HO CHI MINH CITY: HCM City authorities have fined multiple gold shops and confiscated large quantities of untraceable jewellery in a market inspection, officials said on Monday (April 27), as regulators step up oversight amid volatile global prices.
Market surveillance teams imposed total fines of about VND700 million (US$26,700) and seized gold items lacking clear origin, following a city-wide inspection campaign targeting the gold trade.
The crackdown focused on traditional gold trading hubs, including Xom Chieu, Khanh Hoi, Vinh Hoi, Cho Quan, An Dong and Cho Lon wards, where three businesses were found selling goods of unknown origin worth more than VND135 million.
Authorities fined the firms a combined VND210 million.
In the former Thu Duc City area, inspectors penalised nine entities for administrative violations, issuing fines exceeding VND500 million and confiscating 39 jewellery items valued at more than VND300 million.
Separately, inspections covering areas formerly part of Binh Duong and Ba Ria-Vung Tau, now administratively merged into HCM City, examined 12 establishments and seized additional unlabelled goods worth over VND300 million.
Officials said the inspections aim to stabilise the domestic gold market as geopolitical tensions drive fluctuations in global and local prices.
The city’s market management authority said it would continue tightening supervision of gold trading activities and strictly handle violations to protect consumers and ensure fair competition.
Authorities added that repeated discoveries of untraceable gold products highlight risks for consumers and underscore the need for stricter regulatory enforcement to curb tax losses and improve market transparency. — Vietnam News/ANN
