HCMC businesses fined for selling gold of unknown origin on TikTok

Two gold businesses in Ho Chi Minh City—K.H Gold and Pawn Private Enterprise and K.B.N Gold Trading Co., Ltd., both located in Hoc Mon District—have been fined VND200 million (approximately US$7,900) for selling gold with unclear origins through social media platforms like TikTok and Zalo. According to the Ho Chi Minh City Market Surveillance Department, the businesses had been actively promoting gold sales online.

After a coordinated inspection by the market surveillance team and the local economic police, four gold jewelry items valued at over VND100 million were temporarily confiscated. The inspection is part of the city's effort to monitor e-commerce activities in the second half of the year, with social media trading of 24K gold growing popular on platforms like TikTok, where some gold groups have attracted over 65,000 members. Posts on these platforms often list prices higher than the market rate, sometimes reaching VND92 million per tael.

In addition to individual sellers, major gold companies and banks have also been under inspection. In May, the State Bank of Vietnam announced a 45-day inspection plan for four major enterprises—SJC, DOJI, PNJ, and Bao Tin Minh Chau—and two banks, TPBank and EximBank. These inspections target compliance with gold trading laws, anti-money laundering regulations, proper documentation practices, and tax obligations.