On September 23rd, the National Competition Commission issued three decisions imposing penalties for unfair competition practices against three major gold trading companies: Saigon Jewelry Company (SJC), DOJI Group, and Bao Tin Minh Chau.
Each company was fined 200 million VND. The violations included providing misleading product information to attract customers from competitors. Additionally, they were required to publicly correct the misleading information on their websites.
The Commission noted that during the investigation, all parties actively cooperated by providing necessary information and documents. They also took steps to mitigate the consequences of their violations.
Previously, in May 2025, these three companies were also penalized by the State Bank of Vietnam for various violations, with fines ranging from 1.3 to 2.6 billion VND.
The State Bank identified serious breaches related to reporting and managing gold trading activities, including failure to report, incomplete reporting, or untimely reporting.
SJC, DOJI, and Bao Tin Minh Chau fined for unfair competition practices. (Image: DOJI)
Bao Tin Minh Chau was found to have provided misleading product information, potentially engaging in unfair competition. DOJI conducted unauthorized gold trading activities through platforms like https://egold.doji.vn and https://trangsuc.doji.vn, as well as the Egold app, violating regulations on gold trading and e-commerce.
Both DOJI and Bao Tin Minh Chau failed to disclose information regarding transportation processes, complaint resolution, and data privacy on their e-commerce platforms. Some companies also sold gold at prices higher than listed, violating price transparency rules.
All three companies were found to have serious violations of anti-money laundering regulations, including inadequate internal policies, failure to classify customers by risk, lack of periodic risk assessments, and non-compliance with reporting large transactions.
Additional violations included insufficient customer identification records, lack of clear internal controls, and failure to designate specific personnel for anti-money laundering efforts.
The administrative fines for anti-money laundering violations were as follows: SJC (2.14 billion VND), Bao Tin Minh Chau (2.64 billion VND), and DOJI (1.365 billion VND).
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