Hanoi police have prosecuted the founder of Bao Tin Minh Chau over alleged accounting violations, uncovering large discrepancies in reported revenue and tax obligations.
Authorities have launched criminal proceedings against Vu Minh Chau, founder of Bao Tin Minh Chau, alongside his son Vu Minh Tu and two company accountants, in a case that is rapidly expanding into one of the most closely watched financial investigations in Vietnam’s gold sector.
Vu Minh Chau works with the police. Photo: Police Department.
According to the Investigation Police Agency under Hanoi Police, the individuals have been charged with violating accounting regulations causing serious consequences. The case centers on alleged discrepancies in revenue reporting and the use of parallel accounting systems over several years.
Bao Tin Minh Chau, a long-established private enterprise in gold and jewelry production and trading, was founded by Vu Minh Chau and has grown into a widely recognized brand with a strong presence in Hanoi and a nationwide network of agents.
Investigators say that prior to 2024, Vu Minh Chau and his son directed accounting staff to operate two separate systems. Internal tools including Hivi Gold, Hivi Gold Pro and Excel were used to track actual business activity, while the MISA accounting software was used to declare figures for tax purposes.
From the second half of 2024, the company allegedly went further by deleting all data from the Hivi systems and switching to Excel and Fox AI software to manage transactions. Data was then filtered and adjusted before being entered into MISA for tax reporting.
Based on extracted data from 2020 to 2023, authorities estimate the company’s actual revenue at around VND13,700 billion (approximately US$540 million), roughly VND9,700 billion (US$382 million) higher than reported figures. The discrepancy is believed to have caused an estimated VND150 billion (US$5.9 million) loss to the state budget.
During urgent searches of residences, offices and related business locations, investigators seized VND23.3 billion (approximately US$920,000) in cash, seven land-use certificates and a large quantity of gold and silver materials, along with extensive documentation.
At the police station, Vu Minh Chau admitted to approving and directing the use of personal bank accounts to receive company sales revenue, as well as maintaining dual accounting systems. He acknowledged the violations as a serious lapse in responsibility, calling it a lesson for both himself and others.
The company’s legal representation had already been transferred from Vu Minh Chau to Pham Lan Anh in October 2024. She currently serves as director and legal representative.
Authorities have stressed that transactions between customers and the company are considered civil in nature. According to Colonel Chu An Thanh, head of the Economic Police Division, the company remains responsible for fulfilling its obligations to customers, including delivery of gold as committed. To date, no formal complaints have been filed regarding delayed delivery or transactions conducted via appointment notes.
Despite the legal developments, business operations at Bao Tin Minh Chau outlets in Hanoi continue without disruption. On Tran Nhan Tong street, a well-known hub for gold trading, customers were still seen lining up for purchases, while selling activity remained relatively subdued.
The suspects have been prosecuted. Photo: Police Department.The suspects have been prosecuted. Photo: Police Department.
Company representatives issued a statement expressing regret over public concern, affirming that operations remain stable and that the firm is cooperating fully with authorities. The company reiterated its commitment to product quality standards and pledged to safeguard customer and partner interests.
Founded in 1989, Bao Tin Minh Chau is part of a broader family network of gold businesses rooted in the legacy of Luong Thi Diem. Over more than three decades, the company has built a reputation for its Vang Rong Thang Long products, often commanding premium prices due to perceived quality and liquidity.
However, the company has previously faced regulatory scrutiny. A 2025 inspection by the State Bank of Vietnam identified violations related to invoices, tax compliance and reporting obligations. Additional penalties were imposed for misleading product information and lapses in anti-money laundering procedures.
Financial disclosures reveal a striking contrast between high revenues and thin profit margins. In 2023, the company reported revenue of VND1,401 billion (US$55 million) but a net profit of just VND4.5 billion (US$177,000). In 2024, revenue surged to over VND6,952 billion (US$273 million), while net profit remained modest at under VND49.2 billion (US$1.9 million).
Regulators have also flagged irregularities across the wider gold market. Following inspections, cases involving companies such as SJC and PNJ have been referred to authorities for further review over potential violations in invoicing and tax practices.
As the investigation continues, Hanoi police say they are expanding the probe to clarify the roles of related individuals and any additional violations. The case is expected to have far-reaching implications for governance and transparency in Vietnam’s gold trading industry.
Vietnamnet.vn
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