The event promoting online gold investment channels attracted many participants - Photo: FBDN
However, following the news that the CEO of HanaGold Jewelry Joint Stock Company was arrested, a large number of customers are in a state of anxiety because the withdrawal function and access to assets on the HanaGold online gold accumulation application have been locked for nearly a month.
Spend real money to buy virtual gold... on the app.
According to Tuoi Tre newspaper, in recent days, a large number of people who bought gold from HanaGold have been "crying for help" on various groups. Most of the victims fell into the trap because of advertisements that targeted the psychology of young customers, office workers, and laborers – that is, even with modest incomes, they still want to accumulate gold for their future.
"Not everyone has enough money to buy gold right now (...). Young working people, factory workers, or office workers... what about those who only have 500,000 - 1 million dong or at most 3 million dong left over each month? If they want to buy gold, they have to save up enough money, and by the time they have enough, they've spent it all. Or even worse, by the time they have enough money, the price of gold has increased significantly. But don't worry, there's a solution for you now!"
This is the enticing introduction in a TikTok video that has garnered nearly 40,000 views, promoting the HanaGold app. HanaGold is advertised as helping people accumulate gold in a modern way. Simply deposit 100,000 VND, and the online account will be converted to the current gold value and stored.
Once customers accumulate at least one tael of gold, they can receive physical gold at affiliated gold dealers nationwide. "I am a salaried employee. I joined the HanaGold app with the goal of accumulating gold and silver as a form of long-term asset accumulation," reader Uyên Mai told Tuổi Trẻ newspaper.
Ms. K., an investor, said she used her savings accumulated over 10 years to buy gold on the HanaGold app with the hope of saving it for her children's future. When the incident occurred, her family was very disappointed and worried that they would not be able to recover the money they had worked so hard to earn.
Ms. Ta Thi Thu Phuong (Ho Chi Minh City) said she is very worried because she "can no longer withdraw money." Once considered the optimal solution for securing the future, Mr. Quoc Bao – another customer of the online gold accumulation app – said he had to carefully save every penny to build a home, pay for his children's education, and prepare for old age.
"When I heard that this app allowed me to save from very small amounts, which was very affordable for workers, I joined and invested money, but who would have thought...", Mr. Bao said angrily. Ms. Thu Hang ( Lao Cai ) said that the money she had saved for so long was suddenly out of her control.
"The fact that an app that was once honored with numerous awards and heavily promoted now has its withdrawal function suspended is causing us considerable concern," Ms. Hang said.
Hoping to own gold with just 100,000 VND, many people are in trouble after the head of the HanaGold app was arrested - Photo: FBDN
Is it possible to get the money back?
According to documents accessed by reporters, customers participating in this online application are located throughout Vietnam, from North to South. Some have accumulated as little as a few million dong, while others have deposited totals of billions of dong.
Amidst the gold rush that has lasted for several years, coupled with limited gold supply and the need to queue for hours to buy gold, HanaGold's promotional approach has attracted many participants.
"This is an investment channel aimed at digitizing the trading experience, making gold more accessible instead of just a traditional investment channel, with quick buying and selling 24/7. If you're short on cash in the middle of the night, you can sell immediately to get your money back – something traditional gold shops can't do!" Many victims said they invested after hearing this attractive advertisement.
On Facebook, TikTok, and various other media channels, HanaGold promoted itself as a "4.0 gold shop," allowing users to accumulate gold from just 100,000 VND through a digital platform. The business was responsible for balancing the amount of money users deposited with physical gold. According to investigators, since 2018, this group has been identified as having created and issued cryptocurrencies such as VNDC, ONUS, and HNG through the ONUS exchange.
In 2022, Ms. Ngo Thi Thao, the legal representative of HanaGold, sought investment on the reality TV show Shark Tank with an online gold accumulation model. At that time, the business had three stores and approximately 15,000 users, allowing customers to deposit money to buy gold in installments and convert it into real gold when sufficient funds were reached.
Following the indictment of Ms. Ngo Thi Thao, HanaGold's fanpage posted a statement affirming its financial capacity to handle all withdrawal requests and asset claims. "However, HanaGold is currently cooperating with state agencies to facilitate the verification and investigation process, therefore some of the aforementioned features must be temporarily suspended," the statement said.
On March 30th, HanaGold's fanpage continued to issue an announcement: "All asset types on the system have officially ceased conversion transactions from this point onwards. Reward payments for all programs are temporarily suspended. Customer balances and asset statuses will be recorded and finalized by the system at 5 PM on March 30th, 2026."
To date, HanaGold's fanpage has not updated any further information.
What are the risks of buying gold through an app?
Speaking to Tuổi Trẻ newspaper, a financial expert suggested that the story of buying gold online for as little as 100,000 VND is similar to the practice of dividing real estate into smaller parts and selling them, as some real estate companies have done in the past.
This model carries many risks because the money invested is real money, but what you receive in return is only numbers in your account, not physical gold.
According to Mr. Nguyen Ngoc Trong, Director of New Partner Gold Company (NPJ), although many believe that the form of gold trading implemented by HanaGold is a new trend, gold is a very unique field, different from ordinary goods.
World gold prices fluctuate by the hour and minute, while the domestic supply of physical gold is scarce because for many years the State Bank of Vietnam has not licensed banks and gold companies to import raw gold. Typically, when selling gold to customers, gold shops have to buy back gold immediately to avoid the risk of losses if world gold prices rise.
"Meanwhile, HanaGold allows customers to buy as little as 100,000 VND, making it very difficult to balance the account. Suppose a customer contributes 1 million, 2 million, or 5 million VND; it wouldn't be immediately balanced, forcing them to hold their positions, which is very risky while the profit is very low," Mr. Trong said.
We must think about risks first, instead of just focusing on profits.
According to experts, major gold brands in Ho Chi Minh City only sell physical gold in limited quantities based on a buy-sell balance, and do not sell... paper gold, nor do they sell gold through apps like HanaGold, because the State Bank of Vietnam prohibits buying and selling gold through accounts; buying and selling gold through accounts is illegal.
"In short, there is no insurance mechanism for this type of business under the current system," said an expert.
Previously, observations on HanaGold's gold trading groups showed some people boasting about receiving physical gold after accumulating 1 tael (approximately 3.75 grams) on the HanaGold app, but in reality, it's unclear how much gold HanaGold still owes investors and whether they have enough physical gold to pay them back.
"The lesson is that when putting money into any investment model, you should first consider whether this investment is legally compliant, whether you can withdraw your money... instead of just focusing on profits," an expert advised.
Source: https://tuoitre.vn/sup-ho-mua-vang-online-chi-tu-100-000-dong-20260423233321132.htm
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