Vietnam gold industry faces major regulatory and tax violations

gold market violations Vietnam gold industry anti-money laundering tax evasion State Bank of Vietnam

The Government Inspectorate of Vietnam has released a report detailing widespread regulatory violations within the nation's gold industry. Major companies, including SJC, PNJ, DOJI, Mi Hong, and Bao Tin Man Hai, were identified for various infractions spanning the 2023–2025 period.

Key violations include failures in anti-money laundering reporting, inadequate customer identification, and tax discrepancies. Specifically, SJC was cited for accounting errors regarding gold inventory depreciation, while several firms were found to have misreported cost of goods sold on VAT declarations. Bao Tin Man Hai addressed claims regarding non-immediate gold delivery, attributing seven such transactions to the need for SJC to repackage damaged gold packaging.

Furthermore, the Inspectorate highlighted a significant supply issue. The State Bank of Vietnam has not issued licenses for importing raw gold for jewelry and arts businesses during the 2023–2025 period. This lack of raw gold imports is cited as a primary driver for the large price gap between domestic and global gold markets. The Inspectorate has recommended that authorities investigate suspicious transactions involving individuals who sold gold totaling approximately 2,084 billion VND without clear origins.

Entities

Bao Tin Man Hai · Bảo Tín Mạnh Hải · Doji · Government Inspectorate · Government Inspectorate of Vietnam · Hải Phòng City · Mi Hong Co., Ltd. · Mi Hồng · PNJ · SJC · State Bank of Vietnam · Thai Nguyen Land Fund Development Center

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

[● 11 SOURCES] The Government Inspectorate identified several major gold businesses for violations in gold trading, tax obligations, anti-money laundering, and e-commerce. afamily.vn · thanhnien.vn · soha.vn · www.baocalitoday.com
[○ 1 SOURCE] SJC was found to have violated accounting regulations regarding gold ingot inventory depreciation provisions. afamily.vn
[● 4 SOURCES] The failure to import raw gold is a cause of the significant gap between domestic and global gold prices. thanhnien.vn · cafef.vn
[● 3 SOURCES] Several gold companies were cited for deficiencies in anti-money laundering reporting and customer identification. afamily.vn · soha.vn · www.baocalitoday.com
[● 6 SOURCES] Bao Tin Man Hai clarified that seven transactions involving non-immediate gold delivery occurred due to damaged packaging requiring SJC repackaging. soha.vn · www.baocalitoday.com
[● 4 SOURCES] PNJ proactively declared and paid approximately 10 billion VND in additional VAT and over 973 million VND in late payment interest. afamily.vn · www.baocalitoday.com
[● 4 SOURCES] The State Bank of Vietnam has not issued licenses for importing raw gold for jewelry and arts businesses during the 2023-2025 period. thanhnien.vn · cafef.vn
[● 3 SOURCES] Mi Hong stated that the violations identified by the Government Inspectorate occurred prior to 2025 and have been addressed. soha.vn · www.baocalitoday.com