Warning about risks when buying gold online through unofficial channels

In the context of domestic gold prices continuously setting new peaks, people's demand for gold transactions is increasing. Many people have switched to buying gold online through the applications of banks and gold trading enterprises to avoid the scene of jostling in line. However, many cases have encountered difficulties when transacting through this official application, thereby switching to buying gold through social networks without anticipating legal risks and the risk of losing money.

People come to buy gold on God of Wealth day at Bao Tin Minh Chau Company. Illustrative photo: Tran Viet/VNA

Currently, major banks such as Vietcombank, BIDV, VietinBank, Agribank and gold and jewelry companies such as DOJI, SJC… have all deployed online gold trading applications. In theory, people can order gold bars and gold rings with just a few steps on their phones and receive gold directly at the counter. However, many users have reported that the transaction process is not easy.

Ms. Pham Thu Thuy (Dong Da district, Hanoi ) said: "I downloaded the bank's gold buying app, but every time I place an order, I receive a notification that the registered volume for the day has run out. The price of gold fluctuates by the minute, so I can't wait until the next day to buy at the desired price."

Similarly, Ms. Nguyen Thu Ha (Hoang Mai district, Hanoi) also shared: "Many times when gold prices increased sharply, the applications were overloaded, making it very difficult to trade."

Explaining this situation, experts say that the amount of gold distributed online each day is limited and the technology system is not strong enough to handle a large amount of traffic at the same time.

Financial and banking expert Nguyen Tri Hieu assessed that in the digital age, online gold trading is an inevitable trend. To promote online gold trading channels, financial institutions need to invest heavily in technology infrastructure, and at the same time propose that the Government and the State Bank soon complete the legal corridor for online gold trading, similar to that of securities or foreign currencies. In addition, it is necessary to build a gold delivery system with wide coverage, helping buyers easily choose a gold receiving point, minimizing unnecessary administrative procedures, shortening transaction time and increasing safety.

While official gold buying channels are difficult to access, many people have turned to social networking platforms such as Facebook, Zalo, Telegram... to buy and sell gold. However, this method has many potential risks.

Lawyer Nguyen Thanh Ha, Chairman of SBLaw Law Firm, warned: "Buying gold online is only legal if done through entities licensed by the State Bank. If done on platforms of unknown origin, people can easily be deceived, lose money without receiving gold or receive poor quality gold."

Mr. Ha emphasized that consumers need to carefully check information about trading units, ensure that the floor has an operating license, good information security regime and provides full invoices and documents according to regulations.

Regarding recent fluctuations in the gold market, in a report sent to the National Assembly's Economic and Financial Committee, the State Bank said that the increase in gold prices is a common development in both the international and domestic markets. However, the difference between the average domestic gold buying and selling price and the world price has decreased significantly compared to 2024. At one point, the difference reached its highest level in 2024 at about VND 18 million/tael, equivalent to 25%, and is now about VND 2-4 million/tael, equivalent to about 3-5%. At many times, the purchase price of SJC gold bars is lower than the converted international gold price. This development shows that with recent gold market management measures, the difference between the domestic SJC gold bar price and the converted world gold price is controlled within a suitable range.

Regarding gold market management, the State Bank said it has submitted a report to the Prime Minister proposing the development of a Decree amending and supplementing Decree No. 24/2012/ND-CP dated April 3, 2012 on the management of gold trading activities.

In the coming time, the State Bank will continue to manage the gold market based on the direction of the Government, the Prime Minister, and legal regulations; closely coordinate with ministries, branches, and localities in managing gold trading activities. At the same time, it will continue to perfect the legal framework for gold trading management activities, focusing on summarizing Decree No. 24/2012/ND-CP dated April 3, 2012 of the Government on gold trading management activities to propose, amend, and supplement in accordance with the practical situation.

On April 18, the Government Office issued a document conveying the direction of Deputy Prime Minister Ho Duc Phoc on the domestic gold price developments. In particular, the Deputy Prime Minister directed the State Bank of Vietnam to preside over and coordinate with relevant agencies to closely monitor the situation and developments in the domestic and international financial, monetary, foreign exchange, and gold markets to promptly implement solutions as prescribed to stabilize the gold market; further strengthen inspection, examination and strictly handle violations as prescribed, prevent profiteering, manipulation, price fixing, speculation... in the gold market in accordance with the direction of the Government leaders in Official Dispatch No. 1483/VPCP-KTTH dated April 4, 2025; proactively implement information and communication measures to stabilize social psychology.

Updated at 9:10 am on April 19, the selling price of gold at Saigon Jewelry Company SJC was listed at 113.5 - 117.5 million VND/tael (buy - sell). Compared to the record price yesterday afternoon, the price of SJC gold has dropped sharply by 3.5 million VND/tael for buying and 2.5 million VND/tael for selling.

Last week, the selling price of SJC gold peaked at VND120 million/tael, up VND13 million/tael compared to the opening sale on the first day of the week on April 14. Notably, on April 16 alone, the gold price increased by VND7.5 million/tael.

According to VNA

Source: https://doanhnghiepvn.vn/kinh-te/canh-bao-rui-ro-khi-mua-vang-online-o-cac-kenh-khong-chinh-thuc/20250419104959725