Gold Bar in Vietnam: SJC Premium and Seller Checks

A gold bar in Vietnam usually costs more than the same gold abroad. The gap comes from tight supply of SJC bars, not from better gold. On January 22, 2025, an SJC bar sold for VND88 million per tael, about VND3.8 million above the world price. A tael is 37.5 grams. This guide explains the gap and how to check a seller before you pay.

Why a gold bar in Vietnam carries a premium

The rules start with Decree 24/2012/ND-CP on gold trading, issued in 2012. Under it, the State Bank of Vietnam holds a monopoly on making gold bars and on importing raw gold for that purpose. Saigon Jewelry Company, known as SJC, was the only maker of SJC-branded bars.

A National Assembly deputy said in January 2024 that the monopolies throw supply and demand out of balance, so local prices drift far from world prices. He also noted that SJC-branded bars often sell for more than other bars, even though the purity is the same.

Supply is the main reason. When few new bars enter the market and many people want to hold gold, the price of the scarce bar rises. Scant supply at home was named as a factor behind the price jump again in April 2024.

Sources: Vietnam News, January 26, 2024; The Investor, April 12, 2024.

How big the gap has been

The gap has moved a lot. In January 2024, a National Assembly deputy said it had at times reached VND20 million per tael, and called that unreasonable.

On April 12, 2024, SJC bars hit VND82 to 85 million per tael, which The Investor said was VND12 to 13 million above world prices. That was down from around VND18 million the year before.

By January 2025 the gap was much smaller. VnEconomy put it near VND3.8 million per tael on January 22. That is roughly 4 to 5 percent of the price. Treat any single day as a snapshot, because the gap moves with world prices and local supply.

Sources: Vietnam News, January 26, 2024; The Investor, April 12, 2024; VnEconomy, January 23, 2025.

What the State Bank did in 2024

In April 2024 the State Bank said it would add to the supply of bars. It held auctions of SJC gold, starting on April 19. Sales were uneven. On April 23, two bidders won 3,400 taels.

By May 23 the bank had held nine auctions, and only six of them ended with a sale. On that day it offered 16,800 taels, and eleven bidders bought 13,400 taels at about VND88.7 million per tael. That was the largest lot so far, ahead of 12,300 taels on May 16. The nine auctions sold 48,500 taels in all, yet bars still traded above the world price.

Sources: Ven.vn (Congthuong), April 24, 2024; Vietnam News, May 23, 2024; The Investor, April 12, 2024.

How to check a seller and the receipt

Gold bars are a high-value purchase, so a few plain checks protect you. These are general buyer habits, not legal advice.

• Buy from a shop or bank that sells the brand openly, with a fixed address and a posted price board.
• Ask for a receipt. In April 2024 the State Bank said it would work with other agencies to push gold shops to issue electronic receipts for transparency.
• Check that the receipt lists the shop, date, brand, weight in taels and the price you paid.
• Look at the sealed pack. The bar, brand mark and any serial or card should match the paperwork.
• Keep the receipt and the original pack. A later buyer will want both.
• Compare the buy and sell prices on the board. The two prices differ, and that spread is a cost.

Be wary of a seller who offers a price well under the posted board, refuses a receipt or pushes you to pay in cash outside the shop. The State Bank also said it would step up checks on cross-border gold smuggling, so an unusually cheap bar is a warning sign.

Sources: The Investor, April 12, 2024.

What buyers should keep in mind

Do not read the premium as a guarantee of profit. It can shrink if supply grows, and a buyer who paid a large premium can lose money when it narrows. At the same time, in January 2024 the State Bank said it would propose replacing Decree 24, which it called outdated, so the rules may change. Check current rules before you buy.

A short plan works well. Decide how much you can hold for years. Compare the day's SJC price with the world price converted to dong. Buy only with a proper receipt, and store the pack safely.

Sources: Vietnam News, January 26, 2024; VnEconomy, January 23, 2025.

Sources

• Vietnam News, "VN should consider removing monopolies in gold import and production," January 26, 2024.
• The Investor, "Vietnam to increase gold bar supply, narrow global-domestic price difference," April 12, 2024.
• Ven.vn, "Central bank successfully auctions 3,400 taels of SJC-branded gold bars," April 24, 2024.
• Vietnam News, "SBV sells 13,400 taels of SJC bullion to market," May 23, 2024.
• VnEconomy, "Domestic gold prices jump to new height following global trend," January 23, 2025.