
Decree No. 232/2025/ND-CP which amends the Government's Decree No. 24/2012/ND-CP on the management of gold trading, officially took effect from October 10 and introduced notable changes in Vietnam’s gold market.
In Ho Chi Minh City, major gold retailers such as SJC Jewelry Company in Ban Co Ward and Mi Hong Jewelry in Gia Dinh Ward reported steady customer traffic, although the transaction process has changed significantly. At SJC’s headquarters, the long queues once common in front of its counters have disappeared. Instead, customers are now directed to register online before purchasing SJC gold bars. A public notice at the company entrance clearly states that, from October 8, 2025, gold bar purchases require prior registration on the company’s website.
Even during lunchtime, curious buyers continued to visit. A security guard explained that gold bars could only be purchased after successful online registration. For 9999 gold rings, SJC resumed in-person sales in the early afternoon, with a limit of three fractions (0.3 tael) per customer. Buyers must present their ID cards and pay based on the official SJC listed price.
Currently, this registration system applies only at two SJC locations: the headquarters at 418–420 Nguyen Thi Minh Khai Street in Ban Co Ward and 172 Nguyen Van Nghi Street in An Nhon Ward. At Mi Hong Jewelry, crowds remained high yesterday with customers allowed to buy between 0.5 and 1 tael (0.05–0.1 tael) of 9999 gold rings, depending on availability. SJC gold bars, however, were still frequently “sold out.”
In Hanoi, reporters observed that many shops along Tran Nhan Tong-the city’s ‘gold street’-displayed signs ‘Out of Stock’ despite persistently high prices. Some stores only accept pre-orders, requiring customers to transfer money in advance in exchange for a gold certificate and a future pickup date.
Although several commercial banks including Agribank, BIDV, MB, Techcombank, VPBank, Vietcombank, and VietinBank—along with three companies (PNJ, DOJI, and SJC) have met the capital requirements to produce gold bars under Decree 232, none have yet received production licenses from the State Bank of Vietnam.
Gold prices reduce
In the afternoon yesterday, the price of SJC gold bars was reduced by Bao Tin Minh Chau Company and Doji by VND1.1 million (US$41.7) for both the buying and selling sides compared to the previous day, quoted at VND139.4 million per tael for buying and VND141.4 million per tael for selling.
SJC Company, however, only reduced the price by VND300,000 per tael for both the buying and selling sides, quoted at VND140.2 million per tael for buying and VND142.2 million per tael for selling.
The price of 9999 gold rings was also listed lower by enterprises, decreasing by VND700,000 to VND 800,000 per tael. The highest gold price was listed by Bao Tin Minh Chau Company at VND137.8 million per tael for buying and VND140.8 million per tael for selling. Other enterprises traded at VND136.2 million–VND137 million per tael for buying and VND138.9 million–VND140 million per tael for selling.
On the global gold market, the spot gold price on the Kitco floor on the afternoon of October 10 (Vietnam time) dropped to $3,968.5 per ounce. This price, after conversion, is equivalent to VND126.1 million per tael, which is approximately VND15.3 million per tael lower than the SJC gold bar price and VND12.8 million–VND14.7 million per tael lower than the price of 9999 gold rings.