Trang chủ
[Consulted by: Lawyer Bùi Thị Nhung]
This article discusses issues related to fines of up to VND 400 million for conducting gold business activities without a license; whether buying and selling gold without an invoice may result in confiscation; and what citizens should note when buying and selling gold, as explained by Tuyết Nhung Bùi Law Company for reference purposes.
1. Fines of up to VND 400 million for conducting gold business activities without a license
Gold trading is a specialized sector that directly affects the monetary market and the stability of the economy. Therefore, Vietnamese law stipulates that the production, trading, and purchase and sale of gold must be strictly regulated, and only organizations that meet the conditions prescribed by law are permitted to conduct such activities.
Pursuant to Clause 8 Article 28 of Decree No. 340/2025/NĐ-CP, organizations that violate regulations on gold trading activities may be subject to a fine ranging from VND 300,000,000 to VND 400,000,000 if they commit one of the following acts:
+ Producing or trading in the purchase and sale of gold bars without a license for the production or trading of gold bars as required by law.
+ Exporting or importing raw gold materials or gold bars without a license issued by a competent state authority.
+ Conducting other gold trading activities without obtaining the license required by law.
Accordingly, the law requires that activities such as production, trading, purchase and sale, or import and export of gold must be licensed by competent authorities. If organizations or enterprises arbitrarily conduct gold trading activities without being granted the required license, such acts will be considered violations of the law and may be subject to fines of up to VND 400 million.
In addition to monetary fines, the law also provides for additional sanctions aimed at preventing violations and limiting negative impacts on the gold market. Pursuant to Clause 9 Article 28 of Decree No. 340/2025/NĐ-CP, violating organizations may also be subject to the following additional penalties:
+ Confiscation of the gold involved in the violation.
+ Suspension of gold bar trading activities for 06 to 09 months for violations related to gold trading regulations.
+ Suspension of raw gold import activities for 09 to 12 months for violations as prescribed by law.
Therefore, the confiscation of gold bars traded without proper licensing applies mainly to acts involving the production, trading, or purchase and sale of gold bars without a license for such activities.
2. Will buying and selling gold without an invoice result in confiscation?
Currently, Vietnamese law respects and protects the lawful ownership, storage, and use of gold by organizations and individuals. Therefore, people who possess gold bars purchased many years ago but no longer have invoices or documents are not considered to be violating the law if the gold is only stored or used lawfully.
According to Clause 1 Article 4 of Decree No. 24/2012/NĐ-CP (as amended and supplemented by Decree No. 232/2025/NĐ-CP), “the lawful ownership of gold by organizations and individuals shall be recognized and protected in accordance with the law.”
However, pursuant to Decree No. 340/2025/NĐ-CP on administrative penalties in the monetary and banking sector, the purchase and sale of gold bars between individuals may be considered a violation if individuals or organizations carry out gold trading activities contrary to legal regulations.
Specifically, the law provides that gold bar transactions may only be conducted at credit institutions and enterprises that have been granted a license by the State Bank of Vietnam to trade in gold bars. The purpose of this regulation is to manage the gold market, control supply, and limit speculation, smuggling, or illegal transactions.
In cases where individuals or organizations carry out the following activities, the gold involved may be subject to confiscation:
+ Producing gold bars without a license issued by a competent authority.
+ Trading or buying and selling gold bars at locations that are not licensed (for example, jewelry shops that are not licensed to trade gold bars, informal hand-to-hand transactions in the market, or transactions through black-market groups on social media).
+ Illegally exporting or importing gold bars or raw gold materials.
+ Conducting other gold trading activities without authorization from competent authorities.
Thus, confiscation of gold mainly occurs when the gold is related to illegal trading activities, rather than simply because the gold does not have an invoice. For transactions between individuals (for example, between friends or family members) that serve ordinary needs, are not frequent, and are not intended for business purposes, such transactions are not considered violations of the law. Examples include:
+ Selling gold to resolve financial difficulties.
+ Transferring gold between relatives or acquaintances.
+ Small-scale transactions that are not commercial in nature.
Therefore, to determine whether a gold transaction violates the law, it is necessary to consider the purpose, frequency, and nature of the transaction. Confiscation of gold is generally applied in the following cases:
+ For the seller (illegal business activities): Shops or organizations that produce, trade, or buy and sell gold bars without a license issued by the State Bank of Vietnam. This group is the primary subject whose gold may be confiscated as evidence of the violation.
+ For the buyer (citizens): The Decree does not stipulate confiscation of gold for individuals who purchase gold at unlicensed shops (unless the transaction is related to criminal offenses such as smuggling). Citizens may only be warned or fined if the conduct is repeated multiple times.
3. What should citizens pay attention to when buying and selling gold?
Although the law does not stipulate confiscation of gold merely because there is no invoice, in order to ensure their rights and limit legal risks, citizens should note several important points when buying and selling gold.
First, distinguish between asset storage and gold trading.
Citizens have the right to buy gold as a form of asset storage, to hedge against risks, or to sell it when necessary. However, if an individual repeatedly buys and sells gold on a frequent basis in order to profit from price differences, such activities may be considered gold trading and may lead to legal risks.
Second, individuals should not organize gold trading as a profession.
Citizens should not act as intermediaries to collect gold from many people and then resell it, seek customers, or negotiate prices as a commercial activity. These organized and professional characteristics may lead authorities to determine that such activities constitute illegal gold trading.
Third, transactions should preferably be conducted at licensed organizations.
When buying or selling gold bars, citizens should conduct transactions at enterprises or shops that have been licensed by the State Bank of Vietnam. This not only ensures compliance with the law but also helps reduce risks related to gold quality, asset origin, and transaction disputes.
Fourth, transaction documents should be kept whenever possible.
The law does not require individuals to present the original purchase invoice when reselling gold. However, keeping invoices or transaction documents can help prove the lawful origin of the asset and protect the owner’s rights if disputes arise or inspections occur.
Fifth, comply with payment method regulations.
According to Clause 10 Article 4 of Decree No. 232/2025/NĐ-CP (amending Decree No. 24/2012/NĐ-CP), payments for gold transactions with a value of VND 20 million or more per day for a single customer must be made through the customer’s payment account and the gold-trading enterprise’s payment account opened at a commercial bank or a foreign bank branch.
It can therefore be seen that buying and selling gold without an invoice does not automatically lead to confiscation. The law only imposes penalties and confiscates gold when it is related to illegal production, trading, or transactions that violate legal regulations, particularly activities involving gold bar trading without a license.
Meanwhile, the lawful ownership and storage of gold by citizens are still recognized and protected by law. Therefore, to minimize legal risks, citizens should conduct gold transactions at licensed organizations, retain transaction documents when possible, and comply with the applicable legal regulations on payment methods.
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