CaliToday (01/12/2025): HO CHI MINH CITY — The gold market in Vietnam is witnessing an unprecedented surge as domestic prices for the precious metal shattered all previous records on Monday, December 1, 2025.
State-monopolized SJC gold bars and plain 24K gold rings are now trading at a dizzying historic peak, hovering around 154.9 million VND per tael (approximately $6,100 USD per tael at current exchange rates). This milestone marks a dramatic escalation in the 2025 gold rush, reflecting deep-seated investor anxiety and a voracious appetite for safe-haven assets.
Market Snapshot: The Numbers
As of Monday morning, major jewelry houses and trading floors across Hanoi and Ho Chi Minh City updated their listing boards with figures that have shocked retail investors:
SJC Gold Bars (Selling): ~154.9 million VND/tael.
Plain Gold Rings (Selling): Tracking closely behind SJC bars, erasing the traditional price gap between the two asset classes.
The Trend: This represents a continuous upward trajectory throughout 2025, defying earlier predictions of a market correction.
Note: A "tael" (lượng) is the standard unit of measurement for gold in Vietnam, equivalent to 37.5 grams or roughly 1.2 troy ounces.
Drivers of the "Super Cycle"
Financial analysts attribute this historic peak to a "perfect storm" of domestic and global factors converging in late 2025:
Global Momentum: The domestic hike aligns with a global rally in precious metals. With the U.S. Federal Reserve signaling further interest rate cuts this December and the US Dollar softening, international investors are pivoting back to hard assets.
The "Safe Haven" Psychology: Despite positive news regarding peace talks in Eastern Europe, geopolitical volatility remains a concern. Vietnamese investors, traditionally favoring gold as a store of value, are hedging against inflation and currency fluctuation.
Supply Constraints: The scarcity of SJC-branded gold bars continues to drive premiums higher. Despite government attempts to stabilize the market through auctions earlier in the year, demand continues to outstrip supply.
Investor Sentiment: Fear of Missing Out (FOMO)
The psychological barrier of 150 million VND has been smashed, triggering a fresh wave of FOMO (Fear Of Missing Out). Long queues have been reported at major gold shops on Tran Nhan Tong Street (Hanoi) and District 5 (HCMC), with many buyers concerned that prices will climb to 160 million VND before the Lunar New Year (Tet) 2026.
Conversely, the spread (the difference between buying and selling prices) remains wide, posing significant risks for short-term surfers. Experts warn that while the upward trend is strong, a sharp correction could occur if global geopolitical tensions ease suddenly or if the State Bank of Vietnam intervenes aggressively.
Outlook
"Gold has ceased to be just a savings vehicle; it is now the hottest asset class of 2025," remarked a senior analyst at a Ho Chi Minh City securities firm. "At 154.9 million VND, we are in uncharted territory. The market is pricing in not just inflation, but a fundamental shift in asset allocation."