Nguyen Quang Son, Director of Private Wealth Management Center (North Star) at FIDT, told VietNamNet that while both assets hedge against inflation, their roles and approaches have changed significantly.

Gold: defensive asset

Son said gold is essentially a defensive and accumulation investment. Unlike many other assets, gold does not generate monthly cash flow, so it is often seen as a tool to preserve asset value against inflation or economic and political instability.

Gold’s biggest advantage is high liquidity. Investors can easily break it down into smaller portions to sell when cash is needed. For example, if short-term liquidity is required, one can sell a small amount of gold to meet financial needs.

However, gold currently has certain limitations as prices have reached historic highs and have been corrected by up to 21 percent. Despite the correction, prices remain elevated, making it harder for new investors to buy in large volumes.

The priority at this time should be increasing purchasing power, namely liquid cash, and diversifying cash-flow-generating assets like rental properties, which gold cannot provide.

In the long run, Son believes gold still has growth potential as global money supplies expand, US public debt rises, and "de-dollarization" trends continue in many countries. He predicts global gold prices could eventually reach $6,000/ounce.

Notably, market movements are currently defying traditional rules. Usually, gold prices rise during geopolitical tension. However, amid US-Israel-Iran tensions disrupting global oil supplies, oil has surpassed $100/barrel. As oil is still largely traded in USD, the dollar has recovered strongly, causing gold to be sold off and face downward corrections.

"This shows the market is operating with much higher uncertainty than before. Therefore, gold is no longer an overly attractive channel to concentrate all capital into at this moment," Son said.

Real estate: inflation-hedging asset 

Unlike the 2024–2025 period when the market was supported by low interest rates that fueled investment and accumulation, contributing to price increases in some areas, the current market is shifting toward a stage that prioritizes liquidity and real-use value.

The real estate market in 2026 is undergoing restructuring toward more sustainable development, based on genuine housing demand and buyers’ real financial capacity. With tighter credit control and new property identification regulations effective from March 1, the market is clearly segmenting, focusing on products with transparent legal status, reasonable pricing, and strong usability.

In this context, capital is shifting toward segments with clear utility value, suitable for the majority of people, while offering stable cash flow and better liquidity.

“For investors, the key is choosing the right segment. Not all real estate assets grow equally across economic cycles. If you choose incorrectly, you may face long-term capital lock-in due to limited liquidity,” Son noted.

Investors should focus on areas with reasonable pricing compared to the broader market and rental yields of around 4–5 percent per year. Opportunities still exist but are shifting from central areas to suburban regions or localities with future growth potential.

How to allocate capital?

Son emphasized that gold should remain in an investment portfolio but as a defensive asset rather than the main profit driver. Investors should accumulate gold in a disciplined manner, possibly through periodic purchases.

However, he cautioned against selling major assets such as real estate to buy gold. Concentrating all capital into one asset class during volatile market conditions is not advisable.

For example, with VND3–4 billion in capital, investors could allocate around 10–15 percent (VND300–400 million) to gold. The rest could be invested in real estate projects with good pricing in densely populated areas, especially those offering interest support for 24–36 months.

The remaining capital can be distributed across other asset classes that offer liquidity and higher returns than savings deposits, such as corporate bonds, fund certificates and certificates of deposit from reputable institutions.

In addition, investors should maintain a cash ratio of around 20–30 percent of the portfolio to stay flexible when new opportunities arise.

According to the FIDT expert, combining gold and real estate in a portfolio allows investors to both hedge against inflation and generate long-term cash flow and asset growth.

However, the exact allocation strategy ultimately depends on each investor’s risk appetite and tolerance for market volatility.

Duy Anh