Responding to the judges, Le Thuy Hang admitted to all charges, claiming the misappropriated funds were used for company development and employee welfare.
Experts believe that ending the gold bar monopoly will curb speculation and align domestic prices with global rates, provided that the import supply meets demand.
The government has called for amendments to the Personal Income Tax Law to clearly stipulate that income from gold trading is subject to taxation to enhance transparency and curb speculation.
Deputy prime minister Nguyen Hoa Binh has directed ministries and agencies to form an inspection team to examine compliance with gold trading policies among credit institutions and businesses.
The state bank of Vietnam has been tasked with increasing inspections and taking strict action against manipulation and hoarding that destabilize the gold market.
Domestic gold prices rose 48.6% in August compared to the same period last year, while the USD price index increased 4.43%, according to the General Statistics Office (GSO).
