The surge in the state-controlled SJC brand, alongside high demand for plain gold rings, points to a powerful "flight to safety" by domestic investors.
Vietnam's domestic gold market continued its relentless upward surge this morning, with the national SJC brand shattering a new psychological barrier.
Leading gold companies and banks in Hanoi and Ho Chi Minh City began listing sell prices for SJC-branded gold bullion at over 149.5 million VND ($5,673 USD) per tael (37.5 grams). This frantic buying comes even as global gold prices remain relatively stable, anchoring around the $4,110 per ounce mark.
This widening gap reveals an unprecedented premium being paid by Vietnamese investors, underscoring deep-seated domestic demand for the safe-haven asset.
The "SJC Premium" Widens to Staggering Levels
The most striking aspect of the morning's trade is not just the price itself, but its massive disconnect from the world market.
When converted (1 tael = 1.205 troy ounces), the SJC gold price in Vietnam is now trading at approximately $4,707 USD per ounce.
This creates a staggering premium of nearly $600 per ounce over the global spot price of $4,110. This massive gap is a hallmark of Vietnam's unique, state-managed market. The SJC brand is tightly controlled by the government, and its supply is restricted, meaning its price is driven almost entirely by local sentiment and demand rather than international arbitrage.
Broad-Based Demand: Plain Gold Rings Also in High Demand
Further fueling concerns about domestic economic sentiment, the report notes that prices for plain gold rings—a separate market from the SJC brand—are also "anchored at a high level."
This is a critical indicator. While the SJC price can be skewed by its restricted supply, the high price of plain rings (which are more closely linked to global prices) suggests that the buying frenzy is not just a quirk of the official bullion market.
It signals a broad-based "flight to safety" as Vietnamese citizens seek to hedge their savings against potential inflation or currency volatility. In Vietnam, physical gold has long been a traditional and trusted store of value.
As the SJC price continues to "decouple" from the world, it reflects a market driven by intense local anxiety and a powerful, historical belief in gold as the ultimate safe haven.