VND will be levied for not publicly displaying gold bar or jewelry prices, producing jewelry without declared standards or proper labeling, or making gold bars without disclosing standards, weight, purity or labeling requirements. Carrying gold across borders in breach of rules, excluding customs violations, will incur penalties of 80 - 100 million VND.
More severe breaches face 140 - 180 million VND in fines, including trading gold bars via authorized agents, violating gold position management rules, importing or exporting gold jewelry and materials outside registered business lines, producing or trading jewelry without required conditions, or processing jewelry without proper business registration.
Using imported raw gold for unapproved purposes or repeated agent-based gold bar trading will trigger 200 - 250 million VND penalties. Operating gold bar production in violation of regulations carries 250 - 300 million VND fines. The heaviest sanctions, 300 - 400 million VND, apply to producing or trading gold bars without licenses, importing or exporting raw gold or bars without permits from competent agencies, or conducting other gold trading activities without required authorization.
On foreign currency, individuals trading among themselves or at unauthorized agents face warnings for deals under 1,000 USD. Transactions of 1,000 USD to under 10,000 USD face 10 - 20 million VND fines; 10,000 USD to under 100,000 USD, 20 - 30 million VND; and 100,000 USD or more, 80 - 100 million VND.
In capital contributions and share acquisitions, using non-charter or reserve funds in breach of the Law on Credit Institutions will result in 100 - 150 million VND. Exceeding shareholding limits in other lenders or violating investment rules carries 200 - 250 million VND, with more serious breaches up to 250 - 300 million VND.
Fines for deposit-taking violations range from 20 - 150 million VND. Procedural lapses in accepting or paying deposits face 20 - 40 million VND fines, while taking deposits from ineligible parties draws 100 - 150 million VND. Misleading or unclear postings of deposit rates or fees incur 10 - 20 million VND penalties, while applying unlisted rates faces fines of 20 - 40 million VND.
Corporate bond trading breaches include 15 - 30 million VND for failing to monitor bond proceeds usage, and 30 - 50 million VND for not using non-cash payments.
Graver offences, such as buying bonds without prior assessment, purchasing those issued for debt restructuring or capital increases, foreign branches acquiring convertible bonds, selling to subsidiaries outside mandated cases, or buying bonds with altered proceeds without internal ratings, face 100 - 150 million VND fines.
The decree doubles fines for organizations versus individuals committing identical violations. For staff at people's credit funds or microfinance institutions, individual penalties are 10% of standard rates, with organizational fines doubled accordingly.
Source: VNA