On 8/8, the Government Inspectorate released its findings, concluding that Bao Tin Manh Hai Joint Stock Company accepted deposits from customers for gold bullion without immediate delivery. The report also identified that the company incorrectly determined the cost of goods sold on tax declarations, resulting in under-declared taxes, violating tax regulations, and failing to comply with anti-money laundering regulations.
Meanwhile, for Mi Hong Company Limited, the inspectorate found that it had not reported the cessation of gold bullion business operations at some branches to the State Bank of Vietnam. Mi Hong also provided misleading and incomplete information to customers regarding products offered on its website.
On the morning of 9/8, just hours after the Government Inspectorate's findings were announced, Bao Tin Manh Hai's leadership issued a response. Regarding the gold bullion deposits, the company clarified that only 5 transactions in 2023 and two in 2024 involved deposits, primarily due to damaged packaging requiring the items to be sent to SJC for repackaging. The company emphasized that, apart from these specific cases, it has not engaged in any other deposit transactions and consistently adheres to strict buying and selling regulations.
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Inside a Bao Tin Manh Hai business facility. Photo: Bao Tin Manh Hai |
Regarding the under-declaration of value-added tax (VAT), Bao Tin Manh Hai attributed the issue to a discrepancy between cost accounting methods under the Accounting Law and direct VAT calculation regulations. The company stated this is a common challenge for many gold businesses. Nevertheless, Bao Tin Manh Hai proactively contacted tax authorities and has since completed all supplementary payments.
Furthermore, Bao Tin Manh Hai acknowledged deficiencies in its anti-money laundering (AML) reporting and risk classification, attributing them to delays in updating new laws and regulations issued in 2023 and early 2024. The company has paid fines, implemented comprehensive internal process improvements, dispatched staff for training with the State Bank of Vietnam, and provided professional training to all employees.
Bao Tin Manh Hai affirmed that all business operations, transactions, and customer services are continuing as usual, with the legitimate rights of buyers and sellers consistently protected. The company also highlighted that regulatory bodies, during their inspections, found no evidence of market manipulation, hoarding, price gouging, smuggling, speculation, or profiteering by Bao Tin Manh Hai.
"We view the inspection findings as an important basis for reviewing and enhancing our management quality and legal compliance", a company representative stated.
Established in 1992 by Vu Manh Hai, Bao Tin Manh Hai is recognized as one of the prominent gold, silver, and gemstone brands in Northern Vietnam. Its website indicates the company operates 35 stores, predominantly located in Hanoi and TP HCM.
Similarly, following the inspection findings, Mi Hong issued a statement clarifying that the issues raised relate to operational periods already inspected by authorities before 2025, not newly identified incidents.
The company further stated that it has thoroughly reviewed, rectified, and implemented corrective actions, concurrently enhancing its management processes, information disclosure, and anti-money laundering protocols. Mi Hong's business operations are currently proceeding normally, with customer rights fully protected as per regulations.
Trong Hieu
