Two HCM City firms fined for selling unverified gold on social media

Two gold trading firms in HCM City have been fined VNĐ200 million for selling unverified gold on platforms. — VNA/VNS Photo

HCM CITY — Two gold trading firms in HCM City have been fined VNĐ200 million (US$7,800) for selling unverified gold on platforms such as TikTok and Zalo.

The HCM City Management Department identified these firms in Hóc Môn District and, along with local police, conducted inspections that led to the confiscation of four gold jewelry items worth over VNĐ100 million.

The action is part of a broader initiative by the department to monitor e-commerce activities.

In October, officials seized numerous other unverified goods, imposing total fines of VNĐ350 million and confiscating items valued at over VNĐ210 million.

There has been a surge in groups trading 24K gold on social media, with one group having over 65,000 members and daily transactions at prices exceeding market value by VNĐ1 to VNĐ3 million, reaching up to VNĐ92 million per tael, according to local authorities.

In addition, certain social media accounts are promoting the purchase of rings from brands such as Bảo Tín Minh Châu, DOJI, and PNJ at higher prices.

Market authorities have previously inspected gold trading and jewelry sales due to significant fluctuations in gold prices.

A shortage of SJC gold bars and rings in official channels has spiked demand in the unofficial market, but experts have warned of potential risks.

In May, the State Bank of Vietnam inspected major companies, including SJC, DOJI, PNJ, and Bảo Tín Minh Châu, along with two banks (TPBank and EximBank), to ensure compliance with gold trading regulations and anti-money laundering measures. — VNS