As of January 7th, gold enterprises uniformly listed the buying price of SJC gold bars at 156.1 million VND per tael and the selling price at 158.1 million VND per tael. Simultaneously, SJC-branded gold rings also remained at peak levels, trading between 151.6 and 154.6 million VND per tael (buying and selling prices, respectively).
Accepting Higher Prices
Amid soaring gold prices, Ho Chi Minh City’s market witnessed the entry of a long-established Northern gold brand, introducing a fresh dynamic in a context of scarce supply.
Observations reveal that despite opening just days ago, the store of Bao Tin Manh Hai on Nguyen Dinh Chieu Street, Ward Ban Co, has been bustling with transactions from early morning until late evening. This marks the brand’s first branch in Ho Chi Minh City, following a 32-year legacy in Hanoi.
Customers purchasing gold at Bao Tin Manh Hai’s store in Ho Chi Minh City on January 7th
Notably, long queues formed not just for traditional smooth rings or gold bars but primarily for the Tieu Kim Cat product—a 0.1 tael (10 grams) accumulation gold piece from the brand. Despite its small weight, this product is sold at the same price as 24K gold rings, at 1.585 million VND, or 15.85 million VND per tael, even higher than SJC gold bars. Daily, the store issues a maximum of 300 purchase tickets for this product (equivalent to 3 taels of gold).
“We’re quite surprised by the high turnout in just a week. The 300 units of 0.1 tael gold often sell out by morning. Additionally, smooth rings of 1 tael, 2 taels, 5 taels, and 10 taels are also in high demand,” shared a store employee.
Gold expert Nguyen Ngoc Trong explains that in a widespread supply shortage, consumers often accept higher prices to secure physical gold immediately rather than leaving empty-handed.
Ms. Minh Tam (from Ward Hanh Thong, Ho Chi Minh City) shared that she and her friend queued to buy 2 taels of smooth 24K gold rings at 15.85 million VND per tael for accumulation. They didn’t mind the long wait, as gold from other brands was hard to purchase.
Meeting Demand and Psychology
In reality, consumers have recently reported difficulties purchasing SJC gold bars or gold rings from major brands due to limited supply. Customers often face long queues or purchase limits (e.g., 1 tael per person per day).
Meanwhile, Bao Tin Manh Hai’s representative stated that during the first week of opening, the company applied a policy of unlimited sales. Some customers purchased up to 10 taels or more and were served immediately. The company plans to open a second store in Ho Chi Minh City before the 2026 Lunar New Year, aiming for a total of six outlets this year.
Commenting on this phenomenon, gold expert Tran Duy Phuong views the expansion of Northern brands like Bao Tin Manh Hai, Phu Quy, and earlier DOJI into Ho Chi Minh City as a positive sign, enhancing market competition. “The introduction of 0.1 tael gold (priced around 1.58 million VND) has tapped into the psychology of consumers with limited capital who wish to accumulate gold. With gold prices exceeding 158 million VND per tael, far beyond average incomes, these smaller products become more affordable,” Phuong analyzed.
He also noted that the abundant supply of gold rings is reshaping consumer buying habits. Customers are gradually shifting from SJC gold bars to gold rings, reducing the dominance of SJC gold bars in the market.
Regarding price prospects, Nguyen Ngoc Trong predicts significant market changes with the implementation of Decree No. 232/2025/ND-CP on gold business management and Circular No. 34/2025/TT-NHNN. The new regulatory framework is expected to facilitate the import of raw gold for producing gold rings and jewelry. Increased supply from imports is seen as crucial to aligning domestic gold prices with global rates.
PNJ Updates Gold Jewelry Purchase Policy
Phu Nhuan Jewelry Joint Stock Company (PNJ) has adjusted its policy for purchasing jewelry bought from the company, applying purchases based on material prices or invoice ratios depending on the product category.
For invoices issued before January 5, 2026, PNJ applies the purchase policy as committed on the invoice or the program in effect at the time.
Previously, PNJ purchased jewelry with low gold content at 70%-80% of the original invoice value, while jewelry with high gold content was purchased at market prices. According to PNJ, the new policy aims to provide customers with more options.
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