When the gold market fluctuates strongly, people flock to buy gold, leading to the emergence of transaction forms through "goods purchase and sale contracts" between buyers and gold businesses. Buyers must deposit 100 percent of the contract value and receive the gold later according to the agreement with the seller.

Conversely, when people sell gold, depending on the quantity and timing of the transaction, payment may take place after a few hours or be scheduled for a few days later.

Buyers also face additional risks when the difference between the buying and selling prices reaches several million VND per tael.

Experts have warned that risks in gold trading gradually are shifting toward individuals, while businesses still control pricing and transaction methods.

Lawyer Truong Thanh Duc, Director of ANVI Law Firm and an arbitrator at VIAC, said the “pay first - receive gold later” model is not prohibited by law. Essentially, it is a civil agreement on delivery timing, and if both parties agree, it can be carried out. 

Similarly, businesses buying gold and paying a few days later is considered a deferred payment transaction and does not violate legal regulations.

However, the practice of people selling gold and waiting to receive payment is considered riskier than paying first and receiving gold later. Beyond similar risks (having delivered gold without receiving money or paid money without receiving gold), this form carries additional concerns.

“Delayed gold delivery often stems from excessive demand and limited supply, forcing people to queue and prompting shops to limit sales. Meanwhile, delayed payments may signal more serious risks, such as why a business doesn’t purchase gold to fulfill delivery (especially when already owing buyers), or whether it is facing financial difficulties and lacks the ability to pay sellers,” Duc said.

He added that such voluntary agreements should not be banned, as risks exist in all fields. Therefore, individuals must carefully consider before participating, as agreeing to such transactions means bearing all risks, with no guarantees beyond trust.

“Even if businesses are not violating the law, the risks for individuals are very high. People should be extremely cautious and ideally avoid such transactions,” Duc recommended.

Nguyen Quang Huy from Nguyen Trai University said that when people turn to gold as a store of value during volatile periods, demand can surge rapidly within a short time.

Gold supply, tied to specific regulatory mechanisms, often cannot adjust quickly to market fluctuations, creating a mismatch between supply and demand. As a result, market participants adopt flexible transaction methods to maintain circulation, with promissory-note deals becoming a temporary solution.

When buyers must pay in advance without receiving gold, or sellers must wait for payment after delivery, while price spreads remain high, perceptions of fairness may be affected. This calls for market principles to be upheld: risks must be distributed reasonably, transparently, and without disproportionately disadvantaging any party.

People advised to be cautious

Huy noted that the market is operating more flexibly than current regulations. This does not necessarily indicate a legal gap, but highlights the need to supplement and standardize rules for time-based transactions.

Specifically, it is necessary to clarify conditions for “sell now - deliver later” models, disclosure obligations regarding delivery timing, business responsibility to ensure fulfillment, and mechanisms to handle delays or disputes.

These regulations are not meant to restrict business activities but to establish unified standards, thereby enhancing transparency and trust in the market.

He emphasized that the most important principle remains “cash-on-delivery”, immediate exchange”. Only when truly necessary should promissory-note transactions be accepted, and even then, conditions must be tightly controlled.

“If using the ‘appointment slip’ scheme, the waiting time should be minimized, ideally no more than one week. The longer the delay, the higher the risk, especially in a fast-moving gold market. Both parties must have clear written contracts specifying gold type, price, delivery timing, and responsibilities.”

Transactions should only be conducted with reputable, long-established, and transparent businesses, preferably those within official SJC gold distribution systems. Avoid intermediaries or vague offers such as ‘holding a good price’ without legal basis,” Huy advised.

Meanwhile, Dr Nguyen Tri Hieu, a finance and banking expert, said he has never seen “pay first - receive gold later” or “sell gold - receive payment later” models in international markets.

Tuan Nguyen