The Hanoi Market Surveillance Department is now conducting a comprehensive inspection of gold trading enterprises and retail outlets throughout the capital to ensure strict compliance with laws governing the gold trade.

Market surveillance officials inspect a local shop in Hanoi. Photo: VGP

The operation, which will last until October 15, targets businesses involved in processing and trading jewelry and art gold.

Bao Minh Jewelry, Bao Tin Gold and Silver, and Huy Thanh Jewelry are among the city's gold and gemstone trading firms to be scrutinized.

During the inspection, gold firms and shops will be checked in terms of business registration, certification of business eligibility, price lists, compliance with intellectual property protection and e-commerce rules, origin of goods, and product quality.

When infractions are found, the inspection team will carry out quality checks and enforce pertinent laws as needed.

According to the local market watchdog, the inspection will address counterfeiting, intellectual property infringement, failure to meet product quality standards, smuggling, and price gouging in the gold business.

The inspection and administrative penalty process must be conducted in accordance with the law, avoiding unnecessary inconvenience or harassment to businesses.

The agencies involved must closely coordinate and maintain consistency to ensure maximum effectiveness during the inspection process.

At the end of May, the State Bank of Vietnam announced an inspection of compliance with policies and laws in gold trading activities.

Six financial institutions and enterprises were subjected to inspection by the State Bank, including TPBank, Eximbank, Saigon Jewelry Company (SJC), DOJI Group, Phu Nhuan Jewelry (PNJ), and Bao Tin Minh Chau Company.

In early July, several gold shops in Hanoi were fined for violating gold trading regulations. They had purchased gold bars from individuals without issuing invoices.