Bao Tin Minh Chau's founder hid VND9.7T in revenue, charged with accounting fraud

Bao Tin Minh Chau was one of Hanoi's most recognizable jewelry brands, founded in 1995 by Vu Minh Chau. The 73-year-old founder had built the business from a single gold shop into a chain with four stores in Hanoi and products sold at 200 locations nationwide, with charter capital of VND400 billion. Chau owned more than 97% of the company. He was a self-taught goldsmith who had started his career repairing three-wheel vehicles.

On March 25, 2026, police raided multiple Bao Tin Minh Chau stores in Hanoi, seizing boxes of documents. The stores closed temporarily but reopened the same day. The investigation revealed that between 2020 and 2023 the company had actual revenues of VND13.7 trillion ($520 million) but declared only around VND4 trillion in tax filings — a gap of VND9.7 trillion in undisclosed revenue.

The company used the Hivi Gold application to track transactions, but data was filtered and consolidated before being uploaded to the Misa accounting software for tax declaration. In June 2024 Chau had ordered staff to delete data from the accounting applications to conceal the real revenues. In April 2026 Chau and his son Vu Minh Tu, head of the independent assistants division, were charged with violating accounting regulations. Two accountants were also charged and released on bail.

Chau admitted guilt, stating: 'I consider this a wrongful act and therefore take full responsibility before the law. I offer to pay compensation, remedy all consequences caused, and sincerely hope to get leniency.' He and his son remain in custody. The company stated its operations continued normally. The case highlights how a family-owned business with concentrated ownership can hide massive revenues from tax authorities for years.