From our Vietnam economy series. Domestic prices are dealer quotes reported by Vietnamese newspapers on 3 November 2026; the premium is our own calculation, with the working shown below. Gold prices change several times a day.
What is the gold price in Vietnam today?
SJC quoted VND 137.6 million to buy and VND 140.6 million to sell per tael at 14:53 on 3 November 2026, up VND 600,000 on the day. Other bar dealers quoted near VND 140 million to sell, and plain 9999 rings sold for roughly VND 138 to 139 million.
| Product (per tael) | Buy | Sell | Time |
|---|---|---|---|
| SJC bar | 137.6m | 140.6m | 3 Nov, 14:53 |
| SJC bar (morning peak) | 138.2m | 141.2m | 3 Nov, 10:47 |
| DOJI, PNJ bars | 137.0m | 140.0m | 3 Nov, 05:00 |
| DOJI 9999 ring | 135.0m | 139.0m | 3 Nov, 05:00 |
| PNJ 9999 ring | 134.0m | 138.0m | 3 Nov, 05:00 |
VND million per tael (luong = 37.5 g ≈ 1.2057 troy oz). Sources: Bao Lam Dong live table, Bao Nghe An and Bao Da Nang, 3 Nov 2026.
Note the spread: SJC buys back VND 3 million below its selling price. A buyer who sells the same afternoon loses about 2% before anything else happens, which is a big cost by trading standards.
How big is the premium over world gold?
About VND 17 million a tael, or roughly 14%, today. Converting world gold at $3,943 an ounce and 26,000 dong per dollar gives about VND 123.6 million a tael, against SJC's VND 140.6 million selling price.
The working, so you can redo it with live numbers: 37.5 g ÷ 31.1035 g per troy ounce = 1.2057 oz per tael. 1.2057 × $3,943 × 26,000 = VND 123.6 million. 140.6 − 123.6 = VND 17.0 million, or 13.8%. I used 26,000 dong, close to what banks charged for dollars in late October; using the State Bank's central rate (25,644) would make the gap larger. Vietnamese press estimates of the gap over the past week ranged from VND 15.7 to 19 million, depending on the time and exchange rate used, and The Rio Times worked out about 14% on 24 October.
| Date | World gold | SJC sell | Gap |
|---|---|---|---|
| ~9 May 2026 | > $4,700 | 167.5m | n/a |
| 24 Oct 2026 | $3,994 | 141.7m | ≈ 17.3m (≈14%) |
| 3 Nov 2026 | ≈ $3,943 | 140.6m | ≈ 17.0m (≈14%) |
May: index.vn market reports, 9 to 10 May 2026. 24 Oct: The Rio Times calculation. 3 Nov: our calculation from Kitco and SJC quotes.
The table tells the story: since May both prices have fallen, SJC by about 16%, but the gap in dong has stayed in the same range. Domestic gold follows the world price down, it just never closes the distance.
Why is gold more expensive in Vietnam?
Because supply is controlled by policy. From 2012 the State Bank of Vietnam was the only legal importer of gold for bars and SJC the only bar brand. When people want more bars than the system releases, the price rises above world levels and nobody is allowed to import enough to arbitrage it away.
Demand is the other half. Vietnamese households have long kept savings in gold, partly as a hedge against inflation and a weaker dong, and the SJC brand is what they trust and what dealers accept everywhere. With inflation at 5.09% in October (see inflation and interest rates) and deposit rates being cut on the State Bank's instruction, the incentive to hold gold rather than dong deposits has not gone away.
For a trader, the lesson is that the SJC price is not a free market quote. It is world gold, converted, plus a policy-driven premium that can widen or narrow on State Bank decisions. You cannot arbitrage it from abroad, and the 2% buy-sell spread eats most short-term moves.
Didn't Vietnam end the gold monopoly?
On paper, yes. Decree 232/2025, in force from 10 October 2025, lets qualified companies and commercial banks apply to produce gold bars and import raw gold. But a year later the State Bank has not publicly named any new bar producer, so the supply side has barely changed.
| Step | Date | What it does |
|---|---|---|
| Decree 24/2012 | 3 Apr 2012 | State monopoly on bar production and gold imports for bars |
| Decree 232/2025 | in force 10 Oct 2025 | Ends the monopoly; firms (VND 1 trn capital) and banks (VND 50 trn) may apply |
| Applications | 14 Apr 2026 | State Bank reports 11 applications to produce bars and import raw gold |
| Decree 390/ND-CP | in force 16 Oct 2026 | Annual quotas plus per-shipment licences for bar imports and exports; 99.5% minimum purity; reporting to a State Bank data system |
Decree 390 is the newest piece and the more telling one. It confirms that bar imports will run on an annual State Bank quota with a licence for every shipment, and that imported raw gold can be used for bars, jewellery, or sale to licensed producers. It did not publish a quota figure. In short, the door is open, but the State Bank still decides how far: it is managing gold as part of monetary policy, because large gold imports would drain dollars and pressure the dong at a time when Vietnam has a goods trade deficit (see trade tops $1 trillion).
Why did world gold fall in October 2026?
Markets started pricing a US rate hike. Strong US growth and September PCE inflation of 3.6% year on year, plus higher oil prices, pushed real yields up. Spot gold fell below $3,900 on 30 October, its lowest of 2026, and lost about 6% in the month, its worst October since 2008.
It bounced to around $3,900 to $3,940 on 2 and 3 November. Standard Chartered's Suki Cooper flagged $3,886 as the support to hold, and a Reuters poll of 30 analysts still had a 2026 average forecast of $4,495. The next big test is the US jobs report on Friday 6 November at 20:30 Vietnam time; our gold trading hours in Southeast Asia guide has the sessions and the London fix times.
What should a visitor or trader know before buying gold in Vietnam?
Buy only from licensed dealers or banks, compare the buy and sell price rather than the headline, expect to pay about 14% over world gold for SJC bars, and treat it as a local savings product, not a cheap way to own gold. Check customs rules before carrying gold out of the country.
- Bars vs rings: plain 9999 rings from DOJI, PNJ or Bao Tin trade a little below SJC bars and are what many Vietnamese buy for savings.
- Jewellery: priced on gold weight plus a making charge; fine if you want the piece, poor as an investment.
- Paying: large purchases are done by bank transfer under anti-money-laundering rules; see money in Vietnam for traders.
- Trading exposure: if you want gold as a trade, XAUUSD with your usual broker is cheaper and two-way. We don't give trading advice.
FAQ
What is the SJC gold price today in Vietnam?
At 14:53 on 3 November 2026, SJC quoted gold bars at VND 137.6 million (buy) and VND 140.6 million (sell) per tael (luong, 37.5 grams), up VND 600,000 on the day. Prices change several times a day; check a dealer before trading.
How much higher is the Vietnam gold price than the world price?
About VND 17 million per tael, or roughly 14%, on 3 November 2026, by our calculation: world gold at $3,943 an ounce and 26,000 dong per dollar gives about VND 123.6 million a tael, against SJC's selling price of VND 140.6 million.
Why is gold more expensive in Vietnam?
Because supply is still controlled. From 2012 the State Bank was the only legal importer of gold for bars and SJC the only bar brand. Decree 232/2025 ended that monopoly, but bar production and imports still need State Bank licences and annual quotas, and no new bar producer has been publicly named.
Did Vietnam end the gold bar monopoly?
Yes, on paper. Decree 232/2025/ND-CP, in force from 10 October 2025, lets qualified companies (charter capital VND 1 trillion or more) and commercial banks (VND 50 trillion or more) apply to produce bars and import raw gold. The State Bank said in April 2026 it had received 11 applications.
What changed in Vietnam's gold rules in October 2026?
Decree 390/ND-CP, effective 16 October 2026, amends the gold-trading rules again: gold bar imports and exports need an annual State Bank quota plus a licence for each shipment, imported gold must be at least 99.5% pure, and importers must report into a State Bank data system.
Why did world gold fall in October 2026?
Fears that the US Federal Reserve will raise rates after strong US growth and inflation data, plus higher oil prices. Spot gold fell below $3,900 on 30 October, its lowest level of 2026, and lost about 6% in October.
The bottom line
Vietnam's gold price is world gold plus a policy premium of about 14%, and that premium has outlived the monopoly that created it. It will only shrink when licensed producers and import quotas actually put more bars on the market, which the State Bank is controlling closely to protect the dong. Until then, SJC tracks world gold down and up, a fixed distance above it.
Economic commentary, not investment or trading advice. We sell travel, not signals.
Sources: Bao Lam Dong live gold table, 3 Nov 2026; Bao Da Nang, 3 Nov 2026; Kitco, 30 Oct 2026; The Rio Times; Suc Khoe & Doi Song on Decree 390, 21 Oct 2026; Dan Tri, 14 Apr 2026; Vietnamnet on Decree 232.