HCMC businesses fined for selling gold of unknown origin on TikTok

According to the Ho Chi Minh City Market Surveillance Department, K.H Gold and Pawn Private Enterprise and K.B.N Gold Trading Co., Ltd., both located in Hoc Mon District, had been actively promoting and selling gold on these platforms.

In coordination with the local economic police, the market surveillance team inspected the two businesses and temporarily seized four gold jewelry items valued at over VND100 million.

This inspection was part of the HCMC Market Surveillance Department’s plan to review e-commerce activities during the second half of the year.

Social media trading of 24K gold has become prevalent, with certain groups on platforms like TikTok amassing more than 65,000 members. Daily posts related to buying and selling gold bars and rings are common, with prices exceeding market rates by VND1-3 million and reaching up to VND92 million per tael.

In addition to sale listings, some social media accounts frequently post offers to buy gold rings from well-known brands such as Bao Tin Minh Chau, DOJI, and PNJ at mutually agreed high prices. Many residents also use social media to search for local gold sellers.

Inspections of gold trading have been carried out across various localities due to significant fluctuations in domestic gold prices. These checks have not been limited to small businesses; major gold companies have also been subjected to scrutiny.

In May, the State Bank of Vietnam announced a 45-day inspection plan targeting four major enterprises—SJC, DOJI, PNJ, and Bao Tin Minh Chau—as well as two banks, TPBank and EximBank. These inspections focused on compliance with gold trading regulations, anti-money laundering measures, the issuance and use of invoices and documents, and tax obligations.