State Bank of Vietnam Inspectorate Area I finds tax declaration violations at Huy Thanh Jewelry

The State Bank of Vietnam Inspectorate Area I has released the conclusions of an unscheduled inspection of Huy Thanh Jewelry Co., Ltd (Huy Thanh Jewelry), citing violations mainly related to anti-money laundering (AML) reporting, inaccuracies in gold production data, and tax misstatements that led to underpayment of corporate income tax.

Key compliance issues identified

The inspectorate found that Huy Thanh Jewelry submitted reports on large-value transactions after the deadline and also provided internal AML regulations to relevant authorities late. It further failed to notify in writing about changes in the AML lead contact to the Anti-Money Laundering Department, breaching requirements to update the responsible lead for monitoring and handling suspicious transactions.

In addition, the inspection concluded that the company’s gold production data contained inaccuracies. The inspectorate said the issues were not isolated, describing them as part of a pattern where “data reported and submitted incorrectly two or more times in the fiscal year,” which supports penalties under monetary and banking regulations.

Gold business data accuracy and audit scope

The conclusions note that accurate data on gold production, inventory, inputs and sales is important because it affects supply management, control of market volatility, and monitoring for hoarding and price manipulation.

Audit scope: compliance with gold trading, accounting, tax, and AML regulations, and review of potential market manipulation and illicit trading.

Audit period: January 1, 2024 to the date of the audit.

The inspectorate also stated that, beyond the cited violations, Huy Thanh Jewelry largely complied with gold trading laws during the audit period and that it detected no signs of market disruption.

Other procedural and tax violations

Another violation highlighted in the conclusions relates to delays in procedures to amend the certificate of eligibility for gold jewelry production when the production location changed.

Tax findings: the inspectorate concluded the company declared incorrectly, resulting in underpayment of corporate income tax and failure to submit Annex I as required.

The State Bank of Vietnam Inspectorate Area I has forwarded the administrative violation files to the Hanoi Tax Department for processing under its authority.

Company profile

Huy Thanh Jewelry Co., Ltd operates as a multi-member limited liability company. Enterprise code: 0101892596. First registered on March 2, 2006, with the 10th amendment recorded on September 16, 2025.

Head office: 23/100 Dõi Cán Street, Ba Đình, Hanoi.

Charter capital: 456.6 billion VND.

Ownership: Mr Do Van Hy (99.4%); Mr Nguyen Hai Hung (0.6%).

Gold Jewelry Production Certificate: No. 116/CN.HAN-QLNH, issued on January 15, 2014.

Sales network: 36 points of sale nationwide, including 17 in the North (including the headquarters, 1 production plant and 15 stores), 7 in the Central region (including the Da Nang branch and 6 stores), and 12 in the South (including a representative office and 11 stores).