$335M gold smuggling trial begins in HCMC

Nguyen Thi Kim Phuong, 39, Nguyen Thi Ngoc Giau, 44, Nguyen Thi Minh Phung, 43, and 21 others stood before the Ho Chi Minh City People's Court on smuggling charges.

Also related to the case, Dang Thi Thanh Hang, owner of the Phuc Hang gold shop in Hanoi and the Hat Giang shop in Ho Chi Minh City, are currently on the run and wanted.

Phung used to be a gold shop employee, so she knew many people in the field in HCMC, Tay Ninh and Cambodia. Tay Ninh borders both HCMC and Cambodia.

In early 2022, Phung and Phuong saw that gold prices in Vietnam were higher than in Cambodia, so they connected with Giau and others to form two smuggling rings that transported gold to Vietnam for sale at a profit.

Phung led one of the rings, and she and Giau bought gold from shops at a Phnom Penh market. They then stored the gold in hidden compartments under wheelbarrows that carry ice, and brought them through the Chang Riec border gate. Once the vehicles reach an ice-making workshop in Tan Bien District, owned by Giau and her son, Giau split the gold with many other people who would bring it to Phung in HCMC.

With such a tactic, from Aug. 3 to Sept. 28, 2022, Phung smuggled in 4,830 kg of gold worth VND6.64 trillion, and sold it to several gold shops and individuals. Authorities said the rings had illegally gained VND17.6 billion from their crimes.

The second ring was led by Phuong. She and a Cambodian named Pich Hen bought the gold, then brought it through the Chang Riec border gate in the same manner as Phung's group.

Authorities said that from July to September 2022, Phuong's ring had smuggled in 1,320 kg of gold worth over VND1.8 billion. Phuong gained $132,000, while Giau gained over VND3.7 billion in profit.

Overall, the two rings had smuggled in over six tons of gold into Vietnam has been determined to be the mastermind, with Giau as a major helper.

The trial is expected to last until Thursday.