REGULATION

ON NECESSARY CONDITIONS FOR FOREIGN AND VIETNAMESE ECONOMIC ORGANIZATIONS, INDIVIDUALS TO EXPLOIT PRECIOUS STONE

MINISTRY OF HEAVY INDUSTRY

- Based on the Ordinance dated July 28th, 1989 regarding natural resources of minerals;
- Based on the "Management regulation of activities on geology investigating, mining, precious stone processing and trading" promulgated in accompanying of Decree No 67/CP dated October 7th, 1993 of the Government;
- Hereby regulates the necessary conditions for foreign and Vietnamese economic organizations, individuals to be allowed to exploit precious stone as follows:

Article 1.

Vietnamese economic organizations, individuals which want to exploit precious stone before attending a bids (in areas which the State organizes bid) or to be allowed to exploit in "special" for areas as regulated in Art. 15 of Decree No 67/CP,shall have the following conditions :

1. Having the minerals exploiting license granted by Ministry of Heavy Industry

2. To be allowed by the Prime Minister as per Art. 2 of the Regulation promulgated in accompanying of Decree No 67/CP dated November 7th, 1993.

3. Financial capacity : as regulated concretely according to the company Law, Private Enterprise Law and Decree no 221/HDBT, No 222/HDBT dated July 23rd, 1991 of the Council of Ministers (now is Government) regarding the implementation of the above laws.

4. Professional ability : having professional staff that trained and skilled in mining geology.

Article 2.

Foreign economic organizations, individuals which want to exploit precious stone, shall have the following conditions (before attending a bid).

1. Having project and approved by the Prime Minister according to Decision N0 366/HDBT dated November 7th, 1991 regulating with foreign investment capital.

2. Professional ability : As regulated in item 1.4.

Article 3.

This Regulation comes into force identically in whole country form the date of signing

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