CaliToday (02/9/2025): Gold prices in Vietnam have shattered all previous records in a dramatic and rapid surge, sending shockwaves through the local market as investors and citizens grapple with the new benchmark. The national brand, SJC gold bars, soared past the historic milestone of 130 million Vietnamese Dong (VND) per tael, reflecting a powerful bull run in the global commodities market.
As of today, the selling price for SJC-branded gold bars reached an astonishing 130.6 million VND per tael, a figure once considered unimaginable. A tael is a traditional unit of weight used in East Asia, equivalent to approximately 37.5 grams or 1.2 troy ounces. This record-breaking price underscores the intense demand and speculative fever currently gripping the domestic market.
The rally is not confined to the premium SJC bars. Plain gold rings, a popular savings instrument among Vietnamese people, have also been pulled up by the bullish tide, with prices hovering at a very high 125.5 million VND per tael. The across-the-board increase indicates a deep-seated confidence in the precious metal as a store of value.
Global Rally Fuels Domestic Frenzy
The unprecedented price action in Vietnam is largely driven by a powerful surge in the international market. The global spot price for gold has also climbed sharply, trading around $3,468 per troy ounce. This global rally is attributed to a confluence of factors, including persistent concerns over global inflation, heightened geopolitical instability in key regions, and strong, consistent buying from central banks seeking to diversify their reserves away from the US dollar.
As international prices climb, they create a powerful upward pressure on domestic markets worldwide. However, in Vietnam, the effect is magnified.
The ‘Vietnam Premium’ Widens Significantly
A long-standing feature of Vietnam's gold market is the significant price disparity between domestic SJC gold and the international spot price. Due to strict government regulations on gold importation and the SJC brand's near-monopoly on gold bar production, local prices often trade at a substantial premium.
With this latest surge, that premium has become even more pronounced. Converting the current prices reveals the stark difference:
Global Price: Approximately $3,468 per troy ounce.
SJC Domestic Price: Roughly $4,100 per troy ounce (at current exchange rates).
This gap, now exceeding $600 per troy ounce, highlights the unique market dynamics within Vietnam, where physical gold is viewed not just as an investment but as a crucial tool for wealth preservation and a hedge against currency devaluation. The escalating prices are likely to intensify calls for market reforms aimed at narrowing this gap and aligning domestic prices more closely with the rest of the world.
For now, the record-breaking surge has created a tense and volatile atmosphere at gold shops across the country, as citizens weigh the risks of buying at the peak against the fear of even higher prices to come.
