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Tuesday, June 18, 2024

Many gold shops in HCMC violate business regulations

The Saigon Times

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HCMC – During a recent inspection by the HCMC Market Surveillance Authority, 17 gold shops in the city were found to be in violation of trading regulations concerning this precious metal.

As of April 25, the authority had seized 644 products lacking proper documentation such as invoices and bearing counterfeit brand labels.

Nguyen Quang Huy, vice director of the authority, revealed this information during a press conference on the city’s socio-economic development on April 25.

Market management forces have intensified supervision over jewelry shops in the area, closely monitor gold shops to promptly detect and handle violations. Inspections focus on combating smuggling activities, trading goods without clear origin, and counterfeit products, said Huy.

In addition, the HCMC Market Surveillance Authority is collaborating with the State Bank of Vietnam’s branch in HCMC to develop a plan for inspecting gold.

Regarding the temporary closure of some gold shops in response to inspection plans, Huy stated that there is currently no evidence to determine the exact reason for their shutdown.

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