7 individuals sell gold of unknown origin, transactions of about 2,084 billion VND
On August 8, Deputy Inspector General of the Government Le Tien Dat signed a notice of inspection conclusion on the compliance with policies and laws in gold business activities and other related issues at Bao Tin Manh Hai Joint Stock Company, Bao Tin Manh Hai Jewelry Joint Stock Company and Mi Hong Co., Ltd.
Notably, the Government Inspectorate transferred information showing signs of legal violations to the Ministry of Public Security for consideration and handling according to regulations regarding 7 individuals selling raw gold materials of unknown origin, with an amount of about 2,084 billion VND with unusually large volume and transaction value, not commensurate with the income of individuals selling gold.
One case that was also transferred information to the Ministry of Public Security is the incorrect declaration of tax and remaining profit of an estimated amount of 93.733 billion VND of 6 enterprises, including the act of incorrectly declaring VAT for gold jewelry and fine art business that has been going on for many years, which is common, leading to the short payment of VAT of an estimated amount of 28.403 billion VND.
Previously, on June 16, 2026, the Government Office had a document notifying the opinion of Deputy Prime Minister Le Tien Chau directing the implementation of Inspection Conclusion No. 243/KL-TTCP dated May 13, 2026 of the Government Inspectorate.
Implementing the direction of the Deputy Prime Minister in the above document, the Inspector General of the Government requested the State Bank of Vietnam (SBV), the Ministry of Finance, the Ministry of Industry and Trade, ministries, branches, agencies, units and related enterprises (Bao Tin Manh Hai Joint Stock Company, Bao Tin Manh Hai Gold and Silver Jewelry Joint Stock Company, Mi Hong Co., Ltd., Saigon Gold and Silver Jewelry Co., Ltd. (SJC), Phu Nhuan Gold and Silver Jewelry Joint Stock Company (PNJ), DOJI Gold and Silver Jewelry Group Joint Stock Company) according to their functions, tasks, and authority to implement the Inspection Conclusion of the Government Inspectorate, ensuring compliance with legal regulations; report the implementation results to the Government Inspectorate for synthesis and report to the Prime Minister.
Handling "uncompromisingly" acts of manipulating the gold market
The conclusion notice also stated that the Government Inspector General proposed that the Prime Minister direct the Ministry of Public Security to preside over and coordinate with the SBV and relevant agencies to implement the Prime Minister's direction in Document No. 8390/VPCP-V.I dated September 8, 2025 of the Government Office on the gold market situation in the past time, especially "uncompromisingly" handling acts of smuggling, fraud, tax evasion, speculation for profit, illegal business, hoarding goods, and manipulation of the gold market by gold trading enterprises, including 2 enterprises: Bao Tin Manh Hai Joint Stock Company and Mi Hong Co., Ltd.
The National Steering Committee 389 continues to monitor and firmly grasp the situation, summarize the results of implementing the Prime Minister's Official Dispatches and Directives on fighting, preventing, and repelling gold smuggling; implement effective solutions on preventing and combating smuggling.
The Government Inspectorate proposed that the SBV of Vietnam, based on the macroeconomic situation and the objectives of monetary policy management, consider and approve Import Licenses for raw gold materials, and license production of gold bars for enterprises that have met the conditions according to regulations to promptly put raw gold materials into production to meet market demand, diversify supply sources, avoid creating scarcity, not meeting the production and business needs of gold businesses, leading to domestic enterprises having difficulty competing with imported jewelry and fine art gold products; and at the same time limit the fact that enterprises have to buy gold from individuals of unclear origin, generating risks and potential risks of gold smuggling across borders.
Monitor and evaluate in practice the mechanism for importing raw gold materials to promptly amend and supplement regulations to ensure the goal of increasing supply, controlling foreign exchange risks, smuggling and money laundering.
