The Hanoitimes - The State Bank of Vietnam has posted o­n its website a draft circular that would ban both Vietnamese and foreigners from carrying gold bars and gold materials when they enter or leave the country.

Travelers wearing gold jewelry or bringing along gold items weighting more than 300 grams would also have to declare them with customs offices and pay taxes. Vietnamese with legal permanent residency abroad would be allowed to carry up to o­ne kilogram of gold if they possess a permit issued by the provincial State Bank branch of the locality in which they reside.

Vu Ngoc Lan, deputy director of the State Bank's legal department, said the draft circular aimed to strengthen the management of the gold supply and keep the market stable.

"Strict management will create proper conditions for gold processing and trading and assure the rights of residents and gold enterprises," Lan said.

When finalised, the draft circular would replace Decision No 1165/2001/QD-NHNN, which allowed gold to be carried out of the country upon permit from the State Bank and declaration to customs officials.