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Securities boom gives way to gold rush
Many investors in the securities market have turned to gold in the last few weeks as the precious metal has brought high profits to investors.
Those who paid VNÐ30.5 million for a tael (1.2 ounces) of gold in late September received a profit of more than VNÐ1 million for each tael.
Investors will also be able to profit from the gold market in coming months.
Huynh Trung Khanh, adviser to the World Gold Council in Viet Nam, said favourable conditions for gold prices would lead to further increases in the last three months of this year.
Investment in gold is now profitable, especially when other investment channels remain sluggish.
The state of the US economy has led to the upward trend in gold prices, with the US dollar dropping against major currencies.
In the local market, other investment sectors such as the securities and property markets remain sluggish, leading investors to seek opportunities in the gold market.
Ngo Quoc Minh, an investor in the securities market, said he had wanted to sell a proportion of his stakes when gold was selling at VND30 million per tael.
But he was reluctant, and as a result, Minh lost opportunities to profit from gold.
"I'm unhappy now. If I had made a decision at that time, I would have made a profit of VND20 to 30 million from the gold price hikes," he said.
Meanwhile, many other investors believe that gold prices are too high, and that fewer opportunities are offered to investors.
Dao Minh Dung, an investor in the Ha Noi securities market, said although he was aware of opportunities in the gold market in the past few weeks, he remained in the securities market.
"I've been acquainted with working in the stock markets for several years."
"Despite the difficulties facing the country's stock market, many investors believe that it will be strengthened in the near future," said Dung.
"Although they have only invested a proportion of their capital in the stock market, investors are keeping the remainder in cash, rather than investing in other channels."
Some signals of recovery from the stock market will later cause them to return.
After falling to VND31.85 million per tael on Friday, following the State Bank of Viet Nam's approval of additional gold imports, gold prices on Saturday increased by VND450,000 to VND32.3 million per tael.
In the stock market, the VN Index on Friday declined by 0.6 per cent to close at 459.26 points, while the HNX-Index dropped to 121.71, a decline of 0.74 per cent.
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