What do businesses say after the conclusion of the gold market inspection?

PNJ and Eximbank both said they would proactively take measures to address the issues pointed out in the inspection conclusion in a serious and receptive manner.

As VietNamNet reported, on the afternoon of May 30, the State Bank announced the conclusion of the inspection of 2 banks and 4 gold trading companies.

As one of two credit institutions subject to the State Bank's inspection of gold trading activities on this occasion, Eximbank was recognized as basically complying with legal regulations in gold trading activities, buying and selling gold bars according to the license granted by the State Bank, implementing the information reporting regime on gold bar buying and selling data, reporting basic gold status according to regulations; posting gold buying and selling prices; basically complying with legal regulations on anti-money laundering; making documents, invoices and declaring basic taxes according to regulations of law.

However, the conclusion also pointed out that Eximbank still had some violations in administrative procedure management in gold trading activities.

Regarding this issue, Eximbank said that the bank has proactively developed solutions to overcome the problem. Specifically: focusing on overcoming the contents pointed out in the inspection conclusion; organizing the review and completion of the entire gold trading process, ensuring compliance with current regulations; strengthening internal inspection and control, retraining related personnel to improve compliance throughout the system...

The State Bank announced the conclusion of the inspection of 2 banks and 4 gold trading companies. Photo: NH

Eximbank representative affirmed: “The bank is committed to handling seriously and receptively throughout the entire process of overcoming the above mentioned administrative violations. At the same time, we are ready to provide transparent information based on promoting the interests of customers and shareholders. Currently, the bank is also implementing many activities to strengthen risk management, improve the capacity of the internal control and audit system, aiming for efficiency in banking management activities.”

Regarding gold trading enterprises, the Chief Inspector of the State Bank of Vietnam has issued a decision to administratively sanction DOJI Company for violations of legal regulations on information reporting regime for buying and selling gold bars and anti-money laundering activities with a total fine of VND 1,365 billion.

The State Bank has approved and sent a document transferring the information of this enterprise to the Ministry of Public Security for verification, investigation and handling. Based on the direction of competent authorities, the Department of Police Investigation of Crimes of Corruption, Economy and Smuggling - Ministry of Public Security has responded to the State Bank's Document, accordingly, assigning the tax authority (General Department of Taxation, now the Tax Department) to preside over the inspection, assessment and handling according to the provisions of law.

As for PNJ, the company received a decision to impose administrative sanctions for violations of the law on the regime of information reporting on the purchase and sale of gold bars and anti-money laundering activities with a total fine of 1.34 billion VND. The State Bank also issued a document transferring information about the violation of the regime of invoices, accounting documents, and taxes with signs of criminal law violations at PNJ Company to the Ministry of Public Security for verification, investigation, and handling.

According to PNJ, the company recognized the shortcomings in its business process that the inspection team helped point out during the 2024 inspection. PNJ has proactively overcome all the points that the inspection team pointed out, helping the company improve its operations from 2024.

"PNJ hopes that gold market management will soon be implemented in a way that helps the market develop healthily and sustainably in the long term, bringing benefits to consumers and the economy ," said a PNJ representative.

Recently, at the Government Standing Committee meeting on gold market management, Prime Minister Pham Minh Chinh emphasized the goal of good and effective management of the gold market to contribute to stabilizing the macro economy, controlling inflation, and promoting growth.

The Prime Minister requested to amend Decree 24/2012/ND-CP on gold trading in a shortened form to suit the situation, to be completed in June 2025; at the same time, review and build a database on the gold market, to be completed in June 2025.

Gold price today, May 31, reversed, warning of a 'wave' of price decline. Gold price today, May 31, reversed and decreased at the beginning of the trading session in the US after some economic data was released. This precious metal is heading for a week of price decline.

Source: https://vietnamnet.vn/cac-doanh-nghiep-noi-gi-sau-ket-luan-thanh-tra-thi-truong-vang-2406755.html