“PNJ Responds to State Bank’s Gold Business Inspection Findings: Addressing Shortcomings Since 2024”

On May 30, 2025, a representative from Phu Nhuan Jewelry Joint Stock Company (HOSE: PNJ) provided information related to the results of an inspection into its gold trading activities, which had been conducted by the State Bank of Vietnam’s Inspection Agency (SBV).

PNJ stated that it strives to adhere to and diligently comply with the state’s regulations and laws in its gold and jewelry business operations. The company emphasizes transparency and endeavors to fully implement legal requirements pertaining to accounting practices, invoice and document issuance, and tax declaration and payment.

PNJ acknowledged certain shortcomings in its business processes that were identified by the inspection team during the 2024 inspection. The company proactively addressed all the issues raised by the inspectors, making improvements to its operations as early as 2024.

Previously, in October 2024, PNJ had disclosed inspection results that aligned with the SBV’s aforementioned conclusions. According to PNJ, the inspection concluded in Q3 2024, and the company adjusted its operations to meet the regulatory requirements.

The fine imposed on PNJ amounted to VND 1.34 billion. This penalty was due to deficiencies in the company’s internal regulations, risk-based customer classification practices, large transaction reporting, and internal audit procedures, which did not fully comply with anti-money laundering laws. Additionally, PNJ mentioned that there were some oversights and incomplete data submissions during the reporting process to management agencies.

PNJ affirmed that it would fully comply with the decisions of the Banking Inspection and Supervision Agency and has voluntarily taken steps to address the identified shortcomings and their consequences.

PNJ proactively requested the competent authorities to investigate and clarify the unclear points noted in the minutes. The company pledged to continue its proactive cooperation in a professional and transparent manner to work with the authorities to promptly resolve the matter.

PNJ expressed its aspiration for the gold market management to be implemented in a way that fosters the market’s healthy and sustainable long-term development, benefiting consumers and the economy.

In the afternoon of May 30, the State Bank of Vietnam announced the inspection conclusions of two banks and four gold trading companies, including PNJ. The conclusions stated that PNJ had violated regulations on reporting its gold bullion trading activities and showed signs of non-compliance with labeling regulations for gold jewelry products.

The inspection findings indicated potential tax law violations by PNJ. Additionally, the company was found to have contravened anti-money laundering regulations. Immediately after the on-site inspection, the SBV forwarded information related to violations of accounting, invoice, and tax regulations, which bore signs of criminal offenses, to the Ministry of Public Security for investigation, handling, and verification. The Chief Inspector of the SBV issued a decision to fine PNJ VND 1.34 billion.