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Vietnam is trying to get tons of hoarded gold back into circulation
By Nguyen Dieu Tu Uyen and Francesca Stevens
Bloomberg News
Thursday, November 6, 2025
For weeks, 67-year-old Le Thi Minh Tam has been scouring Hanoi for gold to give her son at his upcoming wedding, battling long queues outside shops whose stock sells out fast.
"I'm getting worried, as I still don't have enough," Tam says with a sigh. "They don't sell gold bars anymore, only gold rings with a very limited amount for each customer."
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Company Announcement
November 4, 2025
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Summer Drilling Release 2 -- Lion–Tiger Area
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Extensional Drilling Results
Extensional drilling was slow during the summer program as technical problems with the helicopter-supported drills led to lost holes (such as holes PML-25-019 and 024a in this release) that did not reach the mineralization horizon for Lion. Hole PML-25-017 has extended the zone to the west but failed to intersect the high-grade massive sulphide portion of the Lion zone and returned a disseminated zone of 7 meters @ 1.41% CuEqRec 1 that confirms the extension of the mineralizing Lion structure, which will see continued follow-up in the 2025 fall program. ...
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Tam isn't alone. A global rally that sent the price of the precious metal to a record high of $4,380 an ounce last month has fueled a buying frenzy in Vietnam, where gold symbolizes luck and is often hoarded under beds as protection against economic uncertainty.
The mania is proving an early test of the communist government's efforts to liberalize the market after ending a 13-year state monopoly on imports and production in October, a system that had restricted supply and inflated prices.
Supplies have been so short in Ho Chi Minh City, roughly 1,700 kilometers (1,056 miles) south of the capital Hanoi, that some determined shoppers camped overnight outside a leading store just to secure a few gold rings.
"I thought coming at 6 a.m. was early, but it was already crowded when I arrived," says Nguyen Kim Hue, a 57-year-old online food seller. "The last time I came, I couldn't buy anything because they ran out of gold."
The precious metal has long been woven into Vietnamese culture and holds a prized place in weddings, where close relatives gift it to bless newlyweds with prosperity. During the Vietnam War, it served as a safeguard for wealth when currencies faltered, and even today it's often trusted more than bank deposits. ...
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