Authorities have imposed fines of VND700 million (US$26,580) and seized large quantities of jewelry of unclear origin from gold shops in Ho Chi Minh City following recent inspections.
An inspection team from the Market Surveillance Department said it fined three stores VND210 million for trading goods of unclear origin after an inspection campaign in Xom Chieu, Khanh Hoi, Vinh Hoi, Cho Quan, An Dong, and Cho Lon wards, all known for having many jewelry shops.
Another seized 39 pieces of jewelry worth VND300 million and imposed fines of more than VND500 million on nine businesses in the former Thu Duc City.
Twelve shops in the former Binh Duong and Ba Ria–Vung Tau provinces were also fined VND700 million in total and had jewelry worth VND300 million confiscated.
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Jewelry seen at one of the inspected stores in Ho Chi Minh City. Photo by HCMC’s Market Surveillance Department |
The department said it has been ramping up inspections of gold businesses to stabilize the market as prices grow volatile amid global geopolitical instability.
It added that it would continue to supervise gold trading activities and crack down on violations to protect consumers and promote fair competition.
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