Central bank to inspect gold trading activities

The State Bank of Vietnam (SBV) will inspect two banks and four  companies in terms of the compliance with policies and laws in gold trading activities.

They include TPBank, Eximbank, Saigon Jewelry JSC (SJC), Doji Group, Phu Nhuan Jewelry JSC (PNJ), and Bao Tin Minh Chau Co., Ltd, the central bank announced on May 23.

SBV Deputy Governor Pham Quang Dung requested 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 laws.

In the coming time, the central bank will continue coordinating with relevant ministries and agencies to enhance State management over gold trading activities and strictly punish violators, according to Mr. Dung.

Earlier, on May 17, the central bank announced a decision to conduct 45-day inspection which will focus on the adherence to legal regulations concerning gold trading, anti-money laundering, accounting and invoicing practices, tax declaration and fulfillment. 

The inspection performance may be extended, if necessary.

The SBV will continue to implement intervention measures to increase the supply of SJC gold bullion, and narrow the difference between domestic and international gold prices, according to the SBV Deputy Governor.

The central bank has organized nine gold auctions since April 19, with total 48,500 taels of SJC gold released to the market.