The State Bank will inspect the gold trading activities of 6 units.

On May 23, 2024, in Hanoi , the State Bank of Vietnam (SBV) organized an inspection of compliance with policies and laws in gold trading activities.

The inspection team includes representatives of the Government Inspectorate, the Ministry of Public Security , the Ministry of Finance, and the Ministry of Industry and Trade. The inspection period is 45 days. The inspection subjects include: Tien Phong Commercial Joint Stock Bank (TPBank), Vietnam Export Import Commercial Joint Stock Bank (Eximbank), Saigon Jewelry Company Limited (SJC), Doji Jewelry Group Corporation, Phu Nhuan Jewelry Company Limited (PNJ), Bao Tin Minh Chau Company Limited.

The inspection team will conduct inspections in accordance with the provisions of the Inspection Law and related regulations, focusing on the following contents: Inspection of compliance with legal provisions on gold trading activities; Inspection of compliance with legal provisions on anti-money laundering;

Inspect compliance with legal regulations on accounting, preparation and use of invoices and documents; on declaration and implementation of tax obligations. Inspection period is from January 1, 2020 to May 15, 2024. If necessary, inspections may be conducted before or after the above period.

Deputy Governor of the State Bank of Vietnam Pham Quang Dung speaks at the announcement of the inspection of compliance with policies and laws in gold trading activities.

Deputy Governor of the State Bank of Vietnam Pham Quang Dung said that during the inspection process, additional inspection subjects and inspection contents may be added if necessary. The Deputy Governor requested the Inspection Team and credit institutions and enterprises that are subject to inspection to strictly and fully implement their rights and obligations as prescribed by law.

The inspection team focuses on clarifying any violations of the law (if any) and making recommendations, preventing and handling them promptly and strictly in accordance with the law. In case of detecting a case with signs of crime, the Head of the inspection team must report to the person who issued the inspection decision for consideration and decision to immediately transfer it to the investigation agency for handling in accordance with the law.

Deputy Governor Pham Quang Dung also informed that in the coming time, the State Bank will coordinate with relevant ministries and branches to strengthen the synchronous implementation of state management solutions for gold trading activities; strictly handle violations of the law in this activity.

The State Bank will continue to implement intervention measures, increase the supply of SJC gold bars, narrow the gap between domestic SJC gold prices and international gold prices with new approaches to achieve sustainable results.

At the same time, the State Bank will conduct a full review of the implementation of Decree 24/2012/ND-CP, propose amendments and supplements based on the Party's guidelines and policies, the Government's and Prime Minister's directions in managing the gold market, in accordance with the practical situation; effectively prevent the goldification of the economy ;

Do not let gold price fluctuations affect exchange rates, inflation and macroeconomic stability; enhance the State's role in managing and regulating the gold market in accordance with regulations, ensuring economic security, financial security, national currency and social order and safety .

Source: https://www.nguoiduatin.vn/ngan-hang-nha-nuoc-se-thanh-tra-hoat-dong-kinh-doanh-vang-cua-6-don-vi-a664966.html