Editor’s Note
This report captures the calm following recent volatility in My Tho City’s jewelry market, triggered by the abrupt closure of Hong Phuc Jewelry. Observations from the “gold street” reveal subdued activity and minimal transactions, reflecting a cautious market sentiment.
On the morning of July 18, jewelry stores in My Tho City, Dong Thap Province, stabilized after two days of fluctuations caused by the sudden closure of Hong Phuc Jewelry. On Le Van Duyet Street, known as the “gold street,” the atmosphere was somewhat subdued; although stores were open, there were few customers.
A reporter from Tien Phong newspaper observed that jewelry stores in My Tho recorded few transactions. The scenes of people queuing to sell gold or being refused purchases by stores, seen two days earlier after the sudden temporary closure of Hong Phuc Jewelry—a major establishment in the area—had disappeared.
On Le Van Duyet Street, known as the “gold street,” the atmosphere was quiet. Although jewelry stores were open, there were few customers. Most were buying gold, rather than competing to sell it.
Hong Phuc Jewelry, located on Le Loi Street (My Tho ward), remained closed on the morning of July 18, with only security guards on duty. No one was gathering in front of the establishment. The reinforcement forces from local authorities, who had ensured security and order over the previous two days, had also withdrawn.
Previously, according to Tien Phong newspaper, on July 16, Hong Phuc Gold and Gemstone Company Limited (Hong Phuc Gold Shop) suddenly closed. In a notice placed on the door, the store cited difficulties, restructuring, and the need to improve service quality as reasons for its temporary closure. The notice was later modified, indicating a temporary closure of two months (from July 16 to September 19, 2026). As it was a large jewelry store, the sudden closure affected the morale of local gold holders and some customers who had transacted with Hong Phuc Gold Shop.
Facing the risk that the incident could cause panic and affect security, order, and the overall situation in the area, the People’s Committee of My Tho District ordered relevant forces to assess the situation and deploy personnel to ensure security and order around Hong Phuc Jewelry. Local authorities also requested Hong Phuc to cooperate, provide information to customers, carry out procedures for the temporary suspension of business operations in accordance with regulations, and review its business registration and operational status.
Le Van Duyet Street, known as the “Gold Street,” where many jewelry stores in My Tho are located, was deserted, without the long queues seen two days ago. Photo: Chuc Tri.
On the morning of July 18, some customers were seen buying gold at Kim Ngoc store on Le Van Duyet Street.
A customer came to buy gold rather than intending to sell it.