# Vietnam gold market decline and regulatory scrutiny > Live situation record from CLSTR: https://clstr.news/situations/vietnam-gold-market-decline > Updated: 2026-08-09T04:13:44.000Z. Sources: 22. Developments: 3. In mid‑July 2026, Vietnam’s gold market slipped below the 150 million VND per liang mark, with major retailers listing prices between 144 and 147 million VND. This downturn coincided with the two‑month suspension of the Hồng Phúc jewellery shop in Dong Thap province. By early August, regulatory and security concerns intensified. Gia Lai provincial police warned that falling prices were driving a rise in informal, hand‑to‑hand gold trades via social media, which authorities noted leave buyers vulnerable to counterfeit gold and deceptive pricing. Following these developments, a report from the Government Inspectorate detailed widespread legal non-compliance across the sector. Major companies, including SJC, PNJ, DOJI, Bao Tin Man Hai, and Mi Hong, were identified for various violations. These included discrepancies in VAT and personal income tax declarations—specifically PNJ under-declaring VAT—and failures in customer verification for anti-money laundering protocols. Specific operational failures were noted: Bao Tin Man Hai was cited for accepting gold bullion deposits without immediate delivery, and Mi Hong faced issues regarding inadequate customer identification and failing to report the cessation of trading at certain branches. SJC also faced scrutiny regarding accounting practices for inventory depreciation. In response, the affected companies provided clarifications. PNJ reported proactively paying approximately 10 billion VND in additional VAT and interest, while Mi Hong stated the identified violations occurred prior to 2025 and have since been addressed. Bao Tin Man Hai attributed delays in gold delivery to SJC repackaging requirements and noted that tax and reporting errors have been corrected. The inspectorate highlighted systemic issues, noting that a lack of permitted raw gold imports by the State Bank of Vietnam between 2023 and 2025 contributed to the high price gap between domestic and international markets. ## Claims - The Government Inspectorate identified several major gold businesses for violations in gold trading, tax obligations, anti-money laundering, and e-commerce. (corroborated by 11 sources) - Bao Tin Man Hai clarified that seven transactions involving non-immediate gold delivery occurred due to damaged packaging requiring SJC repackaging. (corroborated by 6 sources) - The State Bank of Vietnam has not issued licenses for importing raw gold for jewelry and arts businesses during the 2023-2025 period. (corroborated by 4 sources) - The failure to import raw gold is a cause of the significant gap between domestic and global gold prices. (corroborated by 4 sources) - PNJ proactively declared and paid approximately 10 billion VND in additional VAT and over 973 million VND in late payment interest. (corroborated by 4 sources) - Mi Hong stated that the violations identified by the Government Inspectorate occurred prior to 2025 and have been addressed. (corroborated by 3 sources) - SJC was found to have violated accounting regulations regarding gold ingot inventory depreciation provisions. (single source) ## Timeline ### 2026-08-09: Vietnam gold industry faces major regulatory and tax violations Vietnam's Government Inspectorate has identified major regulatory, tax, and anti-money laundering violations among leading gold companies, including SJC, PNJ, and DOJI, amid domestic supply shortages. 22 sources. https://clstr.news/cluster/thai-nguyen-auctions-31-surplus-state-owned-properties ### 2026-08-02: Vietnam Police Warn of Gold Fraud in Hand‑to‑Hand Trades Vietnam's Gia Lai police warn that informal gold trades risk fraud, while falling prices lead buyers to focus on sell‑price spreads and gold type selection. 3 sources. https://clstr.news/cluster/vietnam-police-warn-of-gold-fraud-in-handtohand-trades ### 2026-07-16: Vietnam gold prices dip below 150 million VND, investors face losses Vietnam gold prices stayed under 150 million VND per liang, prompting investor losses; sellers advised to bring receipts; Hồng Phúc shop closed; USD/VND rate held steady. 15 sources. https://clstr.news/cluster/vietnam-gold-price-remains-below-vnd-150-million-per-tael --- Cite as: Vietnam gold market decline and regulatory scrutiny. CLSTR, https://clstr.news/situations/vietnam-gold-market-decline