HANOI (Bloomberg): Vietnamese inspectors have uncovered more historical violations at major gold companies involving tax reporting, anti-money-laundering rules and gold-bar sales, as authorities step up oversight as part of wider industry reforms.
Bao Tin Manh Hai Jewelry JSC was accused of accepting deposits for gold bars without immediately delivering the bullion, in breach of its license, while also underreporting taxes and failing to meet some anti-money-laundering reporting and customer-identification rules, according to a statement from the Government Inspectorate of Vietnam. The findings stem from an inspection covering 2023-2025.
Mi Hong Ltd. was cited for alleged anti-money-laundering violations and the failure to properly report changes to its gold-bar business. State gold trader Saigon Jewelry Co., known as SJC, along with Phu Nhuan Jewelry JSC and DOJI, were accused of breaching tax or accounting standards, the statement said.
While DOJI couldn’t immediately be reached for comment, the other companies said the alleged violations were for past actions and that they comply with government regulations. The government inspectorate estimates the violations involve around 93.7 billion dong ($3.6 million) of incorrect tax and profit declarations over the two-year period.
Authorities are overhauling the nation’s gold market to reduce the State Bank of Vietnam’s long-standing monopoly on bullion production and create a more competitive, transparent trading system. The reforms are aimed at increasing supply; narrowing the gap between domestic and global gold prices; improving market oversight; curbing smuggling and other illicit trading; and giving licensed businesses a greater role in the market.
The government is also broadening scrutiny of jewelry and precious metal businesses following an investigation into a cross-border smuggling network involving thousands of diamonds, raising concerns about transparency in the sector. The trade ministry plans a monthlong inspection regime of certain businesses trading in jewelry, diamonds and gemstones.
The inspectorate asked police to examine transactions involving seven individuals who sold about 2.084 trillion dong worth of gold of unclear origin, citing unusually large volumes inconsistent with their reported incomes, the statement said, without identifying the individuals.
Inspectors also urged the central bank and relevant authorities to step up efforts to curb gold-market manipulation, hoarding, smuggling and speculation, while calling for a roadmap to establish a national gold exchange to improve market transparency.
Bao Tin Manh Hai said the inspection found no evidence of market manipulation, hoarding, smuggling or profiteering, according to a statement on its website. It said the gold-bar deposits cited involved seven transactions in 2023-24 to repackage damaged bars at SJC. The company added that it has since paid additional tax, completed its e-commerce registration, updated pricing disclosures and strengthened anti-money-laundering procedures. It said operations remain normal and customer interests protected.
Mi Hong said the inspection findings relate to its operations before 2025 and do not represent new issues at the time of their publication. It said it had reviewed and adjusted its processes to address the issues identified, and that its business is continuing normally across its network.
Phu Nhuan Jewelry said it had identified and addressed the tax issue before the inspection findings were published, according to a statement on its website. The company said it had reviewed and fulfilled its tax obligations and the requirements set out in the inspection conclusion.
DOJI hasn’t publicly commented on the findings. Calls to phone numbers listed on the company’s website went unanswered.
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