On May 31st, Phu Nhuan Jewelry Joint Stock Company (PNJ) issued an official response regarding the inspection conclusions of the State Bank of Vietnam’s inspection agency on gold trading activities.
PNJ stated that the company has always made efforts to comply with legal regulations in gold and jewelry business operations. At the same time, PNJ affirmed its commitment to transparency and full compliance with accounting, invoice, and voucher regimes, as well as tax obligations as prescribed by law.
PNJ’s representative acknowledged the shortcomings identified during the 2024 inspection and proactively addressed them to perfect their business operations starting this year.
“PNJ has also proactively requested the competent authorities to investigate and clarify unclear contents in the inspection report. The company pledges to continue cooperating in a professional and transparent manner with the authorities to promptly clarify related issues,” the PNJ representative emphasized.
The company also expressed its desire for the gold market management to soon be implemented in a stable and sustainable development direction, bringing long-term benefits to consumers and the economy.
PNJ responds to the State Bank’s gold inspection conclusions
Previously, as reported by NLD, the State Bank of Vietnam’s Inspection Agency announced six inspection conclusions on the compliance with policies and laws in gold trading activities at four gold companies, including SJC, DOJI, PNJ, and Bao Tin Minh Chau, and two commercial banks, Eximbank, and TPBank.
At PNJ, the inspection agency detected violations related to the compliance with the reporting regime on gold bar trading activities; signs of providing misleading information about products and services provided by the company to attract customers from other enterprises, related to unfair competition practices; signs of violations of labeling regulations for jewelry products; etc.
The inspection results indicated signs of violations of tax regulations by PNJ. The State Bank has forwarded the information to competent authorities for consideration and handling in accordance with regulations.
Regarding compliance with regulations on accounting, invoice and voucher issuance, and tax declaration and payment: PNJ was found to have issued sales invoices not timely for some transactions; some transactions lacked information or contained information that might not be the customers’ ID/residence card numbers, etc.
“Breaking: Exposé on Saigon Jewelry Company’s Misdeeds”
The State Bank Inspectorate has concluded that Saigon Jewelry Company Limited (SJC) violated regulations related to invoices, accounting documents, and tax, with signs of criminal offenses. At SJC, the buying and selling prices of gold were solely decided and directed by the general director. The State Bank has handed over the company’s violation dossier to the police for further investigation and handling.
“Eximbank Takes Charge: Proactive Remediation of Administrative Violations in Gold Trading Operations”
Eximbank has responded to the State Bank’s conclusions regarding compliance with policies and laws in gold trading activities. The bank has pledged to address the issues with seriousness, openness, and transparency throughout the remediation process.
What’s the Deal with SJC’s Monopoly on Gold Bars Over the Past Decade?
In 2024, the volatile gold prices resulted in a significant revenue shift for SJC. The company raked in 32,193 billion VND, marking a notable surge of nearly 4,000 billion VND compared to 2023. This performance is especially noteworthy considering SJC’s previous monopoly on gold bullion, during which it boasted revenues surpassing 72,000 billion VND.
“Eximbank Takes Charge: Addressing Administrative Violations in Gold Trading Operations”
“Following the State Bank of Vietnam’s conclusion regarding compliance with policies and laws in gold trading activities, Eximbank has pledged to address the issue with utmost seriousness, openness, and transparency throughout the remediation process.”
“Foreign Ownership Limit in Vietnamese Banks Raised to 49%”
As of May 19, banks participating in the State Bank of Vietnam’s scheme to restructure ailing credit institutions will be allowed to increase foreign ownership to a maximum of 49%. This move is expected to provide Vietnamese banks with an opportunity to boost their growth trajectory significantly.
