A series of violations at Bao Tin Minh Chau had previously been identified by the State Bank of Vietnam’s inspectors and referred to the Ministry of Public Security for verification, investigation, and handling.

On March 26, the company’s gold trading stores on Tran Nhan Tong Street in Hanoi reopened after a temporary suspension a day earlier, drawing continued public attention.

A day before, images and information about the presence of authorities at several Bao Tin Minh Chau stores had spread widely. During the inspection, police officers were seen carrying boxes of documents out of the premises.

Earlier, in May 2025, the State Bank’s Inspectorate announced its conclusions following an inspection into the company’s compliance with regulations in gold trading activities. The findings pointed to multiple violations related to invoices, accounting documents, and tax obligations.

The Inspectorate reported the case to the Governor of the State Bank, who approved the transfer of information to the Ministry of Public Security for further investigation and handling.

Additional violations included failures in reporting requirements for gold bar trading, as well as instances of selling gold at prices higher than those listed.

The company was also found to have not disclosed on its website key information regarding transportation and delivery, complaint handling procedures, and dispute resolution mechanisms related to customer contracts.

It had not established or published policies to ensure the safety and security of consumer personal data, nor policies to protect such data on its e-commerce platform.

Authorities further noted signs that the company may have provided misleading information about its products to attract customers from competitors, raising concerns over unfair competition practices.

In terms of compliance with anti-money laundering regulations, the inspection concluded that Bao Tin Minh Chau had issued internal rules beyond its authority, with incomplete content, and failed to properly store information on reportable transactions and customer data.

Regarding accounting and tax compliance, the company was found to have improperly recorded gift expenses into the cost of goods and services, thereby reducing the value-added tax payable.

Following the inspection, the State Bank’s Inspectorate identified indications of legal violations, including potential criminal elements, and formally transferred the case to the Ministry of Public Security.

The Chief Inspector of the State Bank also issued an administrative penalty against Bao Tin Minh Chau for violations related to anti-money laundering regulations and reporting requirements in gold trading, with total fines amounting to VND2.64 billion (US$108,000).

Despite these developments, business activities at the company’s stores resumed from noon on March 26. Observations at the Tran Nhan Tong locations showed that customer traffic was lighter than usual, with orderly transactions and no long queues as seen during peak periods.

Most customers came to collect gold based on prior appointment slips or to sell amid price fluctuations, while new purchases remained limited.

According to store staff, operations had returned to normal, with gold deliveries being carried out according to scheduled dates indicated on customer receipts. Transaction areas were arranged separately, with one section handling sales and returns, and another serving purchase demand.

A customer from Dong Da district said she was initially concerned when the store suspended transactions on March 25, but felt reassured after receiving official notification and was able to collect her gold as scheduled.

In a statement, Bao Tin Minh Chau said the temporary suspension on March 25 was to facilitate coordination with authorities in verifying certain related information.

The company affirmed that its entire retail system resumed operations from noon on March 26 and committed to ensuring the legitimate rights and interests of customers, partners, and employees.

With nearly 40 years in the gold and jewelry business, Bao Tin Minh Chau emphasized its commitment to reputation, stating that its products meet all standards for gold purity, weight, and quality in accordance with regulations.

Duy Anh - Tuan Nguyen