Vietnam bans gold at its borders
Duncan Richardson, News Editor
2 Apr 2014, 10:58 a.m.
From the 15th of May, individuals will be prohibited from carrying gold bullion in and out of Vietnam.
Under the new regulations, individuals will have the choice of either leaving their gold with custom officials, which will be returned when they leave, or to have the gold transported back to their home country.
Gold, in the form of jewellery, can be carried in and out of the country, however, jewellery with a combined weight of over 300 grams, must be declared to custom officials.
The only time individuals can legally carry gold bullion across Vietnam’s borders is when the purpose of travel is for immigration. If an immigrant wants to leave with over 1kg of gold, they must obtain a licence from the central bank.
According to industry insiders, this step by the Vietnamese Central Bank is to gain greater control over the nations gold market.