Opening the November 4 trading session in Asian markets, spot gold price fell sharply more than $45 from last night, down to $3,980/ounce which meant the loss of VND1.5 million/tael.

Over the past two weeks, international gold prices have fallen rapidly from the peak of $4,381 per ounce (VND140 million per tael) recorded on October 21 to the current level, a drop equivalent to VND12.8-13.5 million per tael.

Domestic gold prices have fallen more slowly. SJC gold bars have decreased by VND6 million per tael, while gold rings VND8–10 million per tael. Many people who bought at VND150–160 million, or even VND170 million per tael on the free market, have suffered heavy losses.

On the morning of November 4, SJC gold fell to VND148.2 million (selling price), while gold rings were at VND148 million per tael. Bao Tin Minh Chau rings stood at VND149.5 million, and Manh Hai’s at VND148.2 million.

On the stock market, investors’ portfolios have also been steadily eroded as the $200 billion equity market continues to fluctuate downward. The VN-Index has lost about 170 points (nearly 10 percent) from its recent peak and is gradually moving toward the 1,600-point mark.

Many stocks have fallen 20-40 percent in recent weeks, with sharp declines seen in tickers such as VIX Securities and Dat Xanh (DXG). Investor accounts are being drained, and many are anxious. Trading liquidity remains low even as the VN-Index has dropped significantly.

Some experts predict that the stock market is likely to continue adjusting. The VN-Index may fall to the 1,500–1,560 range. Although a major crash is unlikely, this correction could cause the VN-Index to lose 15-18 percent after its 66 percent surge from April to September.

The market is under significant pressure from profit-taking by early investors who are still in the green. In addition, persistent net selling by foreign investors worsened the situation in October amid a lack of market-moving news.

In the first ten months of 2025, foreign investors recorded a net sale of more than VND100 trillion on HoSE (HCMC Stock Exchange), surpassing the full-year record of over VND90 trillion in 2024. Strong foreign selling came amid high dong/dollar exchange rate. In the near term, this pressure remains as year-end foreign currency demand usually increases, but will cool if the US lowers interest rates in December meeting.

Many investors are not only seeing their portfolios shrink but also facing margin calls, forcing them to sell part or all of their holdings before securities firms trigger forced sales to recover loans. With many stocks already down 30-40 percent, margin calls are likely if the market continues to fall. Many are simply waiting for a rebound to “get back to shore.”

The Vietnamese stock market’s decline comes as global capital flows continue to favor higher-risk assets such as equities over gold. Asian stocks on November 3 posted strong gains, following Wall Street’s rally. Earlier this week, the US Nasdaq Composite Index continued to climb, driven by major deals in the AI sector.

On the crypto market, heavy selling has also occurred. Many digital coins have dropped sharply. Bitcoin fell 2.7 percent over the past 24 hours to $106,600 per BTC early on November 4, far below its record high of over $125,000 on October 5. 

Vietnam’s real estate market is in a recovery phase with a sharp increase in supply. However, the market remains clearly segmented, with mid- and high-end segments dominating new supply. Prices have surged in 2025 to record highs, reaching VND80-120 million per sqm for apartments inside Ring Road 3.5 in Hanoi and hundreds of millions of VND per sqm for landed property. Recent transactions have slowed, with only smaller apartments seeing active trading.

With many investment channels losing appeal and Vietnam’s macroeconomy remaining relatively stable, the exchange rate has cooled somewhat. Cash flow has recently shifted back into banks as deposit interest rates show signs of rising. Many banks now offer 5.9-7 percent in interest rates for 12-13 month terms, with some reaching 7.5-8 percent per year for large deposits with 24-month terms and added gifts.

Resident deposits in the banking system continue to rise, hitting a record of nearly VND7.75 quadrillion by the end of July, up about 9.7 percent since the beginning of the year. This trend may continue as interest rates edge higher and liquidity in the system tightens, with overnight interbank rates spiking to 5.6 percent per year.

Manh Ha