On 8/8, the Government Inspectorate issued its inspection conclusions regarding compliance with policies and laws in gold business activities and related issues. The inspection covered Bao Tin Manh Hai Company, Bao Tin Manh Hai Gold, Silver, and Gemstone Company, and Mi Hong Limited Company.

According to the inspection agency, the State Bank of Vietnam and related units have implemented various measures to manage the gold market. Individuals and businesses are only permitted to buy and sell gold bars at licensed locations. Gold bars are now rarely used as a means of payment. Credit institutions are no longer allowed to mobilize or lend capital in gold, which has helped stabilize the foreign exchange market and eliminate gold-related risks within the credit system.

However, the inspection revealed numerous shortcomings and violations at six gold trading businesses. Specifically, Bao Tin Manh Hai Joint Stock Company accepted deposits from customers for gold bar purchases without immediate delivery, violating its license for gold bar trading.

Bao Tin Manh Hai also incorrectly determined the cost of goods sold on its tax declarations, under-declared taxes, and violated tax regulations.

Furthermore, Bao Tin Manh Hai committed several violations regarding anti-money laundering compliance. The company underreported the number of large-value transactions to the State Bank of Vietnam. It also failed to collect complete customer identification information, update or verify customer details, and classify customers based on money laundering risk levels.

Information on Bao Tin Manh Hai's website did not clearly state buying and selling prices. It also failed to specify whether these prices included or excluded costs related to gold purchases or service fees such as taxes, packaging fees, shipping costs, and other incidental expenses.

At Mi Hong Limited Company, the agency found that it had not reported the cessation of gold bar business operations at some branches to the State Bank of Vietnam. Mi Hong also provided inaccurate and incomplete information to customers regarding products offered on its website.

Mi Hong also committed anti-money laundering violations similar to Bao Tin Manh Hai.

A Bao Tin Manh Hai gold store. Photo: BTMH

Recommendations for 'uncompromising' action against gold market manipulation

During the 2023-2025 period, the State Bank of Vietnam did not issue licenses for raw gold imports, preventing businesses from producing gold jewelry and fine art, and thus increasing supply. This was one reason for the complex fluctuations in domestic gold prices and the significant disparity compared to global gold prices.

The Government Inspectorate recommended that the Prime Minister direct the State Bank of Vietnam to intensify inspections to decisively address acts of manipulation, hoarding, price gouging, smuggling, speculation, profiteering, and illegal business activities that destabilize the gold market.

The Inspectorate also recommended that the State Bank of Vietnam collaborate with the Ministry of Finance to propose a roadmap for establishing a gold exchange in Vietnam, as directed by the Prime Minister. The goal is to enhance transparency, establish a basis for managing supply and demand, and address market factors affecting gold bar prices. This would help stabilize the gold market in the coming period.

To the Ministry of Public Security and Steering Committee 389, the Government Inspectorate recommended uncompromising action against smuggling, fraud, tax evasion, speculative profiteering, hoarding, and gold market manipulation.

Gold bars transacted in TP HCM. Photo: Thanh Tung

Ministry of Public Security to investigate 7 individuals selling 2,084 billion VND in raw gold

In addition to these violations, the Government Inspectorate referred two sets of information with signs of legal violations to the Ministry of Public Security for consideration and action.

First, the Inspectorate referred 7 individuals who sold raw gold of unclear origin for approximately 2,084 billion VND. The inspection agency noted that these individuals had unusually large transaction volumes and values, disproportionate to their declared income. However, the inspection conclusions did not specify these cases.

Three other businesses – Sai Gon Jewelry Company (SJC), Phu Nhuan Jewelry Joint Stock Company (PNJ), and DOJI Gold & Gems Group Joint Stock Company – were also cited by the inspection for violations.

SJC was found to have violated accounting regulations in establishing provisions for gold bar inventory depreciation and breached tax regulations. PNJ and DOJI incorrectly determined the cost of goods sold, under-declared taxes, and are required to pay additional value-added tax.

The Inspectorate also forwarded information to the Ministry of Public Security regarding six businesses that incorrectly declared taxes and remaining profits, totaling an estimated 93.7 billion VND. These companies include Bao Tin Manh Hai, Bao Tin Manh Hai Gold, Silver, and Gemstone, Mi Hong, SJC, PNJ, and DOJI.

To the Ministry of Finance, the Inspectorate recommended directing the Tax Department to review, inspect, and process the collection of approximately 93.7 billion VND in under-declared taxes from these businesses into the state budget. The Inspectorate requested that if any signs of criminal legal violations are discovered during the inspection, they should be referred to competent authorities for action in accordance with regulations.

Regarding the Ministry of Industry and Trade, the Government Inspectorate recommended directing relevant units to review, inspect, and address administrative violations related to e-commerce and the use of digital technology in gold trading. Particular attention should be paid to acts of hoarding, price manipulation, and "inflating prices".

As of 9/2025, the country had 14,612 businesses involved in gold-related activities, including mining, manufacturing, wholesale, and retail. Among these, 38 entities – comprising 22 credit institutions and 16 businesses – were licensed by the State Bank of Vietnam to trade gold bars.

Pham Du