The surge in gold prices has left individuals scrambling to purchase gold bars, with many unable to find a solution to their mounting debt.

Nguyen Thi Mai from Ha Dong District, Hanoi, is currently in debt for 10 gold bars and has been trying to buy gold bars to repay her debt. However, she has only managed to purchase three bars so far. Five years ago, she borrowed gold from a friend to buy a house, selling it at 41.83 million VND per tael.

Mai intended to repay the gold debt quickly due to the rising gold prices. From nearly 42 million VND, the price of SJC gold bars has skyrocketed, reaching 50, 60, 70, and even 90 million VND per tael. As the price continues to climb, she is increasingly worried about her ability to repay the debt.

Earlier this year, as gold prices surged, Mai managed to buy three taels at 89 million VND each. When the price rose above 92 million VND, she hesitated to buy more.

Upon hearing that state-owned commercial banks were selling gold directly to the public, Mai hoped to purchase gold at a lower price to repay her debt. However, not everyone is fortunate enough to secure gold this way. Despite arriving early, Mai could not purchase gold in person. She also tried online registration multiple times, even involving her family to assist, but without success.

Currently, SJC gold is priced at 79.8 million VND per tael. Compared to five years ago, Mai needs to pay an additional 38 million VND per tael. The bigger issue is finding a place to purchase SJC gold to settle her debt.

"The friend who lent me the gold now only wants it back as gold, and I’m at a loss on where to buy SJC gold bars. Some people suggest waiting at gold shops to buy from individuals selling theirs, but I'm concerned about authenticity," Mai said.

Nguyen Van An from Bac Ninh borrowed five gold bars for his restaurant business. During tough times, he couldn't afford to buy gold to repay the loan. Now that he has the funds, he still can't find gold to purchase.

"Even though the gold price has doubled since I borrowed it, I can't buy the gold to repay my debt. The old debt remains unsettled despite having money in my account," he said worriedly.

Given the difficulty in buying gold bars or rings to repay debts, many people resort to negotiating or finding alternative solutions.

Pham Thi Van from Hoang Mai District, Hanoi, had to negotiate an extra 5 million VND per tael over the listed price with a family member to repay a 10-gold-bar debt. Fortunately, her relative agreed to this arrangement.

"Unable to buy 10 gold bars at present, I had to settle for paying cash instead. Compared to the peak price of over 92 million VND per tael, I feel I haven't lost out," Van stated.

Market surveys reveal that even though SJC gold prices have remained stable for a while, people still struggle to buy gold bars, especially when purchasing several taels. Some individuals resort to private transactions, but these carry risks.

After four state-owned banks and SJC began selling gold directly to the public, hundreds of thousands of taels were sold. However, the demand for gold remains high.

Vice Chairman of the Vietnam Gold Traders Association, Huynh Trung Khanh, suggested that since SJC's gold monopoly has not been abolished and gold bar imports remain restricted, the State Bank should consider allowing gold traders to import raw gold for jewelry production.

According to him, this solution would address some of the market's supply issues and provide a better long-term option for the market.

At a recent press conference, Deputy Governor of the State Bank of Vietnam, Dao Minh Tu, acknowledged that selling gold through four banks is only a temporary solution. The State Bank of Vietnam, along with other relevant ministries and agencies, is researching to develop appropriate policies for managing the gold market.

US$1 = VND25,300

Duy Anh