At 23:30 on 25/3, nearly half a day after its Hanoi stores suspended operations, Bao Tin Minh Chau issued a statement. The company announced that its stores temporarily halted transactions that afternoon to cooperate with authorities in verifying and clarifying information. The specific nature of this "information" was not mentioned by the gold retailer.

To ensure the interests of customers and employees, the company stated it would reopen for business from 12h on 26/3.

Bao Tin Minh Chau also committed to fully meeting all standards regarding gold purity, weight, and quality when selling to customers, in accordance with legal regulations.

The statement was signed by Ms. Pham Lan Anh, born in 1976, who became the director and legal representative of Bao Tin Minh Chau Co., Ltd. in 10/2024. Previously, this position was held by Mr. Vu Minh Chau, the brand's founder.

Bao Tin Minh Chau store at 29 Tran Nhan Tong closed on the afternoon of 25/3. Photo: Trong Hieu

On the afternoon of 25/3, police forces appeared at three Bao Tin Minh Chau gold trading locations. The brand's stores on Cau Giay and Tran Nhan Tong streets subsequently rolled down their shutters, temporarily suspending operations. During the inspection, authorities removed many sealed boxes of documents, loading them onto waiting automobiles.

Bao Tin Minh Chau stores are managed by Bao Tin Minh Chau Co., Ltd., a major gold brand in Hanoi, founded by Mr. Vu Minh Chau in 1995. This entrepreneur is the eldest son of Ms. Luong Thi Diem, the former owner of the once-famous Bao Tin gold shop in Hanoi.

According to reports on the National Business Registration Portal, Bao Tin Minh Chau has a charter capital of 400 billion VND as of 26/1 this year. Mr. Vu Minh Chau holds over 97% of the shares.

Currently, the brand operates four business establishments in Hanoi and over 200 agents nationwide. Daily, the company welcomes hundreds of customers for transactions. Scenes of people queuing to buy and sell gold are common.

Trong Hieu