Vietnam Gold Retailers Face Tax Probe: PNJ, SJC, DOJI Under Scrutiny

Overview

On August 8, 2026, the Government Inspectorate of Vietnam issued Conclusion No. 243/KL-TTCP detailing violations in gold trading by major retailers, including Phú Nhuận Jewelry (PNJ), SJC, and DOJI. The probe found tax underpayments of approximately VND 93.7 billion and referred seven individuals to police for selling gold of unclear origin. This regulatory action adds risk to the sector and could lead to fines and stricter compliance requirements.

Key Facts

• Government Inspectorate issued Conclusion No. 243/KL-TTCP on August 8, 2026.
• Tax underpayment across six companies estimated at VND 93.733 billion (~USD 3.75 million).
• VAT underpayment on gold jewelry and fine arts sales exceeded VND 28.4 billion.
• Seven individuals sold gold of unknown origin totaling about VND 2,084 billion.
• Cases referred to the Ministry of Public Security for further investigation.
• Inspectorate recommends policy changes on gold trading, including account-based payments and import licensing.
• Affected companies must report remediation by Q3 2026.

What Happened

The Government Inspectorate’s conclusion, released on August 8, 2026, identified violations at Bảo Tín Mạnh Hải, Mi Hồng, SJC, PNJ, and DOJI. The findings include incorrect tax declarations on gold jewelry and fine arts, leading to underpaid VAT of over VND 28.4 billion, with total tax underpayment estimated at VND 93.733 billion. The Inspectorate also flagged seven individuals for selling gold of unclear origin with transaction values around VND 2,084 billion, which it deemed disproportionate to their income.

The Inspectorate has recommended that the Ministry of Public Security coordinate with the State Bank of Vietnam to address smuggling, tax evasion, speculation, and market manipulation. It also urged the Ministry of Industry and Trade to review e-commerce and digital technology use in gold trading. Affected companies are required to implement corrective measures and report to the Inspectorate by Q3 2026.

Market Context

PNJ, listed on HOSE, closed at VND 36,000 on August 8, 2026. The stock has been under pressure amid regulatory uncertainty in the gold sector. The Inspectorate’s findings add to headwinds for gold retailers, which have also faced volatile gold prices. SJC, though not publicly listed, is a key state-linked brand, while DOJI is a major private player. The sector is sensitive to policy changes, and this probe signals increased scrutiny that could affect operations and investor sentiment.

Strategic Significance

For long-term investors, this development underscores regulatory risk in Vietnam’s gold retail market. The Inspectorate’s recommendations to tighten rules on gold trading, including account-based payments and import licensing, could reshape the competitive landscape. Companies with stronger compliance and governance, like PNJ, may be better positioned to navigate these changes, but the immediate impact includes potential fines and reputational damage. The referral to police raises the possibility of criminal liability, which could have lasting effects on the sector’s credibility.

What to Watch

• Q3 2026 reports from affected companies on remediation actions.
• Any formal charges or penalties from the Ministry of Public Security.
• New regulations on gold trading, particularly regarding account-based payments and import licensing.
• PNJ’s next earnings release for any guidance on financial impact.
• Market reaction to gold price movements and regulatory news.