While the price of SJC gold on July 15 is more than VND20 million per tael (1.2 ounces) higher than the global gold price, other 9999-gold rings are currently VND15-16 million per tael lower than that of SJC gold bars which are also 9999 gold.
Gold prices in Vietnam are much higher than international prices, driven by a supply-demand imbalance and price manipulation. A tael (37.5g) of gold in Vietnam is about US$500 more than in the rest of the world.
Having sold 20 taels of gold for more than one billion dong, Nguyen Hong Minh in Hanoi doesn’t know what she would do with the money.
Experts say investors should target investment channels with high liquidity such as savings accounts, gold and dollars, and wait patiently for opportunities with stocks.
Depositing money at banks is prefered by most people who have idle money. However, it is now less attractive than corporate bonds and gold.