According to a report by Nguoi Lao Dong, on April 15th, several jewelry stores in the area around An Dong Market (District 5), Thiec Market (District 11) and the gold and silver street of District 5 had closed their doors.
For example, the N.T gold store, the N.T.L gold store and the gold store next door on Nguyen Duy Duong Street – a bustling gold and silver – gemstone business street in Ho Chi Minh City – were all closed.
Mrs. Thai, a resident living nearby, said that the gold stores on this street are usually open every day of the week. However, some stores were closed all day without posting any notice, even though it was Monday, which made her wonder.
“I don’t know why they closed. I heard that there is going to be some kind of inspection,” Mrs. Thai guessed.
Similarly, the K.K.G gold store in Thiec Market has also closed its doors; there is no notice outside indicating when it will reopen.
 A row of gold stores closed all day on April 15th |
A manager of a gold store nearby said that the authorities may be conducting a gold inspection, so the store closed to avoid being fined.
“The K.K.G store or some other gold stores in Ho Chi Minh City may have closed because they are selling jewelry that looks like famous brands like LV, Chanel. The authorities may be checking the gold papers, so they closed the store to be safe,” the manager of a nearby gold store speculated.
According to him, the other gold stores in the market are still operating normally because their gold is from a company and has all the necessary paperwork.
On Nhieu Tam Street (the main street of the gold and silver – jewelry street in District 5), some gold stores have also closed. There is a store that is cleaning up and only has its door slightly open.
Earlier, on April 9th, Market Management (QLTT) teams of the Ho Chi Minh City QLTT Department conducted surprise inspections of gold businesses in the area and found goods without invoices or documents, suspected of being counterfeit brands.
The goods (earrings, pendants, bracelets…) showed signs of counterfeiting famous brands such as Chanel, Versace, Louis Vuitton. The QLTT force has drawn up a report and is clarifying the matter for handling in accordance with the law.
The Ho Chi Minh City QLTT Department said that it will continue to deploy simultaneous inspections of private businesses engaged in gold trading on the locality. This is to implement Telegram 23/CD-TTg dated March 20th, 2024 of the Prime Minister – requesting to strengthen measures to manage the gold market. Accordingly, the Ho Chi Minh City QLTT Department has directed the QLTT Teams to screen and inspect businesses trading in gold in the area.
Regarding the recent gold price fluctuations, some gold shop owners in Ho Chi Minh City said that gold trading activities on the market remain unchanged. The number of people selling gold is slightly higher than the number of buyers, but still not significant.
Currently, the SJC gold price is at VND 82.1 million/tael for buying and VND 84.1 million/tael for selling, up VND 1.5 million and VND 1 million/tael respectively compared to yesterday.
A gold store in Thiec Market has also closed
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 Some stores in the gold and silver street are closed, with some stores opening slightly to clean up
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Le Tinh
