Editor’s Note
This article reports on record-high domestic gold prices in Vietnam as of August 28, 2025, highlighting specific price points and changes from major sellers.
As of 4:00 AM on August 28, 2025, Vietnam’s gold bullion prices have reached a new record high. The details are as follows.
DOJI Group listed SJC gold bullion at 126-128 million VND per tael (buy-sell). Compared to yesterday, the buying price decreased by 100,000 VND per tael, while the selling price increased by 300,000 VND per tael.
Meanwhile, the price of gold bullion listed by Saigon Jewelry Company Limited (SJC) was 126-128 million VND per tael (buy-sell). Compared to the closing price on August 26, both the buying and selling prices increased by 300,000 VND per tael.
At Mi Hong Gold and Gemstone Company, the price of SJC gold at the time of the survey was 126.8-128 million VND per tael for both buying and selling. Compared to the previous day, the buying price decreased by 200,000 VND per tael, while the selling price increased by 300,000 VND per tael.
At Bao Tin Minh Chau Joint Stock Company, gold bullion was traded at 125.8-128 million VND per tael (buy-sell). Compared to the same period yesterday, the buying price decreased by 300,000 VND per tael, while the selling price increased by 300,000 VND per tael.
In the Phu Quy market, SJC gold bullion was traded at 125.4-128 million VND per tael (buy-sell). Compared to yesterday, both the buying and selling prices increased by 300,000 VND per tael.
As of 4:00 AM on August 28, 2025, the price of 9999 Hung Thinh Vuong gold rings at DOJI was traded at 119.6-122.6 million VND per tael (buy-sell). Compared to yesterday, both the buying and selling prices increased by 300,000 VND per tael.
Bao Tin Minh Chau announced the price of gold rings at 119.8-122.8 million VND per tael (buy-sell). Both the buying and selling prices increased by 200,000 VND per tael compared to yesterday.
According to Kitco, the global spot gold price in the world market at 4:00 AM (Vietnam time) on August 28 was $3,383.1 per ounce. Today’s gold price increased by $9 per ounce compared to the previous day. Converted at BIDV’s USD exchange rate (26,536 VND per USD), the global gold price is approximately 108.23 million VND per ounce (excluding taxes and fees). This means the domestic bullion price is currently about 19.77 million VND per ounce higher than the international gold price.
The global gold price rose slightly, pressured by a strong USD and profit-taking by investors after hitting a two-week high in the previous session.
Specifically, spot gold rose 0.27%, while US gold futures for December delivery rose 0.05% to $3,433.9 per ounce.
Gold prices are also influenced by political and financial factors. On Tuesday, following President Donald Trump’s attempt to dismiss Federal Reserve Chair Lisa Cook, gold prices hit their highest level since August 11. This raised concerns about the Fed’s independence and the stability of US financial assets.
However, Cook is expected to file a lawsuit to block this decision, potentially leading to a prolonged legal battle. Analysts believe this decision has had a positive impact on gold prices because the Fed’s monetary policy is a key factor influencing today’s gold prices.
Furthermore, investors are also watching the PCE (Personal Consumption Expenditures) inflation rate to be released on Friday, as it is the Fed’s preferred inflation gauge for determining the direction of monetary policy adjustments.
Based on current forecasts, the market is pricing in an 87% probability that the Fed will cut rates by 0.25 percentage points at its policy meeting on September 17. As gold yields no interest, it typically benefits in a low-interest-rate environment and becomes an attractive investment if borrowing costs decrease.
Besides gold, silver fell 0.8% to $38.27 per ounce, platinum fell 0.8% to $1,337.38 per ounce, and palladium fell 0.2% to $1,091.99 per ounce.
Domestic gold prices show variation depending on the distribution channel. Major gold traders and many commercial banks such as PNJ, DOJI, Eximbank, Sacombank, and ACB are maintaining gold bullion prices at a record high of 128 million VND per tael. Meanwhile, many small gold shops in Ho Chi Minh City have lowered the SJC gold bullion price to around 128 million VND per tael for buying and 129 million VND per tael for selling, about 1 million VND lower than the previous day.
Although gold bullion prices show signs of stabilization, the prices of 99.99% pure gold rings and jewelry continued to rise. At most stores, large and small, the buying price was around 119.9 million VND per tael and the selling price was around 122.4 million VND per tael, an increase of 300,000 VND compared to the previous business day. This difference stems from the situation where SJC gold bullion faces a supply shortage and prices have already surged, while gold rings have abundant supply and are more accessible to the general public.
Notably, the market showed little reaction to the news that the government issued Decree No. 232/2025/ND-CP amending regulations on gold trading management. This new decree formally ends the state monopoly on the production and import-export of raw gold, instead applying a conditional licensing regime to eligible organizations.
According to experts, it is unlikely that domestic gold prices will fall immediately. Implementing new regulations takes time. The State Bank of Vietnam first needs to issue detailed guiding circulars before granting permits to eligible enterprises and banks to participate in production and import.
Only when the supply of raw gold becomes abundant and the market becomes truly competitive will bullion prices stabilize and gain a foundation to move closer to international gold prices.
Simultaneously, the Ministry of Finance has submitted a proposal to the government to reduce the export tax rate on gold jewelry from 1% to 0%. This measure aims to support businesses in reducing costs and enhancing international competitiveness amid persistently high gold prices. Additionally, this tax reduction promotes the shift from gold as a store of value to higher value-added products.
This proposal comes as the gold jewelry industry faces significant price and supply-demand fluctuations. Global gold prices rose about 38-39% year-on-year in the first quarter, and domestic prices also surged, rising 43.62% in the second quarter and 37.4% in the first half of the year.
The gap between domestic and international prices for gold rings has reached as high as 14.17 million VND per tael, significantly reducing the competitiveness of Vietnam’s gold jewelry in the international market.
Although global gold prices have rebounded in recent days, this is mainly due to signals from Fed Chair Jerome Powell about the possibility of monetary policy easing and President Trump’s influence on the Federal Reserve.
Fed rate cuts could weaken the USD and encourage gold price increases. Geopolitical factors, including the Russia-Ukraine conflict and tensions in many other regions, are also factors pushing up demand for gold as a safe-haven asset.
Chair Powell’s recent remarks at the Jackson Hole conference suggested the Fed could implement two 0.25% rate cuts in 2025. Furthermore, President Trump’s decision to dismiss Governor Lisa Cook has heightened concerns about the Fed’s independence, causing many investors to flock to gold.
Long-term expectations of continued USD weakness are a positive factor supporting gold prices. However, if the US economy recovers robustly due to accommodative monetary policy, the USD could regain upward momentum, potentially hindering gold price increases.
In Vietnam, the recently issued Decree 232/2025 has abolished the state monopoly on the production of gold bullion and the import-export of raw gold. This change opens opportunities for many gold bullion brands besides SJC to enter the market.
According to experts, more than 13 years after the implementation of Decree 24, regional gold shortages have caused many negative effects such as smuggling, hoarding, and exchange rate instability. The new decree is expected to strengthen the linkage between the domestic gold market and the global market, leading to a narrowing of the price gap. The ideal price gap is expected to be around 5-7 million VND per tael, down from the current over 20 million VND per tael.
Domestic gold-related companies will also have the opportunity to develop innovative jewelry reflecting Vietnamese identity for export to international markets, contributing to foreign currency earnings to offset import costs.
Although gold prices have risen about 29% year-to-date, many experts believe the upward trend will be maintained, but the pace of increase may slow as there is limited room for further significant gains. The market needs to closely monitor global economic policies and trends to make appropriate investment decisions.