The Government Inspectorate of Vietnam has reported significant violations at several major gold trading companies, including Bảo Tín Mạnh Hải, following an audit conducted on August 8. The inspection revealed that Bảo Tín Mạnh Hải accepted deposits from customers without delivering gold immediately, which breaches their business license regulations.

In addition to this, the company inaccurately reported its cost of goods on tax declarations and failed to comply with tax regulations. There were also violations related to anti-money laundering practices, including inadequate reporting of high-value transactions and insufficient customer identification processes.

Other companies, such as Mi Hồng, were found to have provided misleading information about their products on their website and failed to report the cessation of gold trading activities at some branches. Similar to Bảo Tín Mạnh Hải, Mi Hồng also faced issues regarding compliance with anti-money laundering regulations.

The Government Inspectorate has called for strict measures against market manipulation and illegal trading practices that destabilize the gold market. They urged the Prime Minister to direct the State Bank of Vietnam to enhance inspections and take decisive actions against companies involved in price manipulation and illegal activities.

Furthermore, the Inspectorate has recommended the establishment of a gold trading floor in Vietnam to promote transparency and better management of supply and demand factors affecting gold prices. This initiative aims to stabilize the gold market amidst rising domestic gold prices compared to global rates.

In light of the findings, the Inspectorate has also transferred information regarding seven individuals involved in the sale of gold materials of unclear origin, totaling approximately 2.084 trillion VND, to the Ministry of Public Security for further investigation.

Other companies, including Sài Gòn Jewelry Company (SJC) and Phú Nhuận Jewelry Company (PNJ), were also identified as having accounting and tax compliance issues. The Inspectorate has recommended that the Ministry of Finance ensure proper tax collection from these companies, amounting to an estimated 93.7 billion VND in discrepancies.

As of September 2025, Vietnam has 14,612 businesses engaged in various gold-related activities, with only 38 licensed to trade gold bullion.