According to the State Bank of Vietnam (SBV), in compliance with Decision No. 34/QĐ-TTRA dated September 12, 2025, issued by the Chief Inspector of the SBV Branch in Zone 13, an inspection was conducted to assess adherence to policies and laws in gold trading activities. The inspection team directly examined Phu Nhuan Jewelry Joint Stock Company – Tien Giang Branch (PNJ Tien Giang), Ngoc Tham Jewelry Co., Ltd., and Ngoc Hai Jewelry Co., Ltd.
The inspection of these three entities took place from September 16, 2025, to October 1, 2025 (12 working days).
Fundamentally, all three companies complied with legal regulations in gold trading, maintained proper reporting on gold trading results, and adhered to accounting, invoicing, tax declaration, and payment regulations. They also complied with laws on announcing base standards, labeling, price display, and selling at listed prices.
No instances of smuggling, trade fraud, counterfeit goods, intellectual property infringement, or market manipulation through hoarding or price hikes were detected.
PNJ Tien Giang
The inspection concluded that PNJ Tien Giang implemented Anti-Money Laundering (AML) measures comprehensively and in line with Law No. 14/2022/QH15 on AML and related SBV guidelines.
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Ngoc Tham Jewelry
At Ngoc Tham Jewelry, the inspection identified AML violations, including incomplete internal AML regulations, failure to collect customer identification information, lack of customer risk classification, and non-reporting of 1,662 large transactions.
These violations stemmed from the company’s inadequate understanding and implementation of AML regulations. Responsibility lies with the Chairman of the Board and the AML officer.
Additional issues included vague internal AML rules for foreign customers, unclear sales invoices, and discrepancies between transaction records and actual activities. While not severe, these issues require immediate correction to ensure legal compliance.
The Chief Inspector of SBV Zone 13 issued Administrative Penalty Decision No. 41/QĐ-XPHC on October 10, 2025, fining Ngoc Tham Jewelry 1,025 million VND for four violations. The company paid the fine by October 13, 2025.
The Chief Inspector also requested the Dong Thap Tax Department to review invoice-related matters within their jurisdiction and issued four recommendations for Ngoc Tham Jewelry to address deficiencies and ensure safe, compliant operations.
Ngoc Hai Jewelry
Ngoc Hai Jewelry was found to have AML violations, including incomplete internal regulations, failure to classify customer risk, lack of a risk management system for politically exposed foreign customers, non-reporting of 32 large transactions, and failure to conduct AML risk assessments.
Additionally, the company did not retain customer identification records or transaction analysis results as required.
These violations resulted from insufficient understanding and implementation of AML regulations, with responsibility attributed to the Chairman of the Board and the AML team.
While not severe, these issues require immediate correction to ensure legal compliance.
The Chief Inspector of SBV Zone 13 issued Administrative Penalty Decision No. 42/QĐ-XPHC on October 10, 2025, fining Ngoc Hai Jewelry 775 million VND. The company paid the fine by October 17, 2025, and was directed to implement four recommendations to address deficiencies and ensure safe, compliant operations.
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