Find a mechanism to unlock the 'gold reserves' held by the people.

It is estimated that Vietnamese people hold thousands of tons of gold. Given the increasing need for capital for development investment, experts believe that a suitable mechanism should be established soon to convert the gold held in people's safes into capital for production and business.

Gold prices are experiencing a sharp decline. A survey conducted by Tien Phong newspaper at a gold shop on Tran Nhan Tong street ( Hanoi ) shows that, unlike previous price drops, many people are taking advantage of the situation to buy. Bao Tin Minh Chau company reported that, at their business, customers buying gold accounted for 55%, while those selling accounted for about 45%.

Gold certificates should be issued soon.

Ms. Nguyen Hanh (Hai Ba Trung District, Hanoi) said that when her savings account matured, she used 30% of the money to buy gold. According to Ms. Hanh, this is her retirement fund, to prepare for illness. Seeing the sharp drop in gold prices, she bought it to hoard and hedge against risks.

"When the price of gold reached 180-190 million VND/ounce, many people lined up but still found it difficult to buy gold. Now that I see the price of gold has dropped and I don't have to queue, I'm taking advantage of the opportunity to buy gold to keep," said Ms. Hanh.

Many people have a need to hoard gold. Photo: Nhu Y.

The Vietnamese habit of hoarding gold has existed for generations. Some organizations estimate that the amount of gold held by the people could reach thousands of tons. This is a huge resource, yet it seems to remain "untouched."

Speaking to Tien Phong newspaper, Dr. Le Xuan Nghia, former Vice Chairman of the National Financial Supervisory Commission, said that according to World Bank data, Vietnam's savings rate is currently around 37% of GDP.

Meanwhile, the total social investment rate only reached about 30-31% of GDP. This difference of nearly 7% of GDP is being hoarded in various forms, mainly gold and foreign currency. While foreign currency is largely held in national reserves, gold is mainly held by the people.

"The amount of gold held by the people is a huge resource if it is effectively mobilized into the economy . However, to do that, a mechanism strong enough to build trust among the people is needed. To mobilize gold resources on a nationwide scale, the fundamental solution is for the State Bank of Vietnam to issue gold certificates."

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"In that case, people would deposit physical gold into the system and receive gold certificates in return. These certificates could then be traded on the market as a type of financial asset," Mr. Nghia proposed.

According to Mr. Nghia, the State Bank of Vietnam is the only agency with sufficient credibility to carry out this task. All the mobilized physical gold can be concentrated at the State Bank of Vietnam, then used as a reserve asset to be exchanged for foreign or domestic currency, thereby creating additional resources for the economy.

Sharing the same view, financial expert Nguyen Tri Hieu said he has repeatedly proposed that the State Bank of Vietnam issue gold certificates. This is the most reputable institution in the financial system. If there is a suitable mechanism, people are willing to deposit their gold. At the same time, initiatives from the private sector should also be encouraged to diversify channels for mobilizing resources.

Various ways to "pull gold" out of the safe.

The "gold hoard" hidden in people's safes has also caught the eye of some large businesses. In mid-May 2026, Vinhomes announced a program to support customers in converting gold to buy houses. Accordingly, customers who own idle gold can choose to convert it into cash to purchase real estate from the developer Vinhomes.

After 5 years, depending on the profit growth rate and demand, customers can choose to continue holding the property or receive back an amount equivalent to 110% of the converted gold used to purchase the property, i.e., receive an additional 10% interest.

The entire process of converting gold into cash or vice versa, from cash to gold, will go through gold, silver, and gemstone companies to ensure the safety of asset value and legality.

According to Dr. Le Xuan Nghia, the proposal from businesses to support customers in converting gold to purchase real estate should be considered a pilot model. With its brand reputation and large scale, this company is well-positioned to test new solutions for putting stored gold into circulation.

Furthermore, the fact that the exchange asset is real estate—an asset class that tends to appreciate faster than gold in the long term—can provide additional reassurance for investors.

Sharing the same view, expert Nguyen Tri Hieu believes that Vinhomes' initiative to exchange gold for houses is an effort to channel accumulated gold reserves into real economic activities. However, this model still has many issues that need to be addressed.

"Besides initiatives from businesses, the formation of a modern gold market is a long-term solution. In this, a gold exchange plays a central role," Mr. Hieu said.

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At the close of trading on June 8th, the price of SJC gold bars fell to 138-143 million VND/ounce (buy-sell). This price is down more than 40 million VND/ounce compared to the beginning of 2026. Meanwhile, the world gold price fluctuated around 4,288 USD /ounce, equivalent to 136.6 million VND/ounce (excluding taxes and fees). The difference between domestic and world gold prices is approximately 7 million VND/ounce.

Source: https://znews.vn/tim-co-che-mo-kho-vang-trong-dan-post1658194.html