Recommendation on clear separation between gold jewelry and gold bars

According to him, if these two types of gold are grouped together, it will cause great difficulties for gold jewelry manufacturing businesses in Vietnam.

Mr. Le Tri Thong, General Director of PNJ at the seminar on Solutions to promote private economic development organized by Nguoi Lao Dong newspaper on March 20 - Photo: HT

At a seminar on solutions to promote the private economy organized by Nguoi Lao Dong newspaper on March 20, Mr. Thong emphasized that jewelry gold should not be considered as gold bars, because the nature and purpose of these two types are completely different.

Currently, due to pressure from exchange rates, the State has restricted gold imports. However, if gold jewelry is considered a common consumer product, it is necessary to create conditions for businesses to be allowed to import raw gold for production purposes.

Mr. Thong analyzed that the foreign currency demand to import raw gold to produce gold jewelry is only about 1-2 billion USD/year, an insignificant number compared to the cost of importing other items such as cosmetics, phones or branded goods.

Vietnam has great potential in the field of gold jewelry manufacturing. PNJ has been awarded the top jewelry manufacturing award in Asia and has a team of skilled artisans with many years of experience. However, due to the policy of restricting the import of raw gold, the domestic gold jewelry manufacturing industry is facing many difficulties.

In fact, many skilled workers in this field have had to switch to other industries due to a lack of raw materials. This is a worrying issue, because Vietnam's goldsmith workforce is not inferior to that of countries like Thailand or Indonesia. If there are appropriate support policies, Vietnam can completely develop the jewelry industry into a key export industry.

Therefore, Mr. Thong recommended that the State should have a separate policy for the gold jewelry industry, creating conditions for exporting gold jewelry products to earn foreign currency for the country, instead of focusing only on gold bars.

PNJ	Buy	Sell
HCMC - PNJ	98,100	99,900
HCMC - SJC	97,800	99,800
Hanoi - PNJ	98,100	99,900
Hanoi - SJC	97,800	99,800
Da Nang - PNJ	98,100	99,900
Da Nang - SJC	97,800	99,800
Western Region - PNJ	98,100	99,900
Western Region - SJC	97,800	99,800
Jewelry gold price - PNJ	98,100	99,900
Jewelry gold price - SJC	97,800	99,800
Jewelry gold price - Southeast	PNJ	98,100
Jewelry gold price - SJC	97,800	99,800
Jewelry gold price - Jewelry gold price	PNJ 999.9 Plain Ring	98,100
Jewelry gold price - Jewelry gold 999.9	97,400	99,900
Jewelry gold price - Jewelry gold 999	97,300	99,800
Jewelry gold price - Jewelry gold 99	96,500	99,000
Jewelry gold price - 916 gold (22K)	89,110	91,610
Jewelry gold price - 750 gold (18K)	72,580	75,080
Jewelry gold price - 680 gold (16.3K)	65,580	68,080
Jewelry gold price - 650 gold (15.6K)	62,590	65,090
Jewelry gold price - 610 gold (14.6K)	58,590	61,090
Jewelry gold price - 585 gold (14K)	56,090	58,590
Jewelry gold price - 416 gold (10K)	39,210	41,710
Jewelry gold price - 375 gold (9K)	35,110	37,610
Jewelry gold price - 333 gold (8K)	30,620	33,120
Updated: 03/21/2025 08:00

In recent days, domestic gold prices have continuously broken records. On the morning of March 21, the price of SJC gold bars at Saigon Jewelry Company (SJC) reached VND99.8 million/tael. The buying price is also at a high of VND97.8 million/tael.

At PNJ, the selling price of SJC gold bars and gold rings also increased to 99.8 million VND/tael, while the buying price reached 97.8 million VND/tael.

According to expert Nguyen Ngoc Trong, director of New Partner Gold Company (NPJ), the domestic gold supply is severely limited. Many large gold companies are only selling in small quantities, causing psychological factors in the market to be pushed up.

In particular, gold rings are currently being sought after because for a long time, domestic gold companies have not been allowed to import raw gold through official channels. This has caused a shortage of supply and pushed up the price of gold rings.

In addition, in the context of other investment channels such as stocks and real estate not yet flourishing, many people have turned to pouring money into gold as a safe haven. Many people even buy gold regardless of the price because they think "buying is profitable".

Domestic gold prices are increasing in tandem with world gold prices. Recently, world gold prices have exceeded 3,000 USD/ounce and there are no signs of a strong adjustment.

Mr. Nguyen Ngoc Trong commented that without intervention from the State Bank, domestic gold prices could continue to maintain a higher difference compared to world gold prices.

Currently, the gold market is still greatly affected by the global economic situation, especially the US tariff policy and geopolitical instability. This makes gold continue to be considered a safe haven asset, promoting buying demand.

However, experts also recommend that investors be cautious, because gold prices may experience adjustments in the coming time, especially if there are regulatory moves from domestic monetary policy.

Source: https://baoquangnam.vn/kien-nghi-ve-viec-phan-tach-ro-rang-giua-vang-trang-suc-va-vang-mieng-3151058.html