Vietnam’s gold sector faces renewed regulatory scrutiny after government inspectors uncovered historical compliance issues at several leading jewellery and bullion firms. The review highlighted shortcomings across tax declarations, accounting practices, anti-money-laundering controls and gold-bar transactions, intensifying efforts to reform and modernize the country’s gold market.
One company named in the inspection, Bao Tin Manh Hai Jewelry JSC, was reported to have accepted deposits for gold bars without delivering the bullion promptly, a practice inconsistent with its licence conditions. Inspectors also flagged tax-reporting discrepancies and weaknesses in customer identification and anti-money-laundering reporting during the 2023–2025 inspection period.
Other major market players were cited as well. Mi Hong Ltd. drew attention for lapses in anti-money-laundering procedures and reporting connected to changes in its gold-bar business. Prominent firms such as Saigon Jewelry Co. (SJC), Phu Nhuan Jewelry JSC (PNJ) and DOJI were associated with alleged tax or accounting irregularities identified during the inspection.
Vietnam’s Government Inspectorate estimated the aggregate impact of the findings at roughly 93.7 billion Vietnamese dong (about US$3.6 million) in incorrect tax and profit declarations over the two-year review. The companies involved have generally emphasized that the issues relate to past activities and stated they have implemented corrective measures to align with current regulations.
A Gold Market Undergoing Structural Change
The inspection coincides with broader efforts to reshape Vietnam’s bullion market. Historically, the State Bank of Vietnam has exerted strong control over domestic gold-bar production. Policymakers are now pursuing a more competitive and transparent market framework intended to boost bullion supply, narrow the gap between domestic and international gold prices, and strengthen regulatory oversight.
Reform initiatives also aim to tackle gold smuggling, illicit trading, hoarding and speculative activity, while potentially allowing more licensed businesses to participate more fully in the bullion market. These changes are designed to create a safer, better-regulated environment for both consumers and industry participants.
Regulatory scrutiny is extending beyond gold bars. Jewellery and precious-metal businesses are receiving increased attention after an investigation uncovered a cross-border smuggling network involving substantial quantities of diamonds. The trade ministry has signaled plans for inspections of selected businesses engaged in trading jewellery, diamonds and gemstones to ensure compliance across the sector.
Authorities Flag Suspicious Gold Transactions
Inspectors also called for further investigation into transactions involving seven unidentified individuals who reportedly sold about 2.084 trillion dong worth of gold. Authorities questioned the provenance of that gold, noting the scale of the transactions appeared inconsistent with the sellers’ declared incomes, and urged deeper examination of potential illicit flows.
The inspection findings have prompted renewed calls for stronger measures to prevent market manipulation and illegal gold movement. Regulators are being encouraged to develop a roadmap for establishing a national gold exchange, which could introduce a more organized, transparent and auditable platform for gold trading in Vietnam.
Companies Point to Corrective Measures
In response to the inspection, several companies outlined steps taken to address identified issues. Bao Tin Manh Hai stated inspectors found no evidence of market manipulation, hoarding, smuggling or profiteering. The firm explained that the questioned gold-bar deposits related to a small number of transactions in 2023–2024 involving the reprocessing of damaged SJC bars. It said it has since paid additional taxes, completed e-commerce registration, improved price disclosures and strengthened anti-money-laundering controls.
Mi Hong indicated that the findings related to activities carried out prior to 2025 and said it had reviewed and revised procedures to ensure compliance. PNJ said it had already identified and resolved the tax-related matter before the inspection report was published, fulfilling the required tax obligations and other requirements set out by inspectors.
Vietnam’s recent actions reflect a clear shift toward greater transparency and accountability in the gold and precious-metals sector. As the government advances structural reforms, established gold companies can expect closer regulatory scrutiny and higher compliance standards. These changes have the potential to reshape how bullion and jewellery businesses operate in one of Southeast Asia’s most closely watched gold markets, improving integrity, consumer protection and market stability.