Will other countries follow their example? Time will tell.

www.24hgold.com/english/news-gold-silver...ributor=Chris+Powell

If gold isn't money, why did Vietnam just outlaw using it as such?
by Chris Powell - GATA
Published : April 12th, 2012


Restrictions on Bullion-Related Businesses

By P. Thao and P. Trung
Saigon Giai Phong (Liberation)
Ho Chi Minh City, Vietnam
Thursday, April 5, 2012

www.saigon-gpdaily.com.vn/Law/2012/4/100611/

As per a decree issued by the Prime Minister's office on April 3, gold has been banned as a medium for exchange, along with seven bullion-related activities that will take effect from May 25.

The decree prohibits use of gold as a medium of exchange; manufacturing gold jewellery without a licence from the central bank; trading gold without a licence; and conducting any other gold-related businesses without the approval of the prime minister and the central bank.

In addition, licensed gold enterprises must satisfy requirements such as having registered capital of 100 billion Vietnamese dong; having operated in gold trading for two years; paying tax above VND500 million; and having at least a branch in three central provinces and cities.


As per the decree, licensed banks and credit institutions must have a registered capital of over VND3 trillion and branches in five provinces and cities.

Moreover, gold producers must be registered under the country's law to make gold and have good working facilities.

Furthermore, the State Bank of Vietnam ordered five banks including Asia Commercial Bank, Dong A Bank, Vietnam Export Import Bank, Saigon Thuong Tin Commercial Joint Stock Bank, Vietnam Technological and Commercial Joint-stock Bank, and Saigon Jewellery Co. to send detailed reports of their network for selling and buying bullion in the country, along with names and address of branches.

For setting up a network in the country and for meeting the demands of domestic gold consumers, five banks and jewellery companies have been asked to expand operations in every district in the country.

debsyl wrote:
Furthermore, the State Bank of Vietnam ordered five banks including Asia Commercial Bank, Dong A Bank, Vietnam Export Import Bank, Saigon Thuong Tin Commercial Joint Stock Bank, Vietnam Technological and Commercial Joint-stock Bank, and Saigon Jewellery Co. to send detailed reports of their network for selling and buying bullion in the country, along with names and address of branches.

For setting up a network in the country and for meeting the demands of domestic gold consumers, five banks and jewellery companies have been asked to expand operations in every district in the country.

This clip runs slightly counter to the title. Sure, it appears the Govt wants control over Au sales (and doesn't want to portray that it's money), but looks like they WANT their population to purchase gold...unlike some other Western countries we know.

Samak wrote:
debsyl wrote:
Furthermore, the State Bank of Vietnam ordered five banks including Asia Commercial Bank, Dong A Bank, Vietnam Export Import Bank, Saigon Thuong Tin Commercial Joint Stock Bank, Vietnam Technological and Commercial Joint-stock Bank, and Saigon Jewellery Co. to send detailed reports of their network for selling and buying bullion in the country, along with names and address of branches.

For setting up a network in the country and for meeting the demands of domestic gold consumers, five banks and jewellery companies have been asked to expand operations in every district in the country.

This clip runs slightly counter to the title. Sure, it appears the Govt wants control over Au sales (and doesn't want to portray that it's money), but looks like they WANT their population to purchase gold...unlike some other Western countries we know.

Samak, I disagree.

My take on this is it's a DESPERATION MEASURE to prop-up the government's worhtless paper. The Vietnamese are one of THE most gold-centric populations. This means they would be one of the FIRST populations to shun worthless paper on a MASS BASIS.

Fascist desperation measures of this nature are generally a VERY strong indication that a paper currency is about to collapse. Expect to see SIMILAR stories cropping up all over the world in the months and years ahead...

I agree with Jeff. Capital controls like this always begin to show up when an immoral system begins to break down due to the will of the free markets. This is just another confirming indicator that gold is the only (financial) place to be at the present time.


Jeff Nielson wrote:
Samak wrote:
debsyl wrote:
Furthermore, the State Bank of Vietnam ordered five banks including Asia Commercial Bank, Dong A Bank, Vietnam Export Import Bank, Saigon Thuong Tin Commercial Joint Stock Bank, Vietnam Technological and Commercial Joint-stock Bank, and Saigon Jewellery Co. to send detailed reports of their network for selling and buying bullion in the country, along with names and address of branches.

For setting up a network in the country and for meeting the demands of domestic gold consumers, five banks and jewellery companies have been asked to expand operations in every district in the country.

This clip runs slightly counter to the title. Sure, it appears the Govt wants control over Au sales (and doesn't want to portray that it's money), but looks like they WANT their population to purchase gold...unlike some other Western countries we know.

Samak, I disagree.

My take on this is it's a DESPERATION MEASURE to prop-up the government's worhtless paper. The Vietnamese are one of THE most gold-centric populations. This means they would be one of the FIRST populations to shun worthless paper on a MASS BASIS.

Fascist desperation measures of this nature are generally a VERY strong indication that a paper currency is about to collapse. Expect to see SIMILAR stories cropping up all over the world in the months and years ahead...