[REVISION HISTORY]

Vietnam gold market decline and regulatory scrutiny

Updated 8 times since CLSTR started tracking revisions of this situation.

What changed

2026-08-10 12:32 UTC → 2026-08-11 02:12 UTC · added ~~removed~~

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.

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