Vietnam’s domestic gold bars are trading at 172.9 million VND (~$6,796) per luong – a unit equivalent to 37.5 grams – roughly 29 million VND (~$1,140) above the international spot price on Monday morning.
Global gold hit $4,500 per ounce, which converts to around 143.5 million VND (~$5,646) per luong at current exchange rates. Yet buyers in Vietnam are paying nearly 20% more than the world price for the same metal.
Why the gap?
The short answer is supply and demand. Vietnam’s central bank has not issued import quotas or production licenses for gold bars to eligible companies, meaning domestic supply is effectively capped. Demand, however, remains strong. With supply constrained and buyers unable to access international markets directly, local prices have nowhere to go but up.
Huynh Trung Khanh, Vice Chairman of the Vietnam Gold Trading Association, confirmed the imbalance is the core driver of the premium, and the gap is unlikely to narrow until the central bank reopens the supply tap.
The premium is not new – Vietnam’s gold market has long been structurally isolated from global prices – but at 29 million VND ($1,140) per luong, the gap is among the widest seen in recent months.emium Hits $1,140
