Gold bars are unchanged for a whole year without anyone buying
In many days of early July 2025, according to the reporter of Lao Dong Newspaper, gold and silver shops in Dien Bien Phu Ward, Dien Bien Province (centre of Dien Bien Phu City, old Dien Bien Province) were in a gloomy state. The number of customers coming to transact at stores on Vo Nguyen Giap street, the central market area is very sparse.
According to Mr. Vu Dinh Hao - owner of a famous gold and silver shop in Dien Bien Phu ward, the gold and silver market has been gloomy for many months now. The demand for gold of customers is mainly jewelry, often customers only buy round rings or necklaces from 1 to a few just because they have savings. In addition, some customers buy gold jewelry for weddings.
"Because domestic gold prices are always high compared to world gold prices, many people are worried that buying gold will not be profitable because gold prices can fall at any time" - Mr. Hao added.
Another famous jewelry brand said that most of the people in Dien Bien do not have a need to buy gold bars, sometimes leaving them unused for a whole year.
"In Dien Bien Phu City (old), there are 16 gold and silver stores, only 3 of which are registered to trade in gold bars, however, the number of customers transacting annually can be counted on the fingers" - the owner of this store said.
According to the reporter's records, the current price of gold jewelry with 4 9s is listed by gold and silver stores at 10,060,000 VND/tael for buying and 10,080,000 VND/tael for selling. Bao Tin dragon gold is priced at VND 10,175,000/tael and VND 10,190,000/tael.
In particular, most stores do not do business in gold bar prices, so they do not list prices.
"If people want to buy gold bars, they have to order them, the stores will get information and help buy them in Hanoi and then move them up. Normally, when people have money to buy gold bars, they will go back to Hanoi to buy them themselves, not through local stores" - a store owner added.
Ms. Vang Thi Nenh (a resident of Tua Chua commune, Dien Bien province) - a rare customer who just bought a round ring for just over 20 million VND said that her son went to work in Quang Ninh and sent the money back and she went to buy gold to keep until he got married as a wedding gift.
"My child told me to buy gold with the number 4 in 9 at reputable gold stores, without having to buy "branded gold" because branded gold is often more expensive and when sold in small stores, it can only be sold like unbranded gold" - Ms. Nenh said.
The man accompanying Ms. Nenh explained: "Previously, I bought a 1-tael ring from the SJC brand, but when I sold it to a store in the district, they had to go to the movies to check and finally buy it back at the same price as regular gold jewelry."
Ham Ham
At Kim Tin silver gold shop (the only enterprise in Cao Bang licensed by the State to trade gold bars), it mainly sells jewelry such as round rings, necklaces, necklaces and bracelets... When the reporter was present, there were very few gold bars for sale.
The sales staff explained that people in Cao Bang mainly choose gold rings to buy, gold bars are mainly for display, not for sale.
At some gold and silver shops in Kim Boi commune, Phu Tho province (Kim Boi district, old Hoa Binh province), the buying and selling of gold is also very gloomy.
At the time of recording on July 14, even though it was around 10am, many gold and silver stores were very few customers. Some stores have even closed.
Mr. Cao Thanh Ha - owner of the Dutch jewelry store said: "People here mainly buy our gold to store in very small quantities, only about 0.5-1 taels, 2-3 taels more, but rarely there are people who want to buy gold bars".
According to Mr. Ha, due to the lack of demand from the people, nearly 100% of gold and silver shops in the center of Kim Boi district, Hoa Binh province (old) do not trade gold bars.
"Naturally, spending an additional amount of money to register to trade in gold bars while not being able to sell goods is really unnecessary. If any customer has a need, we will buy them and issue invoices directly at stores licensed to trade gold bars in Hanoi, said Mr. Ha.
Similarly, the owner of a Hai Ninh jewelry store (Na Sam commune, Lang Son province) said that the business of gold bars has not been taking place in the mountainous area for a long time, because the people here are mainly used to hoarding plain gold rings for about 1-2 taels. Or on wedding occasions, people will buy necklaces, gold rings, and bracelets.
