Saigon Jewelry Company store in HCMC’s District 1 had 30 people queuing up at 3 p.m.
It limited each customer to one tael of gold ring to prevent hoarding. A tael equals 37.5 grams or 1.2 ounces.
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Customers buy gold in Ho Chi Minh City on March 14, 2025. Photo by VnExpress/Quynh Trang |
At Mi Hong shop in Binh Thanh District, the majority of customers were buying, and they were allowed to buy two taels of rings.
The surge in demand came as Vietnamese bullion price rose to a record VND96 million (US$3,760) per tael amid global uncertainty over U.S. tariffs and fears of trade tensions and increased expectations of monetary policy easing by the country.
With gold prices repeatedly rising to new levels in Vietnam since last year, many retail investors expect to gain from the price surge.
Huyen, 28, bought a tael at the peak price, having already bought some gold last month.
“I wanted to wait for a stronger dip but as prices have been rising fast, I can no longer delay my purchase.”
Some other customers also attributed their buying decision to the rapid price and fear they might miss out on large gains.
In Hanoi, queues were also seen on some popular gold streets. Two Bao Tin Minh Chau stores in the downtown area had customers waiting for hours to buy.
They sold bullion at VND96.5 million per tael and limited customers to two taels each.
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People queue to buy gold in Hanoi on March 14, 2025. Photo by VnExpress/Anh Tu |
Bich Ngoc waited 70 minutes to buy, explaining that she had a gold debt to pay, and was worried that the quick price growth might hurt more if she delayed the purchase any longer.
Although most stores impose a limit on purchase, they also offer some incentive policies for those who want to buy more.
Phu Quy jewelry stores, for example, limits each customer to one tael, but those who want to buy more can pay upfront and wait for a two-week delivery. This allows a customer to buy three more taels at the same price.
Most stores were facing gold shortages and could not confirm when new stocks would arrive.
