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Saigon Jewelry Company gold bar climbed 0.23% to VND128 million (US$4,851.61) per tael, surpassing the previous session's peak of VND127.7 million.
Since the start of the year, the precious metal has risen by 52% and is now VND19.7 million per tael higher than global prices.
Gold ring gained 0.25% to VND121.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.
The State Bank of Vietnam on Tuesday abolished the monopoly on gold bars, allowing eligible banks and enterprises to produce bullion, which was previous limited to just SJC.
Globally, gold prices edged lower on Wednesday, pressured by an uptick in the dollar, although renewed concerns over the U.S. central bank's independence after President Donald Trump's threat to fire Federal Reserve Governor Lisa Cook lent support to bullion, Reuters reported.
Spot gold was down 0.2% at $3,384.49 per ounce after hitting its highest level since Aug. 11 on Tuesday. U.S. gold futures for December delivery were flat at $3,434.20.
"Short-term speculators are taking a bit of profit right now. However, gold is still being supported especially as we start to see a much more clear dovish stance from the Federal Reserve," OANDA senior market analyst Kelvin Wong said.
"We could see in the near term there is still potential upward pressure to test $3,400, above it will be the $3,435 level."
