The gold price in Vietnam is more often than not much higher than in the rest of the world. In fact, in 2023, at its peak, it was around 20 percent higher owing to a number of factors including the limited supply, huge demand, and a regulatory environment that often struggles to balance the two. With this in mind, media coverage of the gold price in Vietnam is extensive. This section monitors said coverage.

HCMC gold stores take holidays amid pending inspection of operations

the-shiv April 16, 2024

A number of gold stores in Ho Chi Minh City have announced long holiday closures just after it was announced that the HCMC General Department of Market Management would be auditing the operations of gold stores in the city, Tuoi Tre is reporting. The publication says the city intends to

State Bank of Vietnam to start auctioning gold

the-shiv April 16, 2024

The State Bank of Vietnam intends to undertake a series of gold auctions in an attempt to bring down the price of gold, Tuoi Tre is reporting. The gold price in Vietnam is currently trading at a 13 percent premium to the world gold price. This will be the first

Vietnam’s gold bar supply to increase but no word on more imports

the-shiv April 13, 2024

The Deputy Governor of the State Bank of Vietnam, Pham Thanh Ha, has said that the central bank will increase the gold bar supply, VN Express is reporting. This is after instructions from the Prime Minister to bring the local price of gold, currently about 15 percent higher than the

Vietnam gold prices jump up on ‘impatient’ buyers

the-shiv April 11, 2024

Recent record high gold prices in Vietnam have in part been caused by ‘impatient’ buyers, Tuoi Tre is reporting. A number of buyers were waiting for the gold price to go down but as it reached record highs they gave up waiting and bought into the market anyway pushing the

Vietnam gold stores are running out of gold

the-shiv April 10, 2024

Gold stores have been applying limits to how much gold a single customer can buy on the back of higher processes and lower supplies–some have even run out of gold entirely, according to VN Express. The arrest of a local gold smuggler made national news last week which was likely

Vietnam gold ring prices hit record high

the-shiv April 7, 2024

Gold rings were selling in Vietnam for more than VND 73 million per tael on Friday which was a record high, according to VN Express. Of note, this would make the price per troy ounce US$2,196.07. The world gold prices as of Saturday morning was US$2,329.93 per troy ounce–this would

This opinion piece re: US dollar, gold prices in Vietnam

the-shiv March 11, 2024

Penned by Nguyen Huu Huan, an economist at the Ho Chi Minh City University of Economics, this piece in The Investor makes several points about US dollar and gold prices in Vietnam. These include: Gold fever is being driven by a lack of other investment options; The rising price of

Speculation, gold prices driving exchange rate fluctuations: Opinion

the-shiv March 7, 2024

The General Director of WiGroup, Tran Ngoc Bau, in an opinion piece in Doanh Nhan Vietnam, has said that exchange rate fluctuations at the start of the year are broadly the result of speculation. He says that: Tran goes on to argue that intervention in the exchange rate is not

Vietnam Gold Trade Association offers input re: pending gold market reforms

the-shiv March 7, 2024

Doanh Nhan Vietnam is carrying comments from Huynh Trung Khanh, Vice President of the Vietnam Gold Trade Association. Specifically, Huynh uses the platform to: Of note, gold prices in Vietnam are generally around 20 percent higher than they are in the rest of the world. This is the result of

World Gold Council finds fall in demand for gold in Vietnam in 2023

the-shiv February 21, 2024

Gold demand in Vietnam fell by 6 percent year on year according to a World Gold Council report, the Vietnam Investment Review is reporting. Consumer gold demand went from 59.1 tonnes in 2022 to 55.5 tonnes in 2023. Note that Vietnam’s gold prices are generally much higher than in the

Vietnam’s God of Wealth day sees late night crowds in gold stores

the-shiv February 20, 2024

There were still 100 customers waiting to buy gold at a gold store in Hanoi at 9 pm last night as buyers sought to bring themselves good luck by purchasing gold on the God of Wealth day, VN Express is reporting. This was more or less a repeat of years

The Gold Price in Vietnam: Explained 2024

Mark Barnes February 18, 2024

The gold price in Vietnam is more often than not much higher than it is in the rest of the world. In fact, in 2023, at its peak, it was around 20 percent higher owing to a number of factors including the limited supply, huge demand, and a regulatory environment

Vietnam C.bank to increase gold supply on back of record prices

the-shiv January 2, 2024

The State Bank of Vietnam intends to increase the gold supply after being directed by the Prime Minister to stabilise the gold price after it reached record highs last week, Tuoi Tre is reporting. Specifically, gold reached US$86.51 a gram in Vietnam about 20 percent higher than the world gold

Vietnam PM says state bank needs to better control gold price

the-shiv December 29, 2023

The Prime Minister of Vietnam has requested the state bank intervene in the gold market after gold in Vietnam hit US$3,296 per tael or US$86.51 per gram, Reuters is reporting. The current world gold price is about US$66.45 per gram. The directive offers little detail other than to suggest the

NA delegates push to deregulate Vietnam’s gold market as prices soar

the-shiv October 26, 2023

The State Bank of Vietnam’s (SBV) monopoly over the import and export of gold bars has come under scrutiny at the National Assembly as the gap between domestic and world gold prices has widened, VN Express is reporting. Domestic gold prices of late have typically been US$500 to US$600 higher