Gold price at one time reached an all-time high of VND92.4 million (over US$3,600) per tael (about 37.5 grams), while the gap between local and global prices reached VND20 million per tael, posing high risk of smuggling.

Prime Minister Pham Minh Chinh has recently ordered gold firms to implement e-invoices before June 15 or else their business licences will be revoked.

According to financial specialist Nguyen Tri Hieu, without e-invoices, it could be hard for management agencies to control the number of traded gold bars, resulting in tax evasion, smuggling and speculation.

The General Department of Taxation said the e-invoice system has been carried out since July 1, 2022, with all of the gold business tapping on the platform.

As e-invoices generated from cash registers (ECR) make tax collection more efficient and manageable, the tax authority has made it a common practice among retailers and service providers from December 15, 2022. After one year of implementation, 5,835 gold businesses registered as ECR issuers, with more than 1 million e-bills generated.

The department suggested close coordination between localities, banks and competent agencies and branches to better control gold transactions. It also suggested the State Bank of Vietnam study and propose regulations on making non-cash payments compulsory for gold transactions together with a control mechanism to improve transparency of the market.

Meanwhile, the People’s Committees of provinces and cities must direct organisations, branches, sectors and localities to examine the maintenance of the ECR implementation at gold businesses, and mete out punishment on any that do not generate invoices for buyers, it said.