Export Procedures for Gold Bullion Conducted by Ipologistics

Exporting gold bullion is not only a profitable business but also a significant part of Vietnamese culture and spirituality. With its high economic value and great development potential, gold bullion export procedures require businesses to understand the legal regulations and execute the process professionally. Ipologistics, with its expertise in logistics and import-export, is committed to providing comprehensive support for businesses during the export of gold bullion.

I. Concept of Gold Bullion

1. Definition of Gold Bullion

Gold bullion refers to products made from gold, typically in the form of ingots or jewelry, with a certain level of purity and weight. These products are often used in traditional rituals and hold deep spiritual significance for Vietnamese people.

2. Types of Gold Bullion

• Gold Ingots: These are pure gold products commonly used for investment or storage.
• Jewelry: Includes rings, necklaces, earrings, and other decorative items.

II. Legal Basis and Relevant Regulations for Gold Export

1. Laws and Decrees

• Import-Export Law 2017: Provides the legal framework for export-import activities, including gold.
• Decree 24/2012/NĐ-CP: Governs the management of gold trading activities, requiring businesses to obtain export permits for gold.
• Circular 34/2013/TT-NHNN: Guides foreign exchange management for gold export activities.

2. Gold Export Permit

Businesses are required to have a Gold Export Permit issued by the State Bank of Vietnam. To obtain the permit, businesses must meet the following criteria:

• Legal Entity: The business must have a valid business registration certificate and operate in the gold trading sector.
• Accounting and Financial Reporting System: The business must maintain clear and transparent accounting records.
• Financial Capacity: The business must demonstrate sufficient financial capability to execute export transactions.

3. Quality Certification

Gold bullion must be certified for quality and origin by accredited inspection organizations. This ensures that the gold meets export standards in terms of purity and quality. Accredited inspection organizations include:

• Vietnam Chamber of Commerce and Industry (VCCI)
• Inspection centers designated by the State Bank of Vietnam

4. HS Codes (Harmonized System Codes)

HS Codes for gold bullion:

• 7108.12.00: Gold in the form of ingots, unworked or unrefined.
• 7113.19.00: Gold crafted into jewelry or ornaments.

HS codes are crucial in determining export duties and related regulations.

5. Security Regulations

Given the high value of gold, security and safety measures during transportation and storage are critical. Businesses must implement stringent security measures to ensure the safety of the goods.

III. Gold Export Procedures

1. Preparation of Export Documents

To export gold bullion, businesses must prepare the following documents:

• Gold Export Permit: Issued by the State Bank of Vietnam.
• Quality Certification: Provided by reputable inspection organizations.
• Export Contract: Must clearly state the terms of pricing, payment methods, and the responsibilities of the parties.
• Export Tax Declaration: Proof of fulfilling tax obligations.

2. Registering Product Information

Businesses must register product information with customs authorities. Registration documents include:

• Product Name: Gold bullion.
• HS Code: 7108.12.00 or 7113.19.00.
• Weight: Estimated weight of the gold for export.
• Product Value: The value stated in the export contract.

3. Inspection and Examination of Goods

Before export, customs authorities will inspect the goods to ensure quality and legality. This includes:

• Document Inspection: Cross-checking documents with actual goods.
• Quality Inspection: Verifying the purity and quality of the gold based on certifications.

4. Customs Declaration

The business must file a customs declaration, providing detailed information about the goods, including:

• Product name.
• HS Code.
• Weight and value of the goods.
• Supporting documents proving legality.

5. Payment of Export Duties

The business must fulfill export tax obligations, although the current export duty rate for gold bullion is 0%. This means businesses do not pay export duties for these goods, but they still need to demonstrate compliance with other tax obligations.

6. Transportation and Delivery

After completing customs procedures, the goods are transported to the export port. Businesses must:

• Ensure the safety of the goods during transportation: Use appropriate packaging and transportation methods.
• Monitor the transportation schedule: Ensure the goods are delivered to the destination according to the contract.

7. Finalizing Customs Procedures

When the goods reach the export port, the business must complete customs clearance procedures. Customs authorities will inspect and confirm that all documents are valid before issuing the Export Permit.

8. Security Check

During transportation and storage, businesses must implement security measures to prevent loss or damage to the goods. Some necessary measures include:

• GPS Tracking: Using GPS technology to monitor the transportation route.
• Warehouse Security: Ensuring the warehouse has strict security systems.

IV. Role of Ipologistics in Gold Export Procedures

1. Legal Consultation

Ipologistics provides professional legal consulting services, helping businesses understand the regulations related to gold exports and perform procedures correctly.

2. Document Preparation Support

The company assists businesses in preparing and filing export documents, ensuring all required documentation is complete and accurate.

3. Transportation Management

Ipologistics offers safe and efficient transportation services, ensuring that gold is transported to the delivery point on time and in the best condition.

4. Logistics Services

The company provides logistics services related to the storage and preservation of gold before export, ensuring the goods are safe and secure.

5. Security Assurance

The company implements stringent security measures during the transportation and storage of gold, ensuring the safety of this high-value commodity.

V. Notes on Exporting Gold

1. Compliance with Regulations: Businesses must strictly adhere to legal regulations related to gold exports to avoid legal risks.
2. Security Measures: Gold is a high-value commodity, so businesses must implement security measures during transportation and storage.
3. Choosing Reliable Partners: When exporting gold, businesses should choose reputable buyers and logistics companies to ensure smooth and secure transactions.
4. Market Value: Monitor international gold prices to make informed export decisions and optimize profits.

Conclusion

Gold bullion export procedures are complex but crucial. Ipologistics, with its experience and expertise in logistics, is committed to assisting businesses in completing this process professionally and efficiently. If you need more information or support, feel free to contact us for further consultation.