Financial investment channels face unpredictable volatility

Recent fluctuations in the gold market, stock market, and foreign exchange rates have significantly affected investor sentiment.

Customers view gold bars at a jewelry center in Tran Bien Ward, Dong Nai Province. Photo: Lam Phuong

Unpredictable gold prices

Since late August 2025, Vietnam's domestic gold market has experienced sharp fluctuations driven by global price movements.

Records from jewelry centers and gold shops in Tran Bien Ward, Dong Nai Province, show that prices of gold bars and rings have repeatedly set new records, reaching historic highs over the past two weeks. At one point, SJC gold bars nearly hit 136 million VND per tael. As of early September, SJC gold was quoted at 133.8 million VND/tael for buying and 135.8 million VND/tael for selling, up 4.7 million VND and 5.2 million VND/tael, respectively, compared with the start of the month. Similarly, Doji's Hung Thinh Vuong 9999 round gold rings were quoted at 12.83 million VND per chi for buying and 13.13 million VND per chi for selling (equivalent to 131.3 million VND per tael), an increase of 580,000 VND per chi (equivalent to 5.8 million VND per tael) in both buying and selling prices compared with early September 2025.

In response to the volatile gold market, the Government has issued directives to prevent price manipulation, hoarding, and speculation. The Government has tasked the Government Inspectorate, in coordination with relevant ministries and agencies, with establishing an inspection team on September 9, 2025, to inspect the compliance of credit institutions and businesses involved in gold trading.

Gold prices show signs of cooling

In recent days, the gold price in the market has tended to "cool down". On the afternoon of September 12, SJC gold bars were quoted at VND 128.4-131.4 million/tael, down VND 4.4 million/tael on the selling side from the previous record high. Doji's "Hung Thinh Vuong" 9999 round gold rings were traded at VND 12.62 million/tael (buying) and VND 12.92 million/tael (selling), equivalent to VND 129.2 million/tael, a decrease of about VND 210,000/tael (VND 2.1 million/tael) from the peak set just a few days earlier.

According to Nguyen Khoa Tam, representative of SJC Bien Hoa (a branch of Saigon Jewelry Company in Tran Bien Ward), customer activity has surged over the past few days. The number of buyers and sellers has risen by 50–60% compared with late August 2025, with gold bar transactions outpacing those of gold rings.

 Stock market outlook brightens

Alongside fluctuations in the gold market, Vietnam's foreign exchange rates have also shifted in recent days. By the end of this week, the central exchange rate set by the State Bank of Vietnam stood at VND 25,216/USD, down 20VND from the beginning of the week. Major commercial banks quoted the selling price at around 26,476 VND /USD, a slight decline compared with earlier in the week.

At the end of August and early September 2025, the stock market showed signs of slowing after a period of strong growth, though liquidity remained higher than in the first half of the year. Movements in exchange rates and gold prices have also weighed on investor sentiment, leading to a cautious, wait-and-see approach. Nevertheless, many investors remain optimistic, expecting the stock market to pick up momentum in the final months of 2025.

Deputy Prime Minister Ho Duc Phoc has signed Official Telegram No. 161/CĐ-TTg dated September 11, 2025, requiring updates and management measures for Vietnam's monetary, gold, and stock markets.

To ensure timely monitoring, impact assessment, and effective policy responses, Deputy Prime Minister Ho Duc Phoc instructed the State Bank of Vietnam to report on the implementation of monetary policy, particularly regarding exchange rates, gold prices, interest rates, and real estate credit, and to propose management solutions. The report must be submitted to the Prime Minister and Deputy Prime Minister Ho Duc Phoc by September 14, 2025. The Ministry of Finance has also been tasked with reporting on the stock market (including equities, derivatives, and bonds) and recommending management measures. The report is due to the Prime Minister and Deputy Prime Minister by September 15, 2025.

Bui Quoc Phong, Director of Yuanta Securities Vietnam's Dong Nai branch, noted: Recent fluctuations in the U.S. dollar exchange rate and gold prices have been driven by multiple factors, including ongoing trade tensions between the United States and China.

However, Vietnam has prepared and actively expanded multilateral cooperation to minimize the impact as well as expand the market for domestic enterprises to seek new business opportunities to compensate for the traditional markets that are being affected. The bright spot of the market is the internal strength of domestic enterprises that are leading and promoting the development of the Vietnamese economy. This feature has helped Vietnam proactively adapt to fluctuations in the world and develop strongly in the context of the current volatile global economy.

According to several experts, although volatility remains, Vietnam's stock market continues to show positive signs. Investors are advised to closely monitor market developments and equip themselves with essential knowledge to identify opportunities.

Bui Quoc Phong added that new investors, in particular, should quickly grasp market trends, seize investment opportunities, and manage risks through financial tools and stock market training programs.

By: Lam Phuong

Translated by: Thu Cuc - Minho