Inspectors targeted two banks and four gold trading businesses.

These are: Tien Phong Commercial Joint Stock Bank, Vietnam Export Import Commercial Joint Stock Bank, Saigon Jewelry Company Limited (SJC), Doji Gold and Jewelry Group Joint Stock Company, Phu Nhuan Jewelry Joint Stock Company, and Bao Tin Minh Chau Company Limited.

On Tran Nhan Tong Street, known as the "gold street" in Hanoi , the volume of gold transactions at Bao Tin Minh Chau Co., Ltd. is always bustling.

At the ceremony announcing the decision to inspect two banks and four gold trading businesses on May 23rd, Mr. Le Quang Huy, Deputy Chief Inspector of Banking Supervision (State Bank of Vietnam - SBV), Head of the Inspection Team, announced Decision No. 324/QD-TTGSNH2 dated May 17th, inspecting compliance with policies and laws in gold trading activities.

During the 45-day inspection period, the team will focus on inspecting compliance with legal regulations on gold trading; compliance with regulations on anti-money laundering; compliance with accounting regulations, the preparation and use of invoices and documents; and the declaration and fulfillment of tax obligations. The inspection period covers from January 1, 2020 to May 15, 2024, and may include periods before or after this timeframe if necessary.

According to Mr. Pham Quang Dung, Deputy Governor of the State Bank of Vietnam (SBV): Following the directives of the Central Steering Committee on Anti-Corruption and Negative Phenomena at its 25th meeting, and the directives of the Government and the Prime Minister on strengthening measures to manage the gold market, the SBV, in coordination with the Ministry of Public Security , the Ministry of Finance, the Ministry of Industry and Trade, and the Government Inspectorate, is conducting inspections at several credit institutions and businesses. During the inspection process, additional subjects and inspection content may be added if necessary.

The Deputy Governor requested that the Inspection Team and the inspected credit institutions and businesses strictly and fully comply with their rights and obligations as stipulated by law. The Inspection Team should focus on clarifying any violations of the law (if any) and recommend timely and strict prevention and handling in accordance with the law. If a case with signs of criminal activity is discovered, the Head of the Inspection Team must report to the person who issued the inspection decision for consideration and decision to immediately transfer the case to the investigating agency for handling in accordance with the law.

Deputy Governor Pham Quang Dung stated: In the coming period, the State Bank of Vietnam will coordinate with relevant ministries and agencies to strengthen the comprehensive implementation of state management solutions for gold trading activities; and strictly handle violations of the law related to this activity.

The State Bank of Vietnam will continue to implement intervention measures, increase the supply of SJC gold bars, narrow the gap between domestic and international SJC gold prices with new approaches to achieve sustainable results; fully summarize the implementation of Decree 24/2012/ND-CP, and propose amendments and additions based on the Party's guidelines and policies, the Government's and Prime Minister's directives on gold market management, in accordance with the practical situation; effectively prevent the goldization of the economy; and prevent gold price fluctuations from affecting exchange rates, inflation, and macroeconomic stability.

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