The State Bank of Vietnam (SBV) Regional Inspectorate I has announced the conclusions of an unscheduled inspection of Huy Thanh Jewelry Co., Ltd.
In its inspection report, the State Bank of Vietnam Region I stated that, fundamentally, during the inspection period, Huy Thanh Jewelry complied with the State's regulations on gold trading.
Regarding accounting, taxation, and the preparation and use of invoices and documents, the Company has presented invoices for the purchase of gold from organizations/businesses authorized to trade gold and has maintained records and documents of bank payments.
The company has complied with regulations regarding the storage of documents and accounting records when buying and selling gold. The regulatory authorities have also not detected any signs of the company causing instability in the gold market.
However, through inspection, the regulatory agency discovered that Huy Thanh Jewelry still has some shortcomings and limitations in carrying out the procedures for amending the Certificate of Eligibility for the Production of Gold Jewelry and Handicrafts, specifically regarding the change of production location for gold jewelry and handicrafts.
The company's reported figures on gold jewelry production were inaccurate; it failed to submit reports on large-value transactions related to anti-money laundering within the prescribed timeframe; and it also failed to submit internal regulations and written notifications regarding changes to the contact person responsible for anti-money laundering to the Anti-Money Laundering Department within the prescribed timeframe.
Notably, the State Bank of Vietnam's Inspectorate Region I concluded that this enterprise had made false declarations resulting in a shortfall in corporate income tax payable as required; and failed to submit Appendix I as required.
The Chief Inspector of the State Bank of Vietnam, Region I, issued a decision to impose administrative penalties on the company for violations in the monetary and banking sector, specifically for the following acts: Failure to report within the prescribed timeframe as required by law on anti-money laundering; and submitting inaccurate reports two or more times during the fiscal year.
At the same time, the Inspectorate of the State Bank of Vietnam, Region I, also sent a document transferring the administrative violation file to the Hanoi City Tax Department in accordance with the law on handling administrative violations for XEM and handling of the violation.
At the same time, Huy Thanh Company was requested to implement three recommendations to address the existing shortcomings and limitations.
Portrait of Huy Thanh Jewelry
Huy Thanh Gold, Silver and Gemstone Company Limited is the owner of the Huy Thanh Jewelry brand. Data from the National Business Registration Portal shows that Huy Thanh Gold, Silver and Gemstone Company Limited was established on March 2, 2006.
According to its website, the company entered the jewelry retail market in 2015. In 2022, Huy Thanh repositioned its brand, changing its identity and business strategy.
According to the amendment dated November 19, 2019, the company is headed by Mr. Do Van Hy (born in 1967) as General Director and legal representative. At that time, the company had a charter Capital of 28 billion VND, with Mr. Do Van Hy owning 90% and Mr. Nguyen Hai Hung owning 10%.
As of November 6, 2020, the legal representative, Director, and General Director of the enterprise is Mr. Do Huy Thanh (born in 1991).
Subsequently, in an amendment dated April 8, 2021, the company increased Capital to 68 billion VND. Of this, Mr. Do Van Hy contributed 65.2 billion VND, equivalent to 95.9% of the Capital , and the remaining portion was owned by Mr. Nguyen Hai Hung.
In the amendment dated July 12, 2024, Huy Thanh Gold, Silver and Gemstone Company Limited further increased Capital to VND 186.6 billion. Of this, the Capital assets include: VND 156.2 billion contributed in Vietnamese Dong, equivalent to 83.7% of the Capital , and VND 30.4 billion in gold.
Regarding the shareholder structure, there were also slight changes, with Mr. Do Van Hy continuing to increase his ownership to 98.5% of the Capital. Meanwhile, Mr. Nguyen Hai Hung contributed 2.8 billion VND, equivalent to 1.5% of the Capital.
By September 16, 2025, Huy Thanh Jewelry increased its charter Capital to VND 456.6 billion, of which 23.5% was Capital in gold.
Also in this registration of changes, Mr. Nguyen Hai Hung maintained his Capital contribution of 2.8 billion VND, equivalent to 0.6% of the Capital. Meanwhile, Mr. Do Van Hy increased his ownership to 99.4% of the company's Capital .
According to the conclusions of the State Bank of Vietnam's Inspection Department, Region 1, Huy Thanh Jewelry has 17 business locations in the North; 7 business locations in the Central region and 12 business locations in the South.
