Gold buyers panic as Ho Chi Minh City shop closes and app goes dark after taking deposits

Customers say Kim Nguyen Bao on Cach Mang Thang Tam Street in Hoa Hung Ward promoted online gold sales through Facebook ads, livestreams and messages sent via Zalo and Messenger. Many were offered discounted vouchers and guided through the KNB online jewelry app, believing the shop was legitimate because it had a legally registered business address.

But when buyers arrived for pickup in mid-November, the store was dark. Display cases were stripped of jewelry, staff were nowhere to be found, and a "for lease" sign hung outside.

The app has stopped working, phone numbers gone unanswered, and the shop's legal representative reportedly told one customer he was "in Malaysia working with the parent company," before disappearing entirely.

A HCMC customer named Thanh said she paid VND42 million (US$1,600) after being offered a 10% online discount on a VND10 million voucher. She was promised her gold between Nov. 13 and 18, only to find the shop emptied out.

Minh (name changed) shared a similar experience. After visiting the shop in person, he was told its gold was "24K with a proprietary hallmark" and that customers needed to place deposits first. Staff then used his own phone to walk him through purchasing vouchers on the KNB app. He later transferred more money to buy additional gold after meeting a representative who showed him the shop's business registration.

By the time he returned for pickup, he had paid a total of VND90 million, only to find the shop shut down.

HCMC police on Nov. 27 said complaints had mounted since mid-November, with estimated losses reaching into the billions of dong. Until then, the shop had fulfilled smaller orders normally, giving customers a sense of security before abruptly shutting down both its physical storefront and its online platform.

Investigators are now reviewing signs of criminal wrongdoing.

HCMC police are urging residents to buy gold only from businesses licensed by the State Bank of Vietnam and to prioritize in-person transactions. Authorities warn that online gold purchases are difficult to verify and come with significant risk, especially when sellers rely on social media, livestreams and private chat apps to solicit payments.