In Vietnam, unlicensed gold bar trading may draw fines of over $760

Government Decree 340, which will take effect on February 9, details administrative penalties in the monetary and banking sector, including strict sanctions for violations related to gold trading, with the aim of strengthening oversight of the domestic gold market and curbing illegal transactions.

As per the new decree, individuals who buy or sell gold bars with credit institutions or businesses that lack official licenses for gold bar trading will receive a formal warning for a first violation. 

The same applies to those who use gold as a means of payment, which remains prohibited under Vietnamese law.

If the violations are repeated or committed multiple times, offenders may be fined between VND10 million ($381) and VND20 million. 

The same fine range also applies to cases where gold transactions are not conducted through regulated payment accounts as required.

The decree sets out heavier penalties for more serious breaches.

Fines of VND30 million ($1,142) to VND50 million ($1,904) apply to failures to publicly list gold buying and selling prices, or to improper labeling and standards disclosure for gold jewelry, fine art gold products, or gold bars.

Those who illegally carry gold when exiting or entering Vietnam, except customs-related violations, may face fines ranging from VND80 million ($3,046) to VND100 million ($3,807).

More severe violations carry substantially higher penalties.

Fines of VND140 million ($5,329) to VND180 million ($6,850) apply to businesses that trade gold bars through unauthorized agents, fail to comply with gold reserve regulations, illegally export or import gold materials, or operate gold jewelry production and trading without meeting legal conditions.

For repeat offenses involving the use of unauthorized agents or misuse of imported gold materials, fines increase to VND200 million ($7,615) to VND250 million ($9,520).

The decree also targets illegal gold bar manufacturing.

Producing gold bars in violation of regulations may result in fines of VND250 million to VND300 million ($11,410).

The harshest penalties, ranging from VND300 million to VND400 million ($15,225), apply to entities producing or trading gold bars without licenses, illegally importing or exporting gold, or engaging in other gold-related businesses without proper authorization.