The GI has transferred information on seven individuals conducting raw gold transactions to the Ministry of Public Security for review and handling in accordance with regulations as it saw the cases have shown signs of legal violations. —VNA/VNS Photo

HÀ NỘI — Six gold trading enterprises said that they have seriously reviewed and rectified shortcomings raised by the Government Inspectorate (GI), and will continue to enhance their governance and ensure transparent business operations.

The enterprises are Bảo Tín Mạnh Hải Joint Stock Company, Bảo Tín Mạnh Hải Gold and Silver Jewelry Joint Stock Company, Mi Hồng Co Ltd, Saigon Gold and Silver Jewelry Co Ltd (SJC), Phú Nhuận Gold and Silver Jewelry Joint Stock Company (PNJ), DOJI Gold and Silver Jewelry Group Joint Stock Company.

The move was made after the GI has recently announced an inspection conclusion report regarding compliance with policies and laws in the gold trading sector, which found several violations concerning gold trading, tax obligations, anti-money laundering efforts and e-commerce activities among major gold trading enterprises.

Under the report, the GI said that it has transferred information on seven individuals conducting raw gold transactions worth more than VNĐ2 trillion (US$75.75 million) to the Ministry of Public Security for review and handling in accordance with regulations as it saw the cases have shown signs of legal violations.

According to the GI, the cases have shown signs of legal violations according to the anti-money laundering regulations as the transactions involved gold of unknown origin and had volumes completely disproportionate to the personal incomes of the sellers.

Under the report, the GI said it has also identified shortcomings in the gold market management mechanism, causing supply shortages, price disparities, hoarding, price manipulation and various irregular transactions raising anti-money laundering concerns.

It noted that during the 2023–25 period, the State Bank of Vietnam (SBV) did not grant licences to jewellery and fine-art gold manufacturers to import raw gold for the purpose of increasing supply.

In light of the aforementioned shortcomings and limitations, the GI recommends that the SBV, based on macroeconomic conditions and monetary policy objectives, considers granting licences for the import of raw gold and the production of gold bars to eligible enterprises. This aims to boost supply, meet market demand, alleviate shortages and mitigate the risk of businesses sourcing gold from origins of unknown provenance.

It proposes that the Prime Minister direct the SBV to formulate mechanisms that enhance management efficiency, curb gold speculation, and foster the production and trading of gold jewellery and fine-art gold products; priority should be placed on meeting raw material requirements and facilitating the export of such jewelry and fine-art items.

Simultaneously, the SBV should advise on the development of legal regulations to promptly and strictly address manipulative practices that destabilise the gold market, ensuring alignment with the roadmap for establishing a gold exchange.

The SBV should coordinate with the Ministry of Finance to propose a roadmap for establishing a gold exchange in Việt Nam, in accordance with the Prime Minister's directives.

The gold exchange is intended to enhance openness and transparency, provide a basis for managing supply, demand and market factors influencing gold bar prices, and thereby facilitate the implementation of necessary solutions and tools to stabilise the gold market in the future. — BIZHUB/VNS