Brian Jeffrey
Both PNJ and Eximbank are committed to tackling the challenges highlighted in the recent inspection report with a proactive and constructive approach.
As reported by VietNamNet, on May 30, the State Bank of Vietnam (SBV) disclosed the results of its inspection involving two banks and four gold trading enterprises.
During this inspection, Eximbank demonstrated a general adherence to the legal standards governing gold trading activities. This encompasses conducting gold bar transactions under SBV licenses, accurate reporting on gold purchases and sales, maintaining up-to-date gold inventory records, publicly listing buying and selling prices for gold, and fulfilling basic requirements related to anti-money laundering regulations, documentation, invoicing, and tax submissions.
Nonetheless, the inspection report identified some management deficiencies in Eximbank’s gold trade operations.
In light of this, Eximbank has announced its commitment to addressing these issues. The bank is concentrating on correcting the concerns highlighted in the findings, reviewing and enhancing all gold trading protocols to comply with current regulations, improving internal auditing and monitoring systems, and retraining key staff to bolster compliance throughout the organization.
An Eximbank spokesperson remarked: “The bank is dedicated to addressing administrative offenses constructively and seriously. We are committed to transparency, prioritizing the interests of our customers and shareholders. Additionally, we are rolling out initiatives aimed at strengthening risk management and enhancing the efficiency of our internal control and audit frameworks for improved governance.”
In relation to the gold trading companies, the SBV’s Chief Inspector has imposed an administrative penalty on DOJI Company for breaches of reporting regulations regarding gold bar transactions and anti-money laundering practices. The fine totaled 1.365 billion VND (around 53,700 USD).
The SBV has escalated DOJI’s case to the Ministry of Public Security for further action. Following instructions from the relevant authorities, the Criminal Investigation Department for Corruption, Economic Crimes, and Smuggling (C03) has coordinated with the General Department of Taxation (currently the Department of Taxation) to oversee inspections, assessments, and lawful resolutions.
Meanwhile, PNJ received a penalty of 1.34 billion VND (approximately 52,800 USD) for similar infractions concerning reporting obligations related to gold trading and anti-money laundering measures. The SBV has also referred PNJ’s case for investigation by the Ministry of Public Security based on indications of potential criminal activities involving invoices, accounting documents, and taxation.
PNJ acknowledges the operational shortcomings identified during the inspection, which the audit team clarified in their 2024 review. The company is taking steps to rectify all areas of concern to enhance its operations starting in 2024.
“PNJ aspires for the gold market to be managed in a manner that fosters healthy, long-term, and sustainable development, benefiting both consumers and the economy,” a spokesperson for PNJ stated.
Recently, at a Government meeting focused on gold market oversight, Prime Minister Pham Minh Chinh underscored the necessity for effective management of the gold market to ensure macroeconomic stability, curb inflation, and promote economic growth.
The Prime Minister has instructed that Decree 24/2012/ND-CP on gold trading be amended efficiently by June 2025 to align with current circumstances. Furthermore, a comprehensive database regarding the gold market should be established within the same timeframe.
