Vietnam’s gold industry is coming under renewed regulatory pressure after government inspectors identified historical compliance issues at several prominent jewellery and bullion companies. The findings cover areas ranging from tax declarations and accounting practices to anti-money-laundering controls and gold-bar transactions, adding momentum to the country’s broader effort to reform its gold market.
Among the companies named in the inspection was Bao Tin Manh Hai Jewelry JSC, which inspectors said had accepted deposits for gold bars without immediately delivering the bullion, contrary to the conditions of its licence. The company was also cited for tax-reporting discrepancies and shortcomings in customer identification and anti-money-laundering reporting during the 2023–2025 inspection period.
Other major market participants were also mentioned. Mi Hong Ltd. was cited over anti-money-laundering requirements and reporting related to changes in its gold-bar business, while Saigon Jewelry Co. (SJC), Phu Nhuan Jewelry JSC (PNJ) and DOJI were associated with alleged tax or accounting irregularities.
Vietnam’s Government Inspectorate estimated that the findings involved approximately 93.7 billion Vietnamese dong (around US$3.6 million) in incorrect tax and profit declarations over the two-year period. The companies have generally stressed that the issues relate to past activities and said they have taken steps to comply with current regulations.
A Gold Market Undergoing Structural Change
The inspection comes as Vietnam moves to reshape its bullion market. For years, the State Bank of Vietnam has maintained significant control over domestic gold-bar production. Authorities are now seeking a more competitive and transparent market structure that could increase bullion supply, reduce the disparity between domestic and international gold prices and strengthen regulatory supervision.
The reform programme also targets gold smuggling, illicit trading, hoarding and speculative activity, while potentially giving more licensed businesses a larger role in the bullion market.
Regulatory attention is extending beyond gold bars. Jewellery and precious-metal businesses are also facing greater scrutiny following an investigation into a cross-border smuggling network involving large quantities of diamonds. The trade ministry is planning inspections covering selected businesses involved in the trading of jewellery, diamonds and gemstones.
Authorities Flag Suspicious Gold Transactions
Inspectors have also called for further investigation into transactions involving seven unidentified individuals who reportedly sold around 2.084 trillion dong worth of gold. Authorities questioned the origin of the gold, noting that the scale of the transactions appeared inconsistent with the individuals’ declared incomes.
The findings have prompted calls for stronger action against potential market manipulation and illegal gold flows. Regulators have also been encouraged to develop a roadmap for establishing a national gold exchange, which could provide a more organised and transparent mechanism for gold trading.
Companies Point to Corrective Measures
Bao Tin Manh Hai said its inspection did not uncover evidence of market manipulation, hoarding, smuggling or profiteering. The company explained that the gold-bar deposits highlighted by inspectors related to seven transactions during 2023–24 involving the reprocessing of damaged SJC gold bars. It said it has since paid additional taxes, completed its e-commerce registration, improved price disclosures and strengthened its anti-money-laundering systems.
Mi Hong similarly said the findings concerned activities conducted before 2025 and did not represent newly emerging problems. The company said it had reviewed its procedures and made adjustments to address the issues.
PNJ said it had already identified and resolved the tax-related matter before the inspection findings were released, adding that it had fulfilled the required tax obligations and other requirements outlined by inspectors.
Vietnam’s latest actions signal a significant shift toward greater transparency and accountability across the gold and precious-metals sector. As the government considers deeper structural reforms, established gold companies are likely to face closer scrutiny, while stronger compliance standards could reshape how bullion and jewellery businesses operate in one of Southeast Asia’s closely watched gold markets.
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
