Vietnam’s domestic gold market witnessed an unprecedented surge in 2025, with SJC gold bars gaining 68.6 million VND per tael (approximately USD 2,830), an increase of 81.5% year-on-year. Prices repeatedly shattered records, reaching nearly 160 million VND (about USD 6,600) per tael at their peak.

Approaching the 160 million VND mark

On January 1, 2025, SJC gold bars were listed at 82.2–84.2 million VND/tael (approx. USD 3,400–3,500). Gold rings weighing 1–5 chi from SJC and DOJI were similarly priced around 82.2–84.2 million VND.

By March 19, prices began to surge dramatically. Gold rings broke the 100 million VND threshold (approx. USD 4,150) on the selling side. DOJI listed round gold rings at 98.8–100.3 million VND. SJC bars closely followed, nearing 100 million VND.

On March 28, SJC raised its gold bar prices to 98.7–100.7 million VND. Bao Tin Minh Chau listed plain gold rings at 98.8–100.8 million VND.

In April, the momentum continued, with prices surpassing 110–120 million VND/tael. On April 16, SJC gold jumped by nearly 3 million VND in a single session, closing at 113–115.5 million VND. Gold rings from SJC and DOJI followed at 110.5–113.5 million VND.

By April 18, SJC listed bars at 120 million VND/tael. Gold rings reached 114–117 million VND.

Despite brief corrections, the market trend remained bullish throughout the second half of the year. On August 30, SJC bars closed at 129.1–130.6 million VND, while gold rings from both SJC and DOJI hovered around 122.5–125.5 million VND.

On October 6, SJC bars climbed again to 138.1–140.1 million VND. Gold rings reached 134.3–137.5 million VND.

By November 10, SJC bars surpassed 150 million VND (approx. USD 6,200). On December 29, both DOJI and Bao Tin Minh Chau listed prices at 157.7–159.7 million VND.

However, the year ended with a strong correction. On December 31, SJC bars fell to 150.8–152.8 million VND. SJC gold rings dropped to 145.9–148.9 million VND.

Over the year, SJC bars rose 68.6 million VND (81.5%), while 1–5 chi gold rings gained 64.9 million VND (77.3%).

Public rush to buy gold

Alongside rising prices, Vietnam witnessed widespread public enthusiasm for gold buying. During peak periods, long queues formed at major outlets in Hanoi and Ho Chi Minh City, with customers arriving early to take queue numbers.

Several gold retailers experienced overloads and even temporarily halted sales to manage limited supply. Some stores limited purchases to one chi per customer - primarily plain gold rings - to prevent hoarding and speculative buying.

While demand surged, supply remained tight, as many consumers held onto gold, expecting further gains. This imbalance contributed to further price hikes and a wide buy-sell spread.

Warnings from experts

Despite gold’s traditional role as a safe haven, experts cautioned investors to be prudent, especially with prices at all-time highs. The domestic market showed high volatility and could experience sudden corrections based on investor sentiment.

The buy-sell gap often exceeded 2–3 million VND per tael (approx. USD 85–125), posing short-term loss risks for speculators. Herd behavior - particularly during queue-induced buying frenzies - might leave investors vulnerable to reversals or abrupt cool-downs.

Experts advise individual investors to clarify their holding objectives, avoid leverage, and diversify their portfolios instead of concentrating all capital into gold.

Duy Anh