PNJ and Eximbank have both pledged to proactively address the issues identified in the recent inspection report with a serious and constructive approach.

As previously reported by VietNamNet, on the afternoon of May 30, the State Bank of Vietnam (SBV) released the conclusions of its inspection into two banks and four gold trading companies.

Eximbank, one of the two credit institutions inspected in this round, was found to have generally complied with legal regulations related to gold trading activities. This includes gold bar transactions under SBV licenses, data reporting on gold purchases and sales, gold inventory status reporting, public listing of gold buying and selling prices, basic compliance with anti-money laundering laws, documentation procedures, invoicing, and tax declarations.

However, the report also pointed out certain administrative management violations in Eximbank’s gold business operations.

In response, Eximbank stated that it has proactively devised solutions to address these shortcomings. Specifically, the bank is focusing on rectifying the issues raised in the inspection findings, reviewing and refining all gold trading processes to align with current regulations, enhancing internal auditing and monitoring, and retraining relevant personnel to strengthen compliance across the organization.

A representative from Eximbank affirmed: “The bank is committed to addressing administrative violations in a serious and constructive manner. At the same time, we are ready to provide transparent information, prioritizing the interests of customers and shareholders. We are also implementing several initiatives to enhance risk management and improve the effectiveness of our internal control and audit systems for better governance.”

Regarding gold trading companies, the Chief Inspector of the SBV issued an administrative fine against DOJI Company for violations related to reporting regulations on gold bar trading and anti-money laundering requirements. The total fine amounted to 1.365 billion VND (approximately 53,700 USD).

The SBV has approved and forwarded DOJI’s case to the Ministry of Public Security for further investigation and handling. Based on the directives of competent authorities, the Criminal Investigation Department on Corruption, Economic Crimes and Smuggling (C03) under the Ministry of Public Security has responded to the SBV and assigned the General Department of Taxation (now the Department of Taxation) to lead the inspection, assessment, and resolution in accordance with the law.

For PNJ, the company received an administrative fine of 1.34 billion VND (around 52,800 USD) for similar violations regarding reporting requirements on gold trading and anti-money laundering measures. The SBV also forwarded PNJ’s case to the Ministry of Public Security for verification and investigation over signs of criminal violations involving invoices, accounting documents, and taxation.

According to PNJ, the company acknowledged the shortcomings in its operations, which the inspection team helped to clarify during the 2024 audit. PNJ has proactively addressed all identified issues to improve its operations starting from 2024.

“PNJ hopes that the gold market will soon be managed in a way that promotes healthy, long-term, and sustainable development, benefiting consumers and the economy,” a PNJ representative said.

Recently, during a Standing Government meeting on gold market management, Prime Minister Pham Minh Chinh emphasized the need for effective and efficient oversight of the gold market to support macroeconomic stability, control inflation, and drive growth.

The Prime Minister directed that Decree 24/2012/ND-CP on gold trading must be amended in a streamlined manner by June 2025 to reflect current realities. In addition, a comprehensive database on the gold market is to be developed and completed within the same timeframe.

Hanh Nguyen