Vietnam SJC gold price stays 14% above the world price

The Vietnam SJC gold price fell 2.4 million dong a tael on Saturday morning, to 136 million to buy and 139 million to sell, according to Thanh Nien. World gold fell harder, so the premium Vietnamese buyers pay over the international price barely moved: about 17.5 million dong, or 14%, on our calculation.

How big is the gap?

A tael, or luong, of gold weighs 37.5 grams, about 1.21 troy ounces. At Friday's world close near $3,876 an ounce and the Vietcombank selling rate of 25,990 dong to the dollar, as reported by local press, a luong of pure gold is worth about 121.5 million dong.

SJC sells its bar at 139 million. That leaves a premium of about 17.5 million dong a luong, or 14.4%, before any taxes or fees. VietTimes, using a slightly different moment for the world price, put the gap near 20 million.

Plain gold rings are cheaper than SJC bars by about 3 million dong but still sit well above the world price. The dealer's own spread on the bar is 3 million dong between buying and selling, according to Bao Gia Lai, so a buyer who sells back the same day loses about 2%.

Why does the premium survive?

Supply. For more than a decade, SJC was the only brand allowed for gold bars, under a 2012 decree that made bar production a state monopoly. Decree 232, issued in 2025, ended that monopoly and opened the way for licensed banks and companies to produce bars and import raw gold, according to VOV.

A year on, the new supply has not arrived in volume. Imports still need licences, and Vietnamese buyers trust the SJC brand for resale. With demand strong and supply tight, the local price follows the world price down but keeps its markup. Our guide to gold premiums explains how the same forces work in other markets, at much smaller margins.

The State Bank of Vietnam has said it wants the gap narrowed. At about 14%, it is still among the widest of any large gold market.

What does this mean for buyers?

The drop in the world price is cushioned at home. Over the past day, world gold fell about 3.6% on our data, while the SJC bar fell about 1.7%. A buyer in Hanoi or Ho Chi Minh City is paying for the gold plus a brand and supply premium worth more than 17 million dong a luong.

That premium can shrink fast if bar supply loosens, which would cost holders money even if the world price holds. For how world prices are formed before local premiums are added, see how the gold price is set.