Bao Tin Minh Chau reports 13.7 trillion VND in revenue from 2020 to 2023; how much did Vietnam's top gold firms earn?

Bao Tin Minh Chau’s arrest has revealed the company’s actual revenue of about 13.7 trillion dong, providing a basis to compare its scale with other firms in the gold sector.

On April 2, 2026, the Hanoi Police Department’s Investigation Agency issued arrest warrants for Vu Minh Chau and Vu Minh Tu, along with two accounting staff of Bao Tin Minh Chau Co., Ltd. The individuals are under investigation for violations of accounting regulations causing serious consequences.

Allegations and preliminary findings

Preliminary investigation results show the company established a parallel data management system to hide part of its revenue from gold and jewelry trading. The accounting staff were instructed to use internal software such as Hivi Gold, Fox AI and Excel to monitor all actual transactions. Meanwhile, the Misa software was used only to prepare tax reports after data had been filtered and aggregated.

Actual revenue and accounting omissions

Authorities determined Bao Tin Minh Chau’s total actual revenue from 2020 to 2023 reached about 13.7 trillion dong. This revenue level averaged over 3.4 trillion dong per year. By employing a double-entry accounting system, the company left out about 9.7 trillion dong from its reports, leading to a state budget loss of about 150 billion dong.

Seized evidence

During searches of the workplace and residences of related individuals, police seized 23.3 billion dong in cash, seven land-use certificates, along with many documents and gold and silver metals.

Revenue comparison across the gold sector

The average annual revenue of 3.4 trillion dong for Bao Tin Minh Chau provides additional data on the market share of unlisted gold firms. When compared with peers, the scale of operations varies.

• Phu Nhuan Jewelry Joint Stock Company (PNJ): net revenue rose from 17.5 trillion dong in 2020 to 33.1 trillion dong in 2023. PNJ’s business is mainly focused on retail jewelry.
• Saigon Jewelry Joint Stock Company (SJC): revenue was 23.5 trillion dong in 2020 and increased to 28.4 trillion dong in 2023. SJC is strong in bullion.
• DOJI Gold & Jewelry Group: the largest revenue scale among the surveyed companies, with annual revenue roughly ranging from 80,000 to 100,000 billion dong (approximately 80–100 trillion dong).
• ASEAN Jewelry: maintains revenue around 1.2–1.5 trillion dong per year in smaller-scale segments.