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Saturday, June 22, 2024

Fines of VND3 billion imposed on 145 gold trading violators

The Saigon Times

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HCMC – Authorities have ramped up efforts to combat illegal operations in the volatile gold market, slapping nearly VND3 billion in fines on 145 violation cases this year to date.

The General Department of Market Surveillance, under the Ministry of Industry and Trade, directed local market surveillance agencies to enhance vigilance against smuggling and illegal trading of gold items.

Over the first four months of 2024, market surveillance officers identified 145 violations at gold shops nationwide. These infractions involved contraband goods valued at nearly VND6.8 billion, with fines totaling almost VND3 billion being issued in response.

In Quang Ninh Province, 12 out of 18 establishments inspected were found to be in violation, resulting in fines of VND222 million.

Similarly, in Tien Giang Province, inspections led to the discovery of five infractions, with fines exceeding VND1.8 billion.

An Giang Province saw the uncovering of a significant inventory of gold products, including items bearing trademarks of renowned brands such as Chanel and Cartier, indicative of intellectual property infringement.

The violations predominantly encompassed trademark infringement, unclear product origins, and trade in counterfeit goods.

The General Department of Market Surveillance highlighted the legal ramifications for intellectual property infringements, stating that individuals can face administrative fines of up to VND250 million, while organizations may be fined up to VND500 million.

In cases involving significant commercial damages to trademark owners exceeding specified thresholds, criminal liability under Article 226 of the Penal Code may be pursued. This provision allows for the prosecution of individuals or organizations involved in trademark infringement or the trade of contraband goods.

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