Bao Tin Minh Chau responds after founder and son indicted

On April 6, Bao Tin Minh Chau Co., Ltd. issued a statement on its operations after reports that some individuals in its leadership had been indicted. Earlier that afternoon, Hanoi Police announced that Vu Minh Chau, the former director of Bao Tin Minh Chau, and his son Vu Minh Tu, Head of the Independent Support Office, were indicted on April 2 for violating accounting regulations causing serious consequences.

Indictment and company response

Following the police announcement, customers continued to line up to buy gold at Bao Tin Minh Chau. The company later released a statement saying it understands customer concerns and apologizes, while expressing hope for continued support and trust.

The statement said the case is being reviewed and clarified by authorities in accordance with the law, and that the company is cooperating fully and providing documents as required. Bao Tin Minh Chau said its operations are continuing normally.

Governance changes and customer obligations

In its release, the company said it has reformed governance in recent years toward independence, transparency, and professionalism. It noted that since October 2024, Ms. Pham Lan Anh has served as director and legal representative.

The company also stated that all financial obligations to customers and partners are fulfilled as required. It added: “We stay committed to keeping our word more than the value of gold,” and said that all gold, silver, and gemstone products supplied to the market meet strict standards for gold content, weight, and quality.

Once authorities issue an official conclusion, Bao Tin Minh Chau said it will comprehensively address existing issues, continue improving governance, strengthen internal controls, and comply strictly with laws to stabilize operations and improve product quality and service.

Police findings and reported figures

According to Hanoi Police, Bao Tin Minh Chau operates in the production, sale, and trading of gold and jewelry, with Vu Minh Chau serving as CEO and legal representative. From October 28, 2024 to the present, the company changed its legal representative from Vu Minh Chau to Pham Lan Anh (spouses).

During the investigation, preliminary findings cited by Hanoi Police indicate that the company’s real revenue from 2020 to 2023 was approximately VND 13,700 billion, with a tax-reporting gap of about VND 9,700 billion, resulting in a government budget loss of about VND 150 billion.

Police also reported that a search of the company’s locations recovered VND 23.3 billion in cash, seven land-use certificates, and other documents, along with a large quantity of gold and silver items.

Source: Lao Dong