Pham Thuy Hang, 42, from Hanoi, is under pressure as the deadline to repay a debt of one tael of gold approaches. Within a few days, gold prices surged by tens of million of dong per tael, inflating her debt far beyond expectations.

Finding gold at jewelry stores has become nearly impossible due to the supply crunch.

Many major gold retailers in Hanoi and HCMC have posted “out of stock” signs, while customers continue lining up from dawn. The gold market is hotter than ever, with prices setting new records amid shortages.

On October 16, on Tran Nhan Tong gold street (Hanoi), many customers lined up from early morning, but major stores all announced they were out of stock, only offering only jewelry instead of gold bullion.

At Bao Tin Minh Chau Shop, long queues have become a daily sight. On October 16, the price of gold rings hit a record high, listed at VND151–154 million per tael, far exceeding other brands.

Van from Thanh Tri, Hanoi) said she had queued up for several days to buy gold, though the shops on the ‘gold street’ all said they had no more gold to sell.

“I am keeping waiting, hoping they might start selling again unexpectedly,” she said.

In HCMC, at Saigon Jewelry Company Limited – SJC in Ban Co Ward), a notice was posted in the early afternoon stating: “Temporarily suspending gold ring transactions.”

Worried that prices would continue rising, Hang turned to social media groups hoping to buy gold quickly.

On Facebook, posts advertising gold bars and rings with attractive slogans like “fast delivery –  good price” were flooding timelines. Some accounts claimed to have large quantities available and promise home delivery. However, upon reading the comments and feedback, Hang noticed many people had been scammed after transferring money to sellers.

The urgency of debt repayment made her seriously consider making transactions, but the fear of being cheated caused her to hesitate. Hang believes that protecting her hard-earned savings is more important than taking the risk of buying gold on the black market.

A scan of social media reveals many Facebook groups have turned into bustling “black markets” for gold trading. Posts selling SJC gold bars, rings, and even gold purchase invoices are posted frequently, often at sky-high prices.

Many accounts advertise SJC gold for VND175–190 million per tael. For Bao Tin Minh Chau rings, the listed price in groups ranges from VND180-190 million per tael.

Nguyen Van Hau, 35, self-employed in Hanoi, is also looking to buy gold for savings. Every day, he browses dozens of posts advertising gold on social media.

Many claim to have SJC gold bars and rings, even posting invoice images, promising delivery within hours. However, Hau noticed that most of these accounts reuse the same images, provide vague information, and conduct transactions through personal bank accounts, which poses risks.

He decided to wait until official retailers resume selling, even if it means standing in long lines and paying a higher price.

Returning to hometowns to buy gold

Unable to buy gold in Hanoi after visiting various areas from Tran Nhan Tong to Cau Giay, Cuong, 40, a longtime gold saver, chose to return to his hometown, Nam Dinh ward of Ninh Binh province to make a purchase.

He said many local gold brands still had inventory. Stores there were willing to sell in unlimited quantities, with prices adjusted based on the domestic market. Compared to Hanoi, the price difference wasn't significant, but most importantly there was gold available to buy.

For Cuong, buying gold isn't about short-term trading but long-term savings, a form of wealth accumulation. That’s why, despite record-high prices, he continues his routine purchases.

Thanh Truc in Hoang Mai, Hanoi, also asked relatives in her hometown in Bac Ninh to help buy gold. In that area, supply was more stable, brands were reputable, and the price difference compared to Hanoi was negligible.

Truc said buying gold in the countryside was more convenient, with no need to fight crowds or worry about sold-out signs, while still ensuring product quality.

Amid the rush of people hoarding gold, major gold companies have repeatedly issued warnings about brand impersonation scams online.

The Cybersecurity and High-Tech Crime Prevention Unit (Hung Yen Police) has warned about fake fanpages impersonating jewelry companies and corporations.

Duy Anh