Illustrative image (Photo: VNA)
The decree targets violations in gold trading with a tiered sanction system. Warnings will apply to buying or selling gold bars from unlicensed credit institutions or enterprises, or using gold as payment. Repeated or multiple offences carry fines of VND 10 - 20 million (USD 384 - 768). The same range applies to failing to route gold transactions through required payment accounts.
Fines of VND 30 - 50 million will be levied for not publicly displaying gold bar or jewelry prices, producing jewelry without declared standards or proper labeling, or making gold bars without disclosing standards, weight, purity or labeling requirements. Carrying gold across borders in breach of rules, excluding customs violations, will incur penalties of VND 80 - 100 million.
More severe breaches face VND 140 - 180 million in fines, including trading gold bars via authorised agents, violating gold position management rules, importing or exporting gold jewelry and materials outside registered business lines, producing or trading jewelry without required conditions, or processing jewelry without proper business registration.
Using imported raw gold for unapproved purposes or repeated agent-based gold bar trading will trigger VND 200 - 250 million penalties. Operating gold bar production in violation of regulations carries VND 250 - 300 million fines. The heaviest sanctions, VND 300 - 400 million, apply to producing or trading gold bars without licenses, importing or exporting raw gold or bars without permits from competent agencies, or conducting other gold trading activities without required authorisation.
On foreign currency, individuals trading among themselves or at unauthorised agents face warnings for deals under USD 1,000. Transactions of USD 1,000 to under USD 10,000 face VND 10 - 20 million fines; USD 10,000 to under USD 100,000, VND 20 - 30 million; and USD 100,000 or more, VND 80 - 100 million.
In capital contributions and share acquisitions, using non-charter or reserve funds in breach of the Law on Credit Institutions will result in VND 100 - 150 million. Exceeding shareholding limits in other lenders or violating investment rules carries VND 200 - 250 million, with more serious breaches up to VND 250 - 300 million.
Fines for deposit-taking violations range from VND 20 - 150 million. Procedural lapses in accepting or paying deposits face VND 20 - 40 million fines, while taking deposits from ineligible parties draws VND 100 - 150 million. Misleading or unclear postings of deposit rates or fees incur VND 10 - 20 million penalties, while applying unlisted rates faces fines of VND 20 - 40 million.
Corporate bond trading breaches include VND 15 - 30 million for failing to monitor bond proceeds usage, and VND 30 - 50 million for not using non-cash payments.
Graver offences, such as buying bonds without prior assessment, purchasing those issued for debt restructuring or capital increases, foreign branches acquiring convertible bonds, selling to subsidiaries outside mandated cases, or buying bonds with altered proceeds without internal ratings, face VND 100 - 150 million fines.
The decree doubles fines for organisations versus individuals committing identical violations. For staff at people's credit funds or microfinance institutions, individual penalties are 10 per cent of standard rates, with organisational fines doubled accordingly.
