On the morning of August 19th, the long queues of people waiting to buy gold were no longer seen in front of shops on Tran Nhan Tong gold street (Hai Ba Trung district, Hanoi ). However, the shops were packed with customers waiting inside. The shops were only open for 40 minutes, and each person was only allowed to buy one tael (approximately 37.5 grams).

According to VietNamNet reporters, between 8 and 9 a.m., there were only a few customers at the Bao Tin Minh Chau gold shop (Tran Nhan Tong Street, Hanoi).

By 9:15 AM, everyone had arrived to get their numbers and were lining up inside the store.

A gold shop employee shared that many people had come to inquire about buying gold since early morning. However, due to the long wait for the shop to open, many people left and will return when it's time to buy.

Observations show that while the shops aren't as crowded as before, long queues on the sidewalks still occur; the number-taking system is still in place at these stores.

vang chi hieu a.jpg
Gold rings are in high demand. Photo: Chi Hieu

Ms. Lan Anh (Hai Ba Trung District, Hanoi) shared that she arrived at the store at 9:15 AM and was the 7th person in line to buy gold. While waiting to get a number, there were about 20 people behind her in the queue.

At 9:40 AM, staff outside the store announced that this morning the store would only sell to 40 people who had taken a numbered ticket, and each person could only buy 1 tael (approximately 37.5 grams). It's worth noting that the store only sells round gold rings, not SJC gold bars.

Mr. Quang (Cau Giay, Hanoi) said that the Bao Tin Minh Chau gold shop in Cau Giay was overwhelmed, with many more customers than the one on Tran Nhan Tong street. Although the store had announced they were out of gold, he still stayed to wait longer.

"I'll park my car here and wait another hour; maybe the store will open for the next trading session," said Quang.

Many people who came to buy gold hired motorbike taxis to take them there and were willing to pay extra for the drivers to wait and take them home for peace of mind.

Mr. Khang, a motorbike taxi driver in Dong Da district (Hanoi), recounted: "Last night, a woman near my house arranged for me to take her to buy gold this morning. To avoid wasting time booking a ride and for safety during the journey, she paid an extra 100,000 VND for me to wait 40-50 minutes."

Most people who come to the store are buying gold rings. They say that since the beginning of the year, the price of gold rings has increased by about 15 million VND per tael, so even though the price is still high, they still have a need to buy them because they hope the price will continue to rise.

In contrast, Ms. Oanh brought 3 taels of gold rings to sell. She said: “I bought 3 taels of plain gold rings at the end of March, when the price was 70 million VND/tael. Now that I see the price has gone up, I'm selling them. I bought them to speculate, and now selling them will give me a profit of about 8 million VND/tael.”

Observations show that many people even ask relatives to wait outside the store, ready to pay a higher price than the store if someone brings gold to sell.

With the amount of gold that can be purchased limited to one tael per person, many buyers feel reassured because buying small quantities means they can receive their gold sooner; buying large quantities, however, might mean waiting several days, at which point the price could fluctuate unpredictably.

Even though the store was closed and no longer accepting customers, many people were still waiting outside, ready to take the place of anyone who left.

Gold ring prices this morning (August 19th) saw a slight decrease but remained at a high level. Specifically, SJC Company listed gold rings weighing 1-5 taels at 76.8-78.2 million VND/tael, while Doji listed 9999 pure gold rings at 76.85-78.2 million VND/tael (buy - sell).

The price of SJC 9999 gold remains unchanged compared to the closing price of last weekend's trading session, at 80 million VND/ounce (selling price).

Even buying just one gram of gold requires providing personal information, and some places even tell you to come back in 10 days to pick it up.

Even buying just one gram of gold requires providing personal information, and some places even tell you to come back in 10 days to pick it up.

Not only commercial banks but also small retail shops require customers to declare their information when buying or selling gold.
With no shortage of gold, the clandestine buying and selling of gold on the 'black market' will come to an end.

With no shortage of gold, the clandestine buying and selling of gold on the 'black market' will come to an end.

To put an end to the black market gold trade and the difficulty of buying gold reminiscent of the "subsidy era," experts suggest that the State Bank of Vietnam should not continue to intervene administratively. The gold market should be allowed to operate according to its own natural laws.
Black market gold price nears 80 million VND/ounce for buying, raising suspicions among customers.

Black market gold price nears 80 million VND/ounce for buying, raising suspicions among customers.

Most gold shops announced they were not buying or selling SJC gold bars, but at some shops, a reporter posing as a gold seller was discreetly offered a transaction at a buying price of nearly 80 million VND per tael.