Controversial remarks by Bảo Tín Minh Châu founder spark controversy after a major branding change

Bao Tin Minh Chau (BTMC) is a major Vietnamese company operating in the business and craft of gold, silver, and precious gems. After more than 30 years of development, BTMC runs three business bases in Hanoi and has around 200 agencies nationwide.

Vietnamnet reported that, since October 28, 2024, Mr. Vu Minh Chau is no longer the legal representative of BTMC. Ms. Pham Lan Anh has taken the role of director and legal representative.

Leadership change and company notice

In BTMC’s most recent press release dated March 25, which announced the reopening of operations from 12:00 on March 26, the notice was signed by Pham Lan Anh.

In the statement, Ms. Lan Anh emphasized that BTMC will fully comply with legal standards on gold purity, weight, and quality when selling to customers.

Hanoi Police press conference and investigation-related actions

Amid the personnel change, Hanoi Police held a press conference to publicize information related to the case at BTMC. The police said that, to summarize the public security situation for the first quarter, a press conference would be held this afternoon to disclose the latest details of major cases, including alleged accounting violations at BTMC Co., Ltd. in Hai Ba Trung district, Hanoi, as well as cases at the Center for Mental Medicine and other local units. The police also referenced violations of food safety regulations, abuse of office, asset misappropriation, and forgery cases in Hanoi and other localities.

Earlier, at 4:00 PM on March 25 in Hanoi, authorities appeared at two BTMC stores on Tran Nhan Tong Street and Cau Giay Street. Several CPU computers and related documents were sealed to support the investigation. At the same time, the stores closed and did not welcome customers.

Background on BTMC and ownership structure

According to data from the national business registry, BTMC was officially established in May 1995 by upgrading from a jewelry shop located on Tran Nhan Tong Street, Hai Ba Trung district, Hanoi.

By 2018, BTMC’s charter capital was VND 100 billion. Of this, Mr. Vu Minh Chau contributed 90.17%, while the remaining portion was contributed by his eldest son, Vu Phuong Nam, who currently serves as deputy director of the company.

In October 2024, the legal representative role was transferred to Ms. Pham Lan Anh (born 1976). The company’s brand continues to focus on gold trading, including the product Long Dragon Gold, which is described as being trusted by the public and investors. BTMC also trades jewelry, diamonds, pearls, and other gems.

Public attention on prior statements and company culture rules

The leadership change has drawn renewed public attention to prior statements attributed to Mr. Vu Minh Chau, including views on women that were circulated online. Excerpts cited from a Vietnamese education magazine included: “Diligence and gentleness are the most valuable virtues of a wife. Beautiful women are not diligent; intelligent women are not gentle.” It also quoted: “Even a swan in the business world can become a fighting rooster,” and: “I think women should not be successful but should be gentle and refined. A successful man knows that a smart man will never marry a successful woman.”

The same sources also quoted his stance on women in business, saying: “After a period of business, the feminine traits disappear.” He was described as arguing that women should be beautiful—decent, from a respectable family—gentle, feminine, and intelligent, and that the dress code should follow “European exterior—Asian interior.”

These views are said to have influenced company culture. At BTMC, employees are reported to be required to follow strict rules on appearance and dress to maintain a traditional image. The reported rules include that men should look like teachers and women like female teachers, with natural black hair and no dyeing, no tail-like hairstyles, and no lip tattoos or eyebrow tattoos. Men are also reported to be required to avoid tattoos, refrain from unconventional or extreme hairstyles, and not wear tight pants or sagging belts.

Nam An (reporter).