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By 5 a.m. Thursday large crowds had gathered in front of gold shops on Tran Nhan Tong Street in the belief this would bring good fortune to their business and family through the year.
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Some have been here since midnight. The God of Wealth Day is celebrated on the 10th of the lunar year.
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Buying gold on this day used to be a tradition only among businesspeople, especially ethnic Chinese, but in the last few years it has been embraced by the wider population in Hanoi and Ho Chi Minh City.
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Nguyen Thi Uyen from the northern province of Tuyen Quang was one of the earliest to arrive despite being pregnant.
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Hanoian Nguyen Van Hung was the first customer allowed to enter this shop as a reward for being there since midnight. Hung bought three gold rings of 3.75 grams each.
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When the gold shops opened at 6 a.m. each customer was given a number and only five were allowed to enter at a time to maintain order.
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On Cau Giay Street, a large number of customers queued up though office time was approaching.
In Vietnam, especially in the southern provinces, the God of Wealth is worshipped in many families.
As more and more people buy into this practice, scenes of people in Hanoi and HCMC queuing up for a kilometer to buy gold is becoming increasingly familiar.
Originally from China, the God of Wealth Day tradition arrived in Vietnam in the early 20th century, according to experts.
Though many people are not clear about the origin of this day, they buy gold, snakehead fish and roasted pork to worship the God of Wealth and seek his blessings for prosperity in the new year.