On August 12, Member of the Party Central Committee, Deputy Secretary of the City Party Committee, Chairman of Hanoi People's Committee Vu Dai Thang just signed and issued Directive No. 20/CT-UBND on strengthening state management to stabilize the situation, prevent, detect, and handle violations related to the gold, silver, and foreign currency markets in the city.
The Chairman of the City People's Committee requested the State Bank of Vietnam, Branch Area 1, to coordinate with the Department of Industry and Trade to focus on reviewing, inspecting, and supervising gold production and trading enterprises with signs of legal violations, such as: Gold buying and selling activities not in accordance with regulations; violations of regulations on money laundering prevention and control and related legal regulations; gold bar production and trading enterprises and enterprises licensed to import raw gold materials in accordance with the law.
Direct credit institutions in the area to strictly comply with regulations on selling foreign currency in cash to organizations and individuals and strengthen professional measures, invest in technology to improve the effectiveness of prevention, risk management, and promptly detect signs of fraud in foreign currency in cash purchase activities of organizations and individuals.
At the same time, strengthen the work of periodic/sudden inspection and examination of credit institutions with sudden increases in foreign currency cash sales or with reflections and information about negativity and "abnormalities" of credit institutions in foreign currency cash sales activities.
The Department of Industry and Trade strengthens state management of gold business activities (excluding gold bars), silver, and gemstones; advises and implements measures to contribute to publicity, transparency and market control. Preside over and coordinate with relevant units to request gold businesses to strictly implement regulations on price listing, publicize information and the origin of goods; review and verify business establishments showing signs of violations in gold business activities (excluding gold bars), silver, and gemstones.
In 2026, preside over or coordinate to organize thematic inspections for at least 2 enterprises and establishments producing and trading gold and silver; completion deadline before November 15, 2020.
Direct the Market Management Sub-Department to preside over and coordinate with relevant units to control the circulation of goods; implement professional measures to collect information, verify, supervise, focus on inspecting and supervising the market, promptly detect signs of speculation, hoarding, and price manipulation. Coordinate with the State Bank of Vietnam, Branch Area 1, City Police, Tax, Customs to handle acts of smuggling, transportation, illegal trading of gold, silver, foreign currencies and other acts of trade fraud.
The City Police presides over the implementation of professional measures to firmly grasp the situation; identify, forecast, and early detect complex risks and issues related to the gold, silver, and foreign currency markets. Strengthen the fight and handle violations of the law, focusing on acts of smuggling and transporting gold and foreign currency illegally across borders; money laundering through gold and foreign currency transactions; illegal gold and foreign currency trading and trading; trade fraud, tax evasion; fraud in gold and foreign currency investment activities...
Promote the application of science and technology, data analysis in detecting unusual transactions; strengthen coordination with functional agencies at home and abroad to handle cross-border cases.
The City Tax Department directly implements and directs grassroots Tax units to strengthen inspection, detect violations of accounting and tax regimes, and establish and use invoices and documents of stores, business households, and gold and silver businesses (Hanoi City Tax Department and grassroots Tax Departments conduct inspections of at least 1 business or gold and silver store in their area of responsibility; deadline to complete before November 15, 2016).
Advise on the application of information technology in managing production, business, and trading of gold, silver, and foreign currencies; promote the deployment of electronic invoices, strictly control large value transactions, contributing to transparency of transactions. Research, advise, and propose to improve the cash transaction control mechanism in this field.
Ward and commune People's Committees strengthen local management, coordinate with relevant departments and branches in inspecting the operation of stores, business households, businesses trading in gold and silver and exchanging foreign currencies in the area to promptly detect violations in gold and silver business activities; exchanging, buying, and selling foreign currencies to rectify and handle according to regulations.
At the same time, promote propaganda, raise awareness and awareness of law compliance for people and businesses about legal regulations in production, business, buying and selling gold and silver, using and trading foreign currencies...
