SJC Gold Surpasses 180 Million VND/tael: What’s the Outlook for 200 Million?
The domestic and global gold markets are experiencing historic volatility. This morning, on January 28, 2026, Vietnam’s gold price officially breached the 180 million VND/tael mark, setting a new record. Amid this turmoil, expert predictions about gold reaching 200 million VND/tael are capturing investors’ attention.
As of the latest update at 9:00 AM on January 28, 2026 , SJC gold bars were quoted at 178.1 million VND/tael (buy) and 180.6 million VND/tael (sell) . Compared to the previous session, each tael surged by 3.3–4.2 million VND.
Gold jewelry also saw staggering gains, trading near 180 million VND/tael. On Kitco, global gold prices surpassed $5,200/ounce for the first time, fueled by a weakening USD and persistent macroeconomic uncertainties.
The 200 Million VND/tael Gold Scenario: When Will It Materialize?
At the “Record-Breaking Gold Prices” talk show, VnFinance featured insights from Dr. Phạm Xuân Hòe , former Vice Director of the Banking Strategy Institute. He emphasized that in the current climate, investors should rule out no scenario, even those once deemed “unthinkable.”
Dr. Hòe stated that 200 million VND/tael is entirely plausible if global risks remain elevated. “Nothing is impossible,” he asserted. “If global gold sustains $5,000/ounce, domestic prices hitting 200 million VND/tael would be normal. We must consider this scenario.”
Key factors supporting this forecast include:
Geopolitical Tensions: Prolonged conflicts in Ukraine and the Middle East reinforce gold’s safe-haven appeal.
Fed Interest Rate Policy: Weakening US labor market signals bolster expectations of deeper Fed rate cuts. Lower rates enhance gold’s attractiveness as a non-yielding asset.
Macroeconomic Risks: Persistent global economic uncertainties continue to drive capital into precious metals.
However, Dr. Hòe cautioned that positive macro shifts, such as conflict de-escalation, could redirect capital to equities, diminishing gold’s allure.
Echoing the bullish sentiment, Dr. Nguyễn Trí Hiếu predicted 2026 gold prices could stabilize between $5,500–6,000/ounce, with a 60% likelihood of $5,500/ounce. Domestically, he forecasts prices fluctuating around 180 million VND/tael.
Amid volatile gold prices, experts urge investors to monitor closely and exercise caution.
Physical Gold Exchange: The Key to Market Transparency
To address the irrational gap between domestic and international gold prices, experts stress the need for regulatory reforms.
Dr. Lê Xuân Nghĩa, a banking and finance expert, advocates for establishing a globally compliant physical gold exchange . “Transparency is the linchpin for market stability,” he affirmed.
“Daily wholesale price disclosures on the exchange will naturally guide retail pricing. The goal isn’t supply restriction but a fair, transparent market,” he emphasized.
Dr. Phạm Xuân Hòe identified gold import restrictions as the primary bottleneck, proposing automatic import licenses for entities with capital exceeding 1 trillion VND. Such measures would significantly narrow price disparities, ideally limiting premiums to 3–5 million VND.
The State Bank of Vietnam has taken decisive steps, including Decree 232/2025/NĐ-CP (amending Decree 24/2012/NĐ-CP), which phased out state monopolies. Notably, on November 10, 2025 , the SBV submitted a proposal to the Prime Minister for a national gold exchange, promising a market governed by international supply-demand dynamics.
Gold Prices Fluctuate Wildly: Experts Warn of Impending “Game Over” Moment
Gold still has the potential to reach new highs, but this journey will be accompanied by intense volatility, closely tied to every piece of information emanating from the White House.
Hanoi: Gold Prices Plummet Overnight, Shocking Scenes Unfold on Cau Giay Street
From the crack of dawn, despite Hanoi’s chilly weather and many shops still shuttered, long queues of eager gold buyers snaked along major streets.
Gold Ring Prices Surge Unexpectedly on the Evening of January 27th
Amidst tightening supply and sustained high demand, the price of gold rings is surging ahead of SJC gold bars, reflecting a notable shift in market dynamics.
The Public Holds a Staggering 500 Tons of Gold
This morning (January 14th), ring gold prices continued their sharp upward trend, while SJC gold bars remained unchanged. Estimates suggest Vietnamese households hold approximately 500 tons of gold, valued at a staggering 2 quadrillion VND at current rates.
Gold Prices Surge: SJC Gold and Ring Gold Rates on the Rise as of January 14th
As of the afternoon of January 14th, gold prices surged by an additional 600,000 VND per tael compared to this morning, bringing the total daily increase to 1.5 million VND per tael. Over the past week, various gold types, including gold bars, gold rings, and 0.1-tael gold pieces, have seen a remarkable rise of 6 to 7 million VND per tael.
