Vietnamese buyers queue for hours amid gold rush
For five consecutive days this week, 38-year-old Hoai has lined up each morning outside a gold shop on Hanoi’s Tran Nhan Tong Street, joining a crowd of anxious buyers, most of whom leave without making a purchase.
As a freelancer with cash savings, she hopes to preserve her wealth through gold as bank deposit rates remain low. Each customer is only allowed to buy a single mace of gold (equal to one-tenth of a tael, or 3.75 grams) at a time.
« Even though I can only buy a little amount, I am willing to wait for hours, even days, to keep gold as a security asset. »
Similarly, Thu Ha, 26, an office worker in Hanoi, has withdrawn half of her VND300 million (US$11,388) savings to buy gold. Last month, she managed to purchase five maces when the price hovered around VND130 million per tael. Now she’s been queuing since 4 a.m. daily in hopes of buying more, but shortages have left her empty-handed. « Stores are now issuing appointment slips, promising delivery in 7-10 days, » she said.
Lan, 43, took Friday morning off work to queue for her elderly mother, who has been trying unsuccessfully for days to buy gold with her pension. « Seeing her struggle to stand in line multiple times without success, I came early today to help her, » she said.
Across Hanoi and Ho Chi Minh City, gold shops have been swarmed by long queues as prices surge to historic highs. Each tael of gold bar now trades around VND153 million, while gold rings range between VND153–160 million, up 80% since the start of the year.
Because of the rush, some people are even being paid to stand in line for others. Most stores run out of stock by noon, with shelves cleared of both bars and rings. Customers are told to return the next morning, though there’s no guarantee they’ll get gold.
In Ho Chi Minh City, the Saigon Jewelry Company (SJC) outlet on Nguyen Thi Minh Khai Street stopped accepting customers for gold ring purchases by midday Friday, limiting sales to just 3 maces per person.
At Mi Hong gold shop on Bui Huu Nghia Street, staff began handing out numbered tickets for the next day as early as 11 a.m. « We distributed about 500 tickets this morning, and they were all gone quickly. Please come early tomorrow, » an employee told a customer.
Huynh Trung Khanh, Vice President of the Vietnam Gold Trading Association, said the gold-buying frenzy is not unique to Vietnam, people in countries like South Korea are also rushing to purchase gold as global prices surpass US$4,300 per ounce. A tael equals 37.5 grams or 1.2 ounces.
The State Bank of Vietnam has cautioned that gold remains a volatile investment and urged buyers to act prudently. It attributed the sharp rise in domestic prices to surging global rates, heightened public expectations of further increases, and tight local supply.
The central bank has also paused its gold stabilization sales through SJC and four state-owned banks as it transitions to a new gold management framework.
By Quynh Trang & Trong Hieu – VnExpress.net – October 18, 2025