Vietnamese rush to buy gold but face empty shelves on first day as state lifts bullion monopoly
Vietnamese consumers flocked to gold shops nationwide on Friday, the first day the state ended its monopoly on bullion production, but many went home empty-handed amid widespread shortages.
By early afternoon, long queues had formed outside the headquarters of the state-owned Saigon Jewelry Company (SJC) in Ho Chi Minh City, where most customers came to buy gold rings. Each buyer was limited to 0.3 tael to prevent hoarding. A tael equals 37.5 grams or 1.2 ounces.
Because of the overwhelming demand, SJC restricted gold bar sales to customers who had pre-registered successfully on its website, a new rule introduced to manage crowds.
« It’s too hard to buy gold bars, so I decided to get plain rings instead, even with the quantity limit, » said Hanh, a District 5 resident who tried for two days to sign up online without success.
Other major retailers, including PNJ and DOJI, reported similar situations. Although customer traffic there was lower than at SJC, their staff said both gold bars and rings had already been out of stock for several days.
In Hanoi, Bao Tin Minh Chau’s store on Tran Nhan Tong Street sold out of gold rings early in the morning and was only fulfilling pre-orders from the previous week. « There were many buyers today, but supply couldn’t meet demand, » said a shop employee.
Nearby stores displayed « out of stock » signs and offered only gold jewelry, declining to take advance orders.
Oanh, 62, gave up after waiting in line for hours. She said she prefers investing in gold since, at her age, it’s difficult to manage or take risks with other types of assets.
Nguyen Huu May, a sales executive at Bao Tin Minh Chau, confirmed that the shortage stemmed from a sharp spike in demand, noting that « buyers far outnumbered sellers. »
Gold prices have continued to surge, reaching a record VND142.8 million (US$5,421) per tael on Saturday morning, up 69.5% since the beginning of the year.
Starting Friday, private businesses can produce gold bars if they meet the government’s requirements on capital and other criteria.
The State Bank of Vietnam has not announced which new businesses will begin producing gold bars, as the licensing process is ongoing.
By Trong Hieu & Quynh Trang- VnExpress.net – October 11, 2025