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  • Unprecedented Gold Rush Grips Vietnam Amid Soaring Global Prices

    Unprecedented Gold Rush Grips Vietnam Amid Soaring Global Prices

    For five straight days, Hoai, a 38-year-old self-employed individual, has been among the throng of hopeful buyers outside a Hanoi gold shop on Tran Nhan Tong Street. The majority of these people, much like Hoai, end up leaving without any gold in their hands.

    The Pursuit of Gold

    Hoai, who has some liquid savings, is attempting to safeguard her wealth through gold investment. The low returns offered by bank deposit rates have led her to this choice. Customers are permitted to buy only a single mace of gold at a time, which equals one-tenth of a tael or 3.75 grams. Despite the small quantity, Hoai is determined to endure the extensive waiting hours or even days to secure gold as an asset.

    In a similar situation is Thu Ha, a 26-year-old office worker in Hanoi. She withdrew half of her savings, totalling VND300 million (US$11,388), to invest in gold. Last month, she succeeded in buying five maces when the price was around VND130 million per tael. Now, she starts queuing as early as 4 a.m. every day in the hopes of purchasing more. However, the shortage of supply has left her with nothing. Some stores have even started issuing appointment slips, promising delivery within 7-10 days.

    Lan, a 43-year-old woman, took a day off from work to queue for her elderly mother. Her mother had been trying to buy gold with her pension without success. Lan decided to step in and help.

    The Gold Rush

    Gold shops across Hanoi and Ho Chi Minh City are currently witnessing unprecedented demand as prices soar to record highs. A tael of gold bar is now trading around VND153 million while gold rings range between VND153–160 million, representing an 80% increase since the start of the year.

    The rush has led to some interesting dynamics. Some people are making money by standing in queues on behalf of others. Most shops run out of stock by noon, with both bars and rings disappearing from the shelves. Customers are advised to return the next morning, but there are no guarantees of availability.

    In Ho Chi Minh City, the Saigon Jewelry Company outlet on Nguyen Thi Minh Khai Street had to stop taking orders for gold rings by midday Friday, limiting sales to just 3 maces per person.

    Global Gold Frenzy

    According to Huynh Trung Khanh, Vice President of the Vietnam Gold Trading Association, the gold-buying frenzy is not exclusive to Vietnam. People in other countries, including South Korea, are also rushing to buy gold as global prices have crossed US$4,300 per ounce.

    The State Bank of Vietnam, however, has warned buyers about the volatility of gold as an investment and advocated for prudence. The bank attributes the sharp domestic price increase to escalating global rates, public anticipation of further hikes, and limited local supply.

    Questions & Answers

    What is causing the gold-buying frenzy in Vietnam?
    The rush to buy gold is being driven by low bank deposit rates, soaring gold prices, and the desire to secure wealth.

    Are other countries experiencing a similar gold-buying frenzy?
    Yes, this is not unique to Vietnam. Countries like South Korea are also witnessing a rush to buy gold due to the increase in global prices.

    What has been the response of the State Bank of Vietnam to this situation?
    The State Bank of Vietnam has urged buyers to act prudently, given the volatility of gold as an investment. It attributes the rise in domestic prices to surging global rates, public anticipation of further increases, and limited local supply.

  • Vietnam to lose 2.08% of daylight working hours by 2025

    Vietnam to lose 2.08% of daylight working hours by 2025

    In 1995, when temperatures rose 0.74C, Vietnam lost 0.8 per cent of daylight working hours. In 2085, if temperatures were to rise 1.5C, 2.58 per cent of daylight working hours would be lost. If temperatures were to rise 2.4, 2.7 or 4C, Vietnam would lose 5.09, 6.31, and 12.72 per cent of daylight working hours.

    “The lowest income-bracket work – heavy labor and low-skill agricultural and manufacturing jobs – are among the most susceptible to climate change,” the report noted. Factories are limited in providing cooling systems at the workplace, it added.

    In November 2015 the International Labor Organization (ILO) introduced guidelines for governments and other labor organizations to address the health and safety ramifi­cations of climate change, but no international organization has established a program to assist countries vulnerable to the challenges of climate change for the workplace, according to the report.

    “Actions are needed to protect workers and employers now and in the future, including low-cost measures such as assured access to drinking water in workplaces, frequent rest breaks, and management of output targets, carried out with protection of income and other conditions of Decent Work,” the report urged.

    “Modeling the Impacts of Climate Change on Future Vietnamese Households”, a research working paper from the World Bank released in July said that it is not hard to imagine that if most workers work outside or without air conditioning then the impact of temperature increases on labor productivity will be stronger than if there is a fast structural change away from agriculture and towards services and industry, together with the greater prevalence of air conditioning.

    As for the impact of high temperatures on labor productivity, people working outside or without air conditioning will lose between 1 and 3 per cent in labor productivity due to changes in climate compared with a baseline of no climate change, the World Bank paper said.

    “Our results show that the temperature impacts of climate change are severe in the poverty scenario: 270,000 people would be pushed into poverty in 2030 and 700,000 would be pushed below $4 per day,” the paper said.

    The researchers, led by Tord Kjellstrom from the Health and Environment International Trust in New Zealand, announced in July that Vietnam and 42 other countries will be affected by temperature increases.

    It estimated that 5.7 per cent of Vietnam’s GDP would be impacted by rising temperatures.

    From 15 to 20 per cent of annual working hours in Southeast Asia have already been lost in heat-exposed jobs and this may double by 2050 as global warming continues.

    Other Southeast Asian countries such as Indonesia, Thailand, the Philippines, Malaysia and Cambodia will also lose GDP due to rising temperatures.

    The researchers said that Indonesia and Thailand will both lose 6 per cent by 2030, the Philippines and Malaysia 5.9 per cent, and Cambodia 5.7 per cent.

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