Gold price increases sharply, reaching a historic peak
The domestic gold market is closing 2025 with a new record. According to the list on the morning of December 3 of large enterprises, the common selling price of SJC gold is 152.8 - 154.8 million VND/tael, while 9999 gold rings are 153 - 154.5 million VND/tael.
Compared to the end of 2020, when SJC gold bars were only at about 55.5 - 56 million VND/tael, the current price has increased to around 153 million VND/tael - equivalent to an increase of nearly 175%, or nearly 2.8 times higher after 5 years. 9999 gold rings - a type of gold that is popular for people to store - also recorded similar developments, increasing from about 55 million VND/tael to more than 150 million VND/tael at present.
On average, each SJC gold price has increased by nearly 100 million VND since 2020. If converted, if buyers of 10 SJC gold taels at that time (equivalent to VND560 million) have so far this tael of gold is worth more than VND1.54 billion, with a net profit of nearly VND1 billion. This is a rare increase rate for a traditional asset in 5 years, far exceeding the profit of deposits and stocks in the same period.
This increase is not due to speculative factors but mainly due to the global economic context, including: a weak USD, high inflation and the trend of central banks increasing gold reserves. Domestically, the scarce supply of SJC gold bars has caused domestic prices to always be 18 - 20 million VND/tael higher than the world price, creating more momentum for selling prices.
Throughout the period of 2020 - 2025, gold maintained its position as a "safe" investment channel, with little risk but outstanding efficiency. This is also the period that marks the return of the mentality of "holding gold rather than holding money" - a long-standing characteristic in the financial behavior of Vietnamese people.
Cau Giay house prices "in many countries" with the increase of gold
Not only gold, real estate has also been an attractive investment channel over the past year. In particular, the Hanoi real estate market - especially the Cau Giay area - recorded a strong increase in the past 5 years.
Central Field project in Trung Kinh, the selling price of apartments in the 2018 - 2020 period is only 36 - 38 million VND/m2. By the end of 2025, real estate trading floors will list the selling price at 95 - 125 million VND/m2, depending on the direction and area. Thus, in just 5 years, apartment prices in this project have increased by 165 - 240%, almost equivalent to the increase range of SJC gold.
Talking to Lao Dong, Mr. Nguyen Hai Thanh (54 years old, Cau Giay, Hanoi) shared that in 2020, he bought a 2-bedroom apartment, 70m2 area at Central Field for 3.3 billion VND: "Currently, the broker has contacted to ask about the selling price, saying that there is a customer willing to pay 6.7 billion VND, equivalent to the price of 95.7 million VND/m2. I didn't think prices would increase so quickly in less than 6 years."
According to actual records, the price level of apartments in Cau Giay area currently fluctuates between 90 - 120 million VND/m2, while the price of townhouses on Nguyen Khang, Trung Kinh, Tran Duy Hung streets has increased from 150 - 250 million VND/m2 in 2020 to 500 - 700 million VND/m2 today; some central locations exceed 1 billion VND/m2.
Thus, by margin, domestic gold prices have increased by about 170 - 175% over the past 5 years, from around 56 million VND/tael in 2020 to about 153 million VND/tael today. Meanwhile, real estate prices in the Cau Giay area (Hanoi) also increased sharply, commonly from 30% to more than 100% depending on location and type. Both of these channels are among the most prominent groups of assets with price increases in the period of 2020 - 2025, far exceeding the yield on bank deposits and the performance on stock investment in the same period
Two investment channels go together in the "value race"
If gold reflects belief in the value of precious metals, then real estate shows belief in the value of land and living space. Both of these channels are tangible, easy to identify, deeply associated with the traditional investment psychology of the Vietnamese people.
The difference lies in the speed: gold increases steadily and is easy to trade, while real estate increases cycally, depending on supply and location. However, in the long term, both have proven their ability to preserve assets and prevent price spikes better than other financial channels.
Although gold and real estate prices have experienced a period of strong increases over the past 5 years, with stable interest rates, sustainable stocks and limited supply, these two investment channels are still forecast to continue to hold firm in 2026.
The market may no longer have strong breakthroughs as before, but the trend of holding real assets, from gold to real estate, is likely to be the priority choice for Vietnamese people in the coming year.
