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.

Domestic gold prices soared to a record nine-year high on the morning of July 9 after climbing to VND50.4 million per tael for the first time.

 VietNamNet Bridge – The government’s strategy to regulate and control the gold market towards healthy development in the coming time is coming into sharp focus.

Gold management took center stage at a meeting between experts and National Assembly deputies in HCMC on Tuesday, with controversies arousing how to stabilize the market and to make the most of this huge asset at home.