Vietnam's jewelers move to clarify issues after government inspection
Vietnam’s jewelry makers, namely PNJ, Mi Hong and Bao Tin Manh Hai, have responded after a government inspection found tax declaration discrepancies at six gold businesses, involving nearly VND94 billion (US$3.62 million) in estimated amounts to be recovered.
PNJ said it had declared and paid additional taxes since November 2025. Photo: Quang Dinh / Tuoi Tre
PNJ says it paid additional VAT in 2025
PNJ said it had already reviewed and settled its additional value-added tax (VAT) obligations before the inspection conclusion was announced.
In a disclosure to the Ho Chi Minh City Stock Exchange (HoSE) on Sunday, the company said it identified nearly VND10 billion (roughly $382,500) in additional VAT for January 2023 to September 2025.
PNJ paid the amount on November 11, 2025, along with more than VND973.4 million ($37,200) in late-payment interest, and reported the payment to the inspection team the following day.
“PNJ has paid the additional VAT in accordance with the law and the requirements of the inspection conclusion. The total amount of taxes paid by PNJ and its subsidiaries in 2023, 2024 and 2025 exceeded VND5.893 trillion ($225.5 million),” the company said.
Bao Tin Manh Hai, Mi Hong clarify inspection findings
Bao Tin Manh Hai denied any market manipulation, hoarding, price inflation, smuggling, speculation or profiteering.
Bao Tin Manh Hai attributed its under-declared VAT to differences between the accounting method for determining cost of goods and the direct VAT calculation method. Photo: Le Thanh / Tuoi Tre
Regarding gold bar deposit transactions, Bao Tin Manh Hai said it recorded five transactions in 2023 and two in 2024 because some of its gold bars had damaged packaging and had to be sent to SJC for resealing.
The company said it had no other deposit transactions and had strictly complied with trading regulations.
Regarding the under-declaration of value-added tax (VAT), the jeweler maker said the issue stemmed from differences between the cost-of-goods accounting method under the Accounting Law and the method for calculating VAT under the direct taxation regime.
This is a common issue among gold businesses and that it had proactively contacted the tax authorities and completed the additional payment, it said.
It also cited delays in updating its website and anti-money laundering procedures, saying the issues had since been addressed through regulatory notifications, revised internal procedures and staff training.
Bao Tin Manh Hai affirmed that its business operations remain normal.
Mi Hong, a well-known jeweler maker in Ho Chi Minh City, meanwhile, said the issues cited in the inspection conclusion related to periods that had already been inspected before 2025 and were not newly arising matters.
The company said it had implemented corrective measures and continued to strengthen governance, information disclosure, anti-money laundering procedures and legal compliance.
Mi Hong also said its business and trading activities continue normally.
Mi Hong said it had seriously reviewed, rectified and implemented corrective measures as required. Photo: Thanh Hiep / Tuoi Tre
The Government Inspectorate on August 8 announced its inspection conclusions on compliance with laws and regulations governing gold trading and related activities.
The inspection found that six gold businesses, including PNJ, SJC and Mi Hong, had made inaccurate tax declarations, resulting in an estimated nearly VND94 billion ($3.6 million) in taxes and other amounts subject to recovery and payment into the state budget.
At PNJ, inspectors found that the company had incorrectly declared the cost of goods purchased on its VAT returns, resulting in under-declared VAT and additional tax liabilities related to the trading and processing of gold, silver and gemstones.
Bao Tin Manh Hai JSC was found to have accepted deposits from customers purchasing gold bars without immediately delivering the gold, in violation of the conditions of its gold bar trading license.
The company also incorrectly declared the cost of goods purchased on its VAT returns, leading to under-declared VAT and additional tax liabilities related to the trading and processing of gold, silver and gemstones, in violation of the Law on Value-Added Tax and Decree No. 209/2013.
At Mi Hong, inspectors found that the company had under-declared personal income tax payable by a member of its Members' Council in connection with a capital transfer.
The Government Inspectorate said it had referred information on the six companies' inaccurate declarations of taxes and retained profits, involving an estimated nearly VND94 billion, to the Ministry of Public Security.
It also required the six companies to rectify and address the shortcomings, deficiencies and violations identified in the inspection conclusion.
Ngoc Nguyen - Anh Hong - Le Thanh / Tuoi Tre News
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