CaliToday (05/10/2025): The Vietnamese domestic gold market is currently in the grip of a feverish surge, with prices for the nationally recognized SJC brand rocketing towards an unprecedented milestone of VND 140 million per tael. This dramatic and rapid appreciation in recent days has sent shockwaves through the nation's economy, captivating investors and everyday citizens alike, and highlighting the precious metal's unique role as a cultural and financial cornerstone.
The relentless upward trend has seen the price of an SJC-branded "tael" of gold (a traditional unit of weight equivalent to 37.5 grams or about 1.2 troy ounces) climb aggressively. At nearly VND 140 million, the value translates to approximately $5,600 USD at current exchange rates, a figure that showcases a significant premium over international spot gold prices. This price disparity underscores the unique dynamics of Vietnam's highly regulated gold market.
For decades, gold has been more than just a commodity in Vietnam; it is a primary vehicle for savings, a hedge against inflation, and a deeply ingrained symbol of security and wealth. In times of economic uncertainty, Vietnamese people have historically turned to physical gold, trusting its tangible value over other financial instruments. The current frenzy is a testament to this enduring sentiment. Gold shops in major cities like Hanoi and Ho Chi Minh City are reportedly witnessing increased foot traffic as savers and speculators rush to either cash in on the gains or buy in, fearing they will miss out on further rises.
The SJC brand, produced by the state-owned Saigon Jewelry Company, holds a near-monopolistic position in the market. Government regulations enacted over a decade ago tightly control the import and local production of gold bars, effectively making the SJC brand the only gold bar legally traded in this form. This has created a persistent and often widening gap between domestic SJC prices and global rates, as local supply cannot easily meet surges in demand.
In a parallel narrative of Vietnamese wealth, billionaire Pham Nhat Vuong, the founder and chairman of Vingroup, continues to be a fixture on the world's richest lists. As the visionary behind Vietnam's largest private conglomerate—with interests spanning from real estate (Vinhomes) and retail to the globally ambitious electric vehicle manufacturer, VinFast—Vuong represents a modern, globally-integrated form of wealth. His continued success on the international stage presents a fascinating contrast to the domestic rush for the traditional security of gold. While millions seek to protect their assets in a time-honored way, figures like Vuong symbolize Vietnam's ambition to create value through industrial innovation and global market participation.
As the SJC price flirts with its new historic high, regulators and economists are watching closely. The surge poses questions about domestic inflation, investor confidence in other asset classes like stocks and real estate, and whether government intervention might be on the horizon to stabilize the market. For now, all eyes remain fixed on the digital price boards of the nation's gold shops, as Vietnam's gold fever continues to burn brightly.
