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Violations on gold trading found

Update: September, 13/2016 - 17:00
Customers buy gold at a jewellery shop in Hà Nội. The Ministry of Science and Technology’s inspection teams have found many businesses and individuals violating regulation by selling low quality gold products. – Photo vietstock.vn
Viet Nam News

HÀ NỘI – More than 183 out of 580 gold business units have failed to meet the regulation on measurement and quality standards, following inspections by the Ministry of Science and Technology.

The shortage of a proper regulation on the management of gold trading has been blamed for the violations, according to the ministry.

The ministry confirmed that businesses and individuals allowed to import gold jewellery and fine art products have to pay tax only under the law and their products were not controlled in terms of quality, the Dân trí online newspaper reported on Tuesday.

To reduce violations on gold trading, the ministry has recommended that the government should amend Decree No. 24/2012 / ND-CP, which regulated the quality of gold jewellery and fine art products in production and imports.

Earlier, in May, the public was worried on hearing information about the low quality of gold products which were being sold in the market.

In 2015, the ministry’s inspection teams also found 423 units violating gold standards. Authorities had confiscated more than 4,000 samples of products, over 2,800 of which were stopped to be sold. – VNS

 

 

 

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