Central bank to inspect gold trading at two banks, four companies
The State Bank of Vietnam (SBV) will inspect compliance with gold trading policies and laws at two banks and four companies, the central bank said on Thursday.
The entities include TPBank, Eximbank, Saigon Jewelry JSC (SJC), Doji Group, Phu Nhuan Jewelry JSC (PNJ), and Bao Tin Minh Chau Co., Ltd.
A gold store of Bao Tin Minh Chau Co., Ltd in Hanoi. Photo courtesy of the company.
Inspectors from the Government Inspectorate, the Ministry of Public Security, the Ministry of Finance, and the Ministry of Industry and Trade are trying to clamp down on money laundering, while inspecting compliance with rules on gold trading, accounting and invoicing, and tax obligations between January 1, 2020 and May 15, 2024. The inspections will last 45 days, and may be extended if necessary.
SBV Deputy Governor Pham Quang Dung stated that during the inspection process, more subjects and contents could be added if deemed necessary.
He asked the inspection team to focus on clarifying legal violations (if any) and recommend measures to prevent and handle them promptly and strictly in line with the law.
“If any signs of a crime are detected, the head of the inspection team must report to competent authorities to immediately transfer the case to the investigation agency for settlement in accordance with the law,” he noted.
The SBV representative added that the central bank will continue to implement intervention measures to increase the supply of SJC gold bullion, and narrow the difference between domestic and international gold prices.
“New approaches will be applied to achieve sustainable results, not letting gold price fluctuations affect exchange rates, inflation, or macroeconomic stability,” he stressed.
To expand gold supply, the SBV has held nine gold auctions since April 19, of which six were successful with 48,500 taels sold, while the remainder failing to attract bidders.
On Thursday, domestic gold prices fell sharply compared to the previous day's close. At 1:50 p.m, SJC listed gold at VND87.8-89.8 million ($3,526) per tael (buy-sell), both down VND1.1 million from Wednesday.
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