According to investigators, Hoan Hue Precious Metals and Jewelry Co., Ltd. was first licensed by the Lao Cai Department of Planning and Investment on January 15, 2014, with its main business in retail sales of gold, silver, gemstones, and jewelry.

Although Hoang Van Hue was officially listed as the company’s director and legal representative, it was Hoan - his wife - who actually controlled and managed all business operations.

Around September 2024, a Chinese national known only by the alias "Fat Lady" visited the company and asked for Hoan’s contact details to discuss gold pricing. After some back-and-forth exchanges, the Chinese woman offered to sell smuggled gold to Hoan.

According to “Fat Lady,” she had access to raw gold (Au 99.99% purity) of foreign origin, which she could supply at rates cheaper than the market.

At that time, Hoan noticed a significant gap between global and domestic gold prices, and a strong demand for gold in Vietnam.

Given her frequent cross-border movements between China and Vietnam, she believed she could exploit border logistics to smuggle gold undetected for profit.

The WeChat connection and covert shipments

Hoan coordinated with “Fat Lady” via WeChat to negotiate quantities, pricing, delivery methods, and payment terms.

“Fat Lady” purchased gold in China and hired Vang Thi Phuong, a Lao Cai local who ran a hair salon in Hekou, Yunnan, and frequently crossed the border, to smuggle the gold through the Lao Cai International Border Gate.

Phuong was paid 250,000 VND (around USD 10) per kilogram.

When larger shipments were involved, “Fat Lady” would assign an additional Chinese courier or ask Phuong’s husband, Tran Van Tai, to help.

The gold bars were concealed on the smugglers’ bodies and hand-carried across the border into Vietnam, then delivered directly to Hoan.

Payment for the contraband was made either by bank transfer in Vietnamese dong or in cash delivered to Hoan Hue Company.

Upon receiving the gold, if any foreign-origin markings or engravings were still visible, Hoan would have them erased using a blowtorch to obscure the source.

Using this method, from September 17 to November 27, 2024, Hoan successfully coordinated the smuggling and purchase of 97.33 kg of gold, valued at over USD 8.4 million.

Second smuggling ring exposed

During the same period, Hoan set up a second gold smuggling route with Pham Tuan Hai, born in 1970 and also residing in Lao Cai.

Investigators discovered that between September and December 2024, Hai acquired gold from a Chinese supplier known only as Chau and arranged for it to be illegally transported into Vietnam and sold to Hoan.

Pham Tuan Hai is accused of smuggling and selling a total of 449 kg of gold to Hoan, worth approximately USD 41 million.

Wider implications and prosecution requests

In connection with these operations, investigators have recommended charges against 11 individuals, including Tran Nhu My, Chairman of the Board at Vietnam Gold Company, for serious accounting violations.

Authorities have also urged regulators to tighten inspections and oversight of gold trading, especially in bullion and jewelry, to control market activity and trace product origins.

To avoid detection, “Fat Lady” trained Hoan’s couriers to conceal the gold on their bodies, ensuring the contraband could be smuggled through immigration checkpoints undetected.

T. Nhung