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Wednesday, June 26, 2024

Over 50 gold businesses fined VND2 billion

By T. Dao

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HCMC – Market surveillance forces have fined more than 50 gold trading businesses in HCMC, Tien Giang, and Ca Mau provinces nearly VND2 billion, confiscating hundreds of products without clear origin.

The HCMC Department of Market Surveillance found that many of these businesses sold gold products without clear origin. These products were identified as smuggled goods, of unclear origin, or counterfeit, according to a statement released on May 16.

By May 14, the HCMC Department of Market Surveillance had inspected 35 gold trading establishments. They seized 719 gold items, including rings, necklaces, bracelets, and pendants, worth over VND1.3 billion. The items lacked proper documentation or had counterfeit trademarks. Authorities fined 21 cases a total of VND1.28 billion and confiscated the illegal goods.

Also on May 16, the Tien Giang Department of Market Surveillance conducted unannounced inspections at 12 businesses, uncovering violations related to signage not conforming to business registration certificates. The fines totaled VND180 million.

Meanwhile, the Ca Mau Department of Market Surveillance fined six gold trading businesses VND272 million for trademark violations. The businesses were required to destroy the counterfeit goods by removing unauthorized logos in accordance with the law.

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