Today (May 23), the State Bank of Vietnam announced its decision to inspect compliance with policies and laws in gold trading activities.
Accordingly, the inspection subjects include 4 "big guys" in the gold industry, including: Saigon Jewelry Company Limited (SJC), Doji Jewelry Group Joint Stock Company, Phu Nhuan Jewelry Joint Stock Company, and Bao Tin Minh Chau Company Limited.
Along with that are Tien Phong Commercial Joint Stock Bank and Vietnam Export Import Commercial Joint Stock Bank.
The inspection team will focus on the following contents: inspecting compliance with legal regulations on gold trading activities; inspecting compliance with legal regulations on anti-money laundering.
In addition, the inspection team also inspected compliance with legal regulations on accounting, preparation and use of invoices and documents; and declaration and performance of tax obligations.
Inspection period from January 1, 2020 - May 15, 2024. If necessary, inspections may be conducted before or after the above period.
At the announcement of the decision, Deputy Governor of the State Bank of Vietnam Pham Quang Dung emphasized: During the inspection process, additional inspection subjects and inspection contents may be added if necessary. The inspection is chaired by the State Bank of Vietnam, in coordination with the Ministry of Public Security, the Ministry of Finance, the Ministry of Industry and Trade and the Government Inspectorate.
Deputy Governor Pham Quang Dung also requested the inspection team to focus on clarifying violations of the law (if any) and recommend, prevent, and handle them promptly and strictly according to the provisions of the law.
In case of detecting a case with signs of crime, the head of the inspection team must report to the person who issued the inspection decision for consideration and decision to immediately transfer it to the investigation agency for handling according to the provisions of law.
Mr. Dung also informed that in the coming time, the State Bank will coordinate with relevant ministries and branches to strengthen the synchronous implementation of state management solutions for gold trading activities; strictly handle violations of the law in 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 SJC gold prices and international gold prices with new approaches to achieve sustainable results...
In addition, the State Bank will conduct a full review of the implementation of Decree 24/2012/ND-CP, propose amendments and supplements on the basis of closely following the Party's guidelines and policies, the Government's and Prime Minister's directions in managing the gold market, in line with the practical situation; effectively prevent the goldification of the economy; prevent fluctuations in gold prices from affecting exchange rates, inflation and macroeconomic stability; enhance the State's role in managing and regulating the gold market in accordance with regulations, ensuring economic security, national financial and monetary security and social order and safety.
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