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.

When the domestic gold market is in short supply but gold cannot be imported through official channels, there is a risk of smuggling.

The Vietnam Gold Trading Association has proposed the establishment of a gold exchange aimed at creating connectivity between global and local gold prices to ensure there is no major price difference and to fight against gold smuggling.

Having sold 20 taels of gold for more than one billion dong, Nguyen Hong Minh in Hanoi doesn’t know what she would do with the money.

Though the gold price has soared recently, gold miners have mysteriously incurred losses.

Experts say investors should target investment channels with high liquidity such as savings accounts, gold and dollars, and wait patiently for opportunities with stocks.

Depositing money at banks is prefered by most people who have idle money. However, it is now less attractive than corporate bonds and gold.

VietNamNet Bridge - The gold and dollar markets worth tens of billions of dollars have remained stable despite fluctuations in the world market.

The heavy gold price fluctuations in 2016 allowed gold investors to make a profit of 17 percent just within three months, while investments in V-30 securities brought profit of 26 percent.

VietNamNet Bridge - While exports of gold jewelry to the US, Belgium, France and Australia remain stable, exports to Switzerland have unexpectedly soared by 2,300 percent this year.

VietNamNet Bridge - Of the five most popular investment channels, the real estate sector brings the most satisfactory profits as investors not only can expect profits from price increases, but also from property leasing.

State exempts export tax for environment-friendly products; Agro-forestry-fishery exports up, rice down; Debt must be collected promptly: GDT

VietNamNet Bridge - Banks’ liquidity is strong, government bonds have been selling well, and bank interest rates and the dong/dollar exchange rate remain stable. However, the growth rate of the economy has been slowing. 

The Vietnamese finance market has been shaken by a number of events in recent days. 

VietNamNet Bridge - The news from Greece has affected the world market, but the Vietnamese stock market remained stable thanks to good news about the unlimited foreign ownership ratio in Vietnamese companies.

VietNamNet Bridge - Any happening in the world, from war, gold price fluctuations to politicians’ speeches can have an immediate impact on the Vietnamese market.

 VietNamNet Bridge – Vietnamese investors have lost billions of dollars overnight because of heavy fluctuations in the asset markets.

 Gold prices rise as uncertainty grows; Government to strive for business-friendly conditions; Mekong Delta opens doors to investors; Myanmar to establish steel JVs with Vietnam; Viet Nam, Thailand eye 20% annual growth in trade