Gold shortage triggers booming black market trade

It attracted a lot of interest, and he was able to close the deal within an hour at VND170 million per tael of 37.5 grams, 14% higher than the SJC selling rate.

"I wanted to book profits, but did not expect so much interest from people."

Buyers wait outside a gold store in Hanoi on Oct. 16, 2025. Photo by VnExpress/Hoang Giang

Many others are also selling popular brands of gold bars such as DOJI, Bao Tin Minh Chau and SJC on social media at prices of up to VND165 million per tael, a 6.5% premium.

Posts by investors seeking to buy gold bars and pure gold rings of brands like DOJI, Bao Tin Minh Chau and SJC are in fact outnumbering sell offers.

Since the start of this year the State Bank of Vietnam has not sold SJC gold bars to stabilize the market.

Businesses, lacking import licenses, face a persistent shortage of raw gold. People have been scrambling to buy gold rings as prices keep rising relentlessly.

Major brands often put up "temporarily out of stock" signs and limit sales to each customer to a marginal quantity.

Nhung, who works in the entertainment industry in HCMC, expressed frustration as gold prices rise daily. They have now doubled from the time she bought some last year.

"Many predict gold prices will keep climbing. These days I ask acquaintances everywhere to find gold, but the only option is to queue at gold shops and wait my turn to buy."

Tuyet of HCMC’s Binh Thanh Ward said she visits a gold shop daily, but staff frequently report being out of 24K plain gold rings. Consequently, she has resorted to buying one-tenths of a tael of 18K gold.

High demand and limited official supply have led to market distortions. The black market operates on a buy-and-sell basis, with prices heavily influenced by participants’ confidence in future gold price trends.

However, the Vietnam Gold Traders Association has warned that black market transactions, especially without documentation, are risky for buyers.

The State Bank has repeatedly cautioned that gold, as a volatile asset tied to multiple market factors, requires careful consideration to avoid risks.

It has warned the public to only buy and sell SJC gold bars through licensed credit institutions and businesses. Only 38 enterprises are licensed to trade the precious metal.