Gold trading major Bao Tin Minh Chau's founder subject to legal proceedings for alleged accounting violations

Legal proceedings have been launched against Vu Minh Chau, founder and majority owner of Hanoi-based gold trading firm Bao Tin Minh Chau, for alleged violations of accounting regulations during business operations, police said on Monday.

Hanoi police stated Chau, his son Vu Minh Tu, and two accounting staff are subject to legal proceedings on charges of “violating accounting regulations causing serious consequences.”

Concealing approximately $368 million in revenue

Local media quoted the police as determining that prior to 2024, Vu Minh Chau and Vu Minh Tu - head of the company's independent assistant department - instructed the accounting department to use two parallel software systems: Hivi Gold, Hivi Gold Pro, and Excel to monitor actual business operations; and Misa accounting software for tax reporting.

From the second half of 2024, to avoid inspection by authorities, Vu Minh Chau instructed Vu Minh Tu and staff to delete all data on Hivi Gold and Hivi Gold Pro, and switch to using Excel combined with Fox AI sales software. Data from these systems was filtered and compiled by the accounting department before being uploaded to Misa for tax reporting.

According to data extracted from the Hivi software for the period 2020-2023, investigators initially determined that the actual revenue of Bao Tin Minh Chau Co., Ltd. reached approximately VND13,700 billion (VND520.19 million), a difference of about VND9,700 billion ($368.31 million) compared to tax reports, causing a loss of about VND150 billion ($5.7 million) to the state budget.

Local media on March 25 reported that economic police and mobile police units had deployed to the company’s gold and jewelry outlets at 15 and 29 Tran Nhan Tong street in Hai Ba Trung ward and 139 Cau Giay street in Cau Giay ward. The stores temporarily suspended operations while officers conducted inspections inside.

Founded in 1989 by Vu Minh Chau, the company has grown into one of five prominent “Bao Tin” gold brands in Vietnam, alongside Bao Tin Hong Quan, Bao Tin Manh Hai, Bao Tin Thanh Van, and Bao Tin Hoang Long.

Bao Tin Minh Chau currently operates five outlets in Hanoi and more than 200 agents nationwide. The brand is owned by Bao Tin Minh Chau Co., Ltd., headquartered at 29 Tran Nhan Tong street. Vu Minh Chau, born in 1953, was CEO and legal representative.

According to corporate filings, the company was established in May 1995. As of May 2018, it had charter capital of VND100 billion ($3.8 million), with Vu Minh Chau holding 90.17% and Vu Phuong Nam owning the remainder.

In June 2025, the firm raised its charter capital to VND400 billion ($15.18 million), maintaining a concentrated ownership structure with Vu Minh Chau holding over 97.54% and Vu Phuong Mai nearly 2.46%.

Beyond the core business, Chau has stakes in several other companies across media, jewellery, fashion and healthcare. However, a number of these entities have either suspended operations or been dissolved, including Bao Minh Media Co., Hoang Kim Bao Jewellery JSC, S-Jewelry Co., and Bao Sinh Healthcare JSC.