BUYING GOLD IN VIETNAM, Vietnam forum

Kytain wrote:

Does anyone know if it safe to buy  high quality (24KT) investment gold in HCM Vietnam?

Vietnamese have been buying gold for saving since gold was deemed a precious commodity.  As far back as I know, as far back as my parents knew (my father was born in 1902), and as far back as their parents knew (my grandfather was born in 1854; that’s how far back the knowledge they passed down to me), 24K gold has been an important part of *every* Vietnamese family.

I’m not exaggerated when I use the word “every”.  Even in very poor families, there are always a few chỉ vàng (3.75 gr) kept in a safe place.  A not very poor families would have a few lượng vàng (37.5 gr) in their safekeeping.  A couple dozens of lượng vàng or more hidden away for a big event (buying a house, for instance) is not unheard of in a working middle class family.  Remember, the majority of Vietnamese pay gold for their houses, so spending a couple of decades saving and amassing gold is not at all unusual.

Traditionally, when a female infant reaches 30 days old,  her grandmother puts a one chỉ vàng bracelet on her wrist.  That’s her first saving, a foundation for her parents to build on for her. 

Pay attention to the vendors at your neighbourhood wet market and see what they wear.  Those simple necklaces and/or bracelets are worth quite a few chỉ vàng each.

When I say gold, I mean 24K gold because Vietnamese do not believe that anything less than 24K is worth spending their hard earned money on.  18K is fun jewelry, 24K is saving, and why would anyone spend money on fun jewelry when they can have saving in the form of jewelry?

Kytain wrote:

Does anyone know any safe and highly reputable sellers of Gold in HCM?

Ask 10 different women and you’ll receive 10 different answers. 

Kytain wrote:

Has anyone invested in gold in HCM. If yes, could you share your insight and recommendations?

See answers 1 and 2 above.

Kytain wrote:

I am exploring  investments in Gold for her.

What you’re saying is that you’re attempting to advise an oil man on the matter of drilling, or an expert angler on how to catch fish.  Any of your wife’s female relatives, preferable the older ones, would know a ton more about saving in gold than you do, especially when you have to pose your questions on an expat forum to search for answers .  Maybe Vietnamese women don’t know much about investment in gold, but I can guarantee you, there aren’t many countries in the world where you can find women who know more about saving for and buying gold to keep than Vietnamese women do.

PS:  Your profile says you’re a Vietnamese expat in America and you’re retired.  Assuming you’re in your 60s, you would’ve been an adult living in the country pre 1975.  If that’s the case, you must know at least half of the things I say above about gold already and wouldn’t need advice from this forum at all.