Vietnam to crack down on gold smuggling

TN News

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With the gap between domestic and gold prices widening, there are plans to fight smuggling, a Ministry of Public Security official said.

Senior Lieutenant-Colonel Ho Van Muoi, deputy chief of the ministry's Department of Financial and Monetary Security, told a meeting on Friday that the gap sometimes rises to VND7 million (US$330.75) per tael (37.5 grams).

"With such a price gap, more gold will be smuggled in through many ways," Colonel Vu Hong Nam, head of the Ho Chi Minh City police's economic crimes division, said.

He said they have many clues about the smuggling, but it is still difficult to tackle the problem due to the lack of legal framework.

One kilogram, or 26.6 taels, of smuggled gold can now fetch over VND100 million ($4,700) in profits, Nam said.

In Vietnam, gold now sells at around VND38 million ($1,700) per tael, which is VND6-7 million higher than global prices.

Gold is produced and traded solely by Saigon Jewelry Company.

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