Will be strictly handled
On October 22, speaking with reporters, Mr. Nguyen Ngoc Quynh - Captain of Lao Cai Market Management Team No. 1 said: After receiving information from Lao Dong Newspaper about many gold shops in Yen Bai Ward refusing to transfer payment and asking gold buyers to pay in cash, the unit quickly took action.
"We are currently consulting the professional department and learning about the provisions of the law if we refuse to pay transfers with sanctions or not. If there are sanctions, whether market management has the authority to handle or not should be handled by a state management agency on gold like the State Bank, said Mr. Nguyen Ngoc Quynh.
The Captain of Market Management Team No. 1 Lao Cai cited Decree 232 amending and supplementing Decree 24 on the management of gold trading activities officially effective from October 10 as follows: All gold trading transactions worth VND20 million or more per day of a customer must be paid through a bank account.
Our point of view is to continue researching, if gold shops commit violations, it must be strictly handled and cannot be tolerated, Mr. Nguyen Ngoc Quynh emphasized.
Many gold shops still trade cash over 20 million VND
Previously, in the middle of October 2025, in the context of fluctuating gold prices and record increases, people in the mountain town of Yen Bai lined up to transact at large stores such as: Thuy Loan Gold shop, Thu Thu Thu Gold shop (Dinh Tien Hoang Street); Hung Dung Gold shop (Tran Hung Dao Street) ...
It is worth mentioning that the above gold shops require customers not to pay by bank transfer but to pay in cash. Even the owner did not hesitate to say that the purpose was to evade taxes.
After Lao Dong Newspaper published an article: Unusual rules in Lao Cai mountain town gold shops, many gold shops in Yen Bai ward have been operating at a low level, closing or accepting customers to pay transfers.
According to Lao Dong on October 21, Hung Dung Gold shop is closed, Thu Thu gold shop is open, only Thuy Loan gold shop is operating normally but has many fewer customers than before.
On October 22, Hung Dung gold shop continued to close, unlike the previous day, there was an additional announcement outside that it was "sick".
At the Thu Thu gold shop, instead of opening both rolling doors to serve customers as before, it now only opens 1 door.
Through observation, Thu Thu gold shop did not publicly list the purchase price and still agreed to let customers buy and sell gold in cash, including large transactions.
At Thuy Loan gold shop, many customers still bring cash to buy gold as before.
At 9:00 a.m. on October 22, a customer bought 2 taels of gold, paying in cash 29,900,000 VND.
In particular, customers who come to buy gold in cash at Thuy Loan store do not have to present their citizen identification cards for the gold shop to get information, issue invoices and enter them into the system for the tax authority to monitor trading activities.
According to the survey, some gold shops in Yen Bai ward such as Duy Hoa gold, Thoan Nhung gold and silver, Manh Lan gold and silver are also closing and temporarily suspending transactions.
Lao Cai Tax Department assessed that the buying and selling of gold shops had many abnormalities and is coordinating with authorities to clarify.
