AsemconnectVietnam - In 2024, gold has emerged as a focal point in the market, with prices continuously hitting new peaks. This surge has captivated the public, creating a "gold rush" that sees people braving the scorching heat to queue up outside gold shops and designated gold-selling points.

Despite the fervor, experts caution that buying gold only proves beneficial when held long-term, while short-term investments or speculations come with significant risks.
The Rapid Rise and Volatility of Gold Prices
Since early June, the sight of people lining up to purchase gold from the crack of dawn has been common at the selling points of four state-owned commercial banks (Vietcombank, VietinBank, Agribank, BIDV) and the Saigon Jewelry Company (SJC). These entities are part of a gold price stabilization program under the direction of the State Bank of Vietnam.
Despite the stabilizing efforts, gold sales remain limited, with units issuing only 50 gold purchase order numbers each day. This restriction has forced many prospective buyers to return multiple days in a row without success. Initially, there was no limit on the quantity sold, but now each person can only buy a single unit.
To alleviate the queuing situation, on June 12, Vietcombank introduced an online registration system for purchasing SJC gold bars, allowing customers to select a store, time, and date to pick up their gold. Despite this effort, many were still unable to log in and resorted to queuing at the physical points of sale, some arriving as early as 3-4 am.
Gold buying a hassle as online registration overwhelmed by demand
Vietnam’s four state-owned banks no longer see long lines of customers waiting to buy gold, but buyers are struggling to register online as systems reach capacity within minutes of opening.
Since Monday Quang Huy in Hanoi has been sitting at his computer before 9 a.m. every day, seeking to be the first to secure a gold-buying slot online.
But error messages kept popping up every time he tried to register, and by 9:02 a.m. the systems said that they no longer had any available slot.
With 8 branches in Hanoi and Ho Chi Minh City distributing gold in the afternoon, and each transaction taking around 15 minutes, a branch can serve only dozens of customers a day, she added.
Although the State Bank of Vietnam has affirmed that there is enough gold to meet retail consumers’ demand, banks have been limiting purchase to one tael person. A tael equals 37.5 grams or 1.2 ounces.
Ministry of Finance to consider possible tax on gold transactions
The Ministry of Finance is to start a process to study the effect of taxation on gold transactions, said deputy minister of finance Nguyễn Đức Chi in a press conference on Tuesday in Hà Nội.
As gold prices surged to a historic high before settling down last week, the press, economists, as well as members of the public, have voiced their concerns over the lack of a gold tax for transactions of the precious metal. Many asked why when there are taxes on other assets such as real estate and securities, there are none for gold transactions.
Chi said in considering the profound impact a gold tax could produce on society as a whole, the ministry must conduct a thorough study before sending a proposal on the matter to the government.
Economists have long maintained before granting the right to import gold into the market, with the State Bank of Vietnam (SBV) the only entity allowed to right now, taxing gold transactions is necessary to keep gold prices in control.
Vietnam to allow companies to import gold for first time in years
Vietnam may permit businesses to import gold for the first time in more than ten years in an effort to close the growing difference between domestic prices and global standards, Reuters reported.
According to Huynh Trung Khanh, vice chair of the Vietnam Gold Traders Association (VGTA), the government and the association have been in lengthy negotiations regarding how to address the disparity between the supply and demand of gold.
In 2012, the Vietnamese government essentially assumed complete control over imports and domestic bullion sales, allowing only a few big businesses to import precious metal as long as it was used to make jewellery that would be exported.
He stated that the State Bank of Vietnam, the country’s central bank, would have the last say over whether or not to permit businesses to import gold. That would be a major change from the way things are now done, where the central bank strictly regulates imports.
The domestic gold market continues to trade at persistently high premiums to global prices, despite efforts to reduce the difference with international benchmarks by holding auctions and permitting four local banks to sell gold in an effort to increase liquidity.
T.Huong
Source: Vitic