On the morning of July 9, on the small street of Ha Trung (Hoan Kiem, Hanoi ), people flocked to gold shops to make transactions. Most shop owners announced that they did not buy or sell SJC gold bars, but after asking customers, if they felt it was not suspicious, the shop owners discreetly offered to buy or sell gold at high prices, from 79 to 80 million VND/tael (buy).

Thus, this buying price is about 5 million VND per tael higher than the buying price of SJC.

Along this street, almost every gold shop is lined with motorbikes. A quick question to the customers who come here, most of them say they come to sell gold, few people come to buy gold.

PV, posing as a gold seller, talked with gold shop owners and was told: "Currently, the shop does not buy or sell SJC gold bars."

However, at the cashier counter, the store clerk was buying gold from customers.

"You bought gold for me at 80 million VND/tael, right?", a customer asked the cashier.

Ha Trung wine 1.jpg
Most stores announced that they do not buy or sell gold bars. Photo: TA

When the reporter said he wanted to sell gold, the store owner initially insisted that he was "not buying or selling anything." But when the reporter turned to the door, the store owner asked quietly, "Do you want to sell a lot?"

The gold shop staff said that if 10 taels were sold, the shop would buy them back for nearly 80 million VND/tael. Compared to the gold market price sold by Big 4 banks and SJC, the gold purchase price on the “black market” is nearly 5 million VND/tael higher.

In particular, to deal with plainclothes police inspections, some gold shops have carefully researched the information and needs of customers who come to buy and sell gold.

Mr. A. - a shop owner on Ha Trung street - told the customer: "Buying like this is illegal. If you want to resell the gold, show me your ID card so I can feel secure."

At the same time, this person also said that if the customer really wanted to sell, they could just bring the gold, then make a private appointment and transact outside the store to avoid being detected by the authorities.

Mr. Quang in Hoan Kiem, Hanoi, shared that he walked along this street but every store refused to buy back. However, in reality, they refused to buy back small quantities, but if customers sold 8-10 taels of gold or more, the store would immediately approach.

Up to now, the price of SJC gold bars announced by 4 state-owned commercial banks including Agribank , BIDV, Vietcombank and Vietinbank on the morning of July 9 remained unchanged at 74.98 million VND/tael for buying and 76.98 million VND/tael for selling.

This year, the Government issued Resolution No. 20 on the regular monthly Government meeting and the Prime Minister issued Official Dispatch No. 23 on strengthening measures to manage the gold market. Accordingly, gold shops that conduct transactions at prices higher than the official market price will be strictly handled according to regulations.

Speaking to PV. VietNamNet, lawyer Diep Nang Binh - Head of Tinh Thong Luat law office - said: "If a store is not licensed to trade in gold bars but still buys and sells them secretly with customers, the price difference is higher than the official market, it is a violation of the law. Depending on the nature and level of the violation, trading in gold at the wrong price can be subject to administrative or criminal sanctions."

In case of buying or selling gold at a price higher than the official market price without issuing an invoice, one can be prosecuted for tax evasion according to Article 200 of the Penal Code 2015, amended and supplemented in 2017.

Offenders may be fined from 100 million to 1.5 billion VND or imprisoned from 3 months to 7 years. Offenders may also be fined from 20 million to 100 million VND, banned from holding positions, practicing a profession or doing certain jobs from 1 to 5 years or have part or all of their property confiscated.

According to the Government Electronic Newspaper, on June 17, implementing the direction of the City Police Department, the Economic Security Department coordinated with the Hanoi Market Management Department to establish 3 working groups to inspect the compliance with legal regulations on gold buying and selling activities for organizations and individuals trading gold in Hanoi.

Checking at the BTTH store, it was discovered that Ms. T's husband was purchasing 1 tael of SJC gold from an individual for 81 million/tael, paying by bank transfer, without any invoice or documents.

BTTH gold and silver trading store is not licensed to buy and sell SJC gold bars.

At the time of inspection, the store could not present invoices or documents for some of the jewelry items being sold.

The inspection team drew up a record and temporarily seized administrative violation evidence of 1 tael of SJC gold, 232 gold jewelry rings and 48 white jewelry rings.

At Ha Trung street, working group No. 3 of the Economic Security Department and the Market Management Department organized an inspection at TL Gold and Silver Trading Company Limited.

At the time of inspection, the Company was discovered to be purchasing 1 tael of SJC gold from an individual for 81 million VND/tael, paid by bank transfer. The inspection team made a record and temporarily seized the administrative violation evidence.

Gold price today 7/11/2024 broke out after the plunge, how is gold ring price? Gold price today 7/11/2024 in the world increased quite quickly after the plunge because of Chinese "players". SJC gold bars are 3.3 million VND higher than the world price, but gold ring price can still go up.