HCMC – The State Bank of Vietnam (SBV) has announced a plan to conduct inspections of gold trading operations at two commercial banks and four businesses.
The entities subject to inspection include TPBank, Eximbank, Saigon Jewelry Company (SJC), Doji Precious Metals, Phu Nhuan Jewelry JSC (PNJ), and Bao Tin Minh Chau, according to an SBV official at the Compliance Announcement Conference on Business Gold Practices held in Hanoi on May 22.
The inspection, which will feature representatives from the Government Inspectorate, Ministry of Public Security, Ministry of Finance, and Ministry of Industry and Trade, is set to last 45 days.
The inspection team will focus on compliance with legal regulations regarding gold business operations, anti-money laundering practices, accounting policies, preparation and use of invoices and receipts, and tax reporting and performance of tax obligations, based on the regulations of the Inspection Law and related statutes.
The audit period covers activities from January 1, 2020, to May 15, 2024, and could be extended if necessary.
Deputy Governor of the SBV Pham Quang Dung said that during the inspection, additional subjects and contents could be added if deemed necessary. The SBV plans to enhance state oversight of gold business activities and impose strict sanctions on legal violations in gold trading.
The SBV will also continue to take measures to increase the supply of SJC gold bars and narrow the price gap between domestic and international gold prices, Dung added.
