Government inspectors in Vietnam have uncovered new historical violations at major precious metal firms. Official reports reveal issues with tax reporting and money laundering rules. The probe also exposed illegal practices in physical gold bar sales. Authorities continue to step up market oversight as part of wider industry reforms.
A major statement from the Government Inspectorate of Vietnam detailed the main findings. The report covers a multi-year review period from twenty twenty-three through twenty twenty-five. Inspectors focused on business practices across several top gold trading firms. The findings show clear breaches of central bank rules and national tax laws.
Bao Tin Manh Hai Jewelry Joint Stock Company faces major charges from the probe. Inspectors found that the firm accepted advance customer deposits for physical gold bars. However, the company failed to deliver the physical bullion immediately to buyers. This practice directly violates the conditions of the company’s official business license.
The company also failed to follow strict anti-money laundering regulations. Official findings show that the firm missed required customer identification checks. Staff failed to report required transaction data to state monitoring agencies. These rules exist to track large cash flows and prevent financial crime.
In addition to sales violations, inspectors found widespread tax underreporting. The company failed to declare full income figures during the target years. State auditors are now reviewing financial books to calculate full back taxes. The firm must pay all missing funds and face potential cash fines.
Vietnam has launched a broad effort to stabilize its domestic gold market. Local gold prices have often traded at a high premium over world prices. Unregulated trading and supply shortages have created market instability in recent years. State leaders want clear rules to protect retail buyers and stabilize the currency.
The State Bank of Vietnam has tightened control over gold bar production and imports. Officials want to ensure that all gold trading follows strict legal standards. Inspector teams are reviewing other major brands to catch similar sales breaches. Firms that break licensing rules face severe administrative punishments or license loss.
Market experts believe the strict checks will bring better order to the industry. Clear reporting rules help stop tax loss and protect everyday shoppers. Customers need full assurance that their cash deposits buy real, delivered gold. Immediate delivery rules prevent firms from running risky speculative trading models.
The inspection results send a strong warning to all precious metal traders in the nation. Financial firms must update their internal tracking tools and customer verify checks right away. Companies must report all high value transactions to government monitors without delay. Full compliance with tax laws remains a top state priority.
Government teams will continue monitoring gold firms across the country in coming months. Officials plan to introduce more market reforms to keep trading transparent and fair. Businesses that follow national rules will help create a safer market for all investors.
