Initial investigations indicate that the suspects took advantage of soaring domestic gold prices, the significant gap between local and international prices, and growing consumer demand to establish a smuggling network that transported gold bullion from Cambodia into Vietnam for profit.

Once successfully brought into Vietnam, the gold was allegedly divided into smaller quantities, legitimized through various means and distributed into the market in an effort to conceal its origin.

Investigators said these methods complicated efforts to gather evidence, trace transactions and prove criminal conduct.

According to Thanh Hoa Police, the operation was large in scale, spanning multiple provinces and crossing international borders. The network reportedly operated across Tay Ninh, Ho Chi Minh City, Dong Nai and Thanh Hoa.

The suspects maintained a high level of operational security, primarily communicating through Telegram, Viber, WhatsApp and Zalo. Transactions were conducted entirely in cash, with no bank transfers used, in an apparent attempt to avoid detection by authorities.

Preliminary findings suggest the group smuggled approximately 200kg of gold bullion from Cambodia into Vietnam for sale, with a total estimated value of nearly VND1 trillion (USD39 million).

Police have also seized a number of items and materials relevant to the investigation.

The Investigation Police Agency of Thanh Hoa Province is continuing to expand the case and identify additional individuals involved.

Le Duong