Since early this morning (October 31), at the “gold street” Tran Nhan Tong (Hai Ba Trung, Hanoi), many people have gathered waiting for the gold shop to open. Many customers have even prepared fast food because they expect to have to wait a long time.

Sharing with VietNamNet reporter, an employee of Bao Tin Minh Chau gold shop (Tran Nhan Tong) said that from 1pm the gold shop just opened to sell plain round gold rings, but only sold half a tael, each person only had one turn to buy.

However, in front of the store, the buyers' vehicles were still lined up. Many people came but saw that the gold shop was selling too little so they turned back, unable to wait in line just to buy half a tael of gold.

Similarly, Bao Tin Minh Chau gold shop in Cau Giay (Hanoi) also limited each customer to only buying half a tael and only one purchase per day. According to the reporter's observation, many people came to ask but hesitated, not wanting to buy because the amount of gold sold was too small, making it a waste of time to wait in line.

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People flocked to buy when the gold shop suddenly opened for sale. Photo: Tien Anh

Waiting to buy gold since early morning, Ms. Hanh (Cau Giay, Hanoi) said that she waited until the afternoon for the gold shop to open, but only limited each person to half a tael. "I felt frustrated because I had to wait for so long and could only buy so little, so I left without buying any more," she said.

Also expressing disappointment, Mr. Hai (Ha Dong, Hanoi) said he wanted to buy but was afraid that he would have to wait in line and run out of gold before he could make a transaction, so he hesitated. In the gold shop, there were quite a few buyers lining up.

Mrs. Mai (Cau Giay) shared that she wanted to buy 1 tael of gold to celebrate her grandchild's wedding early next year. Worried that the price of gold would still increase next year, she left early and came back late, waiting in line for the past 3-4 days.

“Including half a tael of gold today, I have only bought 2.5 taels of gold in total. I don’t know when I will have enough for a tree. My knees often hurt, I don’t know how many more days I can wait to buy gold,” Ms. Mai worried.

While Bao Tin Minh Chau sells gold in small quantities, other gold brands such as PNJ (Cau Giay, Hanoi) have announced a temporary suspension of selling plain round gold rings, citing a temporary lack of gold supply. This gold shop has stopped selling for about a month now.

Or at Bao Tin Manh Hai gold shop (Tran Duy Hung, Hanoi), the staff said the shop has stopped selling plain round gold rings. Customers who want to buy must order in advance, and the gold will be available 20 days later.

Phu Quy Gold Shop on Tran Nhan Tong Street, yesterday sold a maximum of 3 taels to each customer, but only the first few customers were able to buy. After that, the shop also limited the amount sold. Many people had to register in advance, and about a month later they could receive the gold.

Notably, outside the gold shops on Tran Nhan Tong Street, there are many “gold brokers”. These people approach customers who come to buy gold, then pay a difference of 500,000 VND/tael to buy it back.

Posing as a gold buyer, the reporter was offered by a "gold broker" to buy the gold right outside the store. This person offered a price difference of 50,000 VND/tael, equivalent to 500,000 VND/tael, if the reporter could buy the gold and sell it immediately afterwards.

"If a customer buys gold for 90 million VND/tael, I buy it back for 90.5 million VND, then resell it to small gold dealers around for 91 million VND/tael, making a profit of 500,000 VND after one transaction," said a "gold broker".

In fact, in the “black gold market”, both buyers and sellers are still active, the transaction price is always 1-1.5 million VND/tael higher than the official listed price. However, the quality of gold and accompanying documents will have many potential risks, buyers need to be careful before making a transaction.

Following the increase in world gold prices, domestic gold prices today (October 31) of plain gold rings and SJC gold bars are still at their peak, 88-90 million VND/tael (buy - sell) with Doji gold bars and gold rings reaching a record high of 89.65 million VND/tael (sell).

Traveling all over Hanoi, I couldn't even buy 1 tael of gold ring to celebrate my wedding.

Traveling all over Hanoi, I couldn't even buy 1 tael of gold ring to celebrate my wedding.

Stores such as Bao Tin Minh Chau, PNJ, Bao Tin Manh Hai,... all announced that they would not sell gold rings. However, buyers still waited from early morning to late at night, even though some stores required reservations 20 days in advance.
Long queues all day waiting for the gold shop to open suddenly

Long queues all day waiting for the gold shop to open suddenly

Gold prices continued to rise this morning, October 23, with gold rings reaching over VND88 million/tael. At the "gold street" Tran Nhan Tong, Hanoi, crowds of people crowded the sidewalks waiting to buy gold even though the shops announced that they would not sell gold today.
Traveling all over Hanoi, I couldn't buy even 1 tael of gold; Temu operates illegally in Vietnam

Traveling all over Hanoi, I couldn't buy even 1 tael of gold; Temu operates illegally in Vietnam

Difficulty in buying gold rings; Temu operates illegally in Vietnam; Mr. Duc's business reports large profits; Eximbank speaks up about rumors; there is a pricing mechanism for excess rooftop solar power to the grid... are notable economic news of the past week.