In a bid to regulate the gold market, Hanoi’s Market Management Bureau will inspect 116 gold and jewelry businesses across the city from August 15 to October 15. The inspection will focus on various aspects, including business registration certificates, certificates of eligibility for trading, price display, compliance with intellectual property regulations, and product origin.
The list of businesses to be inspected includes prominent gold and jewelry companies such as Bao Minh Gold and Jewelry Company, Bao Tin Gold and Jewelry Co., Ltd., and Huy Thanh Gold and Jewelry Co., Ltd. The inspection aims to detect and strictly handle violations in the gold trade, such as selling fake gold, intellectual property infringement, quality issues, unclear product origins, and smuggling.
Hanoi’s Market Management Bureau will collaborate with relevant units to inspect gold trading activities at 116 enterprises. Illustrative image.
According to Chu Xuan Kien, Director of Hanoi’s Market Management Bureau, the primary objective of this inspection campaign is to detect and impose strict penalties on violations in the gold business. This includes the sale of fake gold, intellectual property infringement, quality issues, unclear product origins, and smuggling. By doing so, consumer rights are protected, the gold market is stabilized, and unfair trade practices are prevented, ultimately safeguarding the nation’s interests.
One of the critical requirements of this plan is that inspections and administrative violation handling must comply with the law. This ensures that businesses are not subjected to harassment or inconvenience. Additionally, close coordination between functional forces is essential to ensure the highest efficiency during the inspection process.
Earlier this year, Market Management teams in Ho Chi Minh City conducted inspections of numerous gold shops. As of July 15, 196 violations had been detected, with 1,657 gold jewelry products of unknown origin or counterfeit brands seized. The total value of the seized items exceeded VND 14.2 billion, and administrative fines totaled VND 9.4 billion.
In late May, the State Bank of Vietnam also announced inspections of gold trading activities by credit institutions and gold trading enterprises regarding their compliance with policies and laws.
The Vietnamese gold market witnessed complex developments in the first half of the year, influenced by multiple factors affecting prices and investor sentiment. In the second half of 2024, global gold prices surged past the $2,500/ounce mark due to geopolitical tensions and expectations of a Fed rate cut in September. This triggered a rise in domestic gold prices, but the State Bank of Vietnam successfully managed the price gap with the global market, maintaining stability.
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