Warning of online gold-purchase scams

Buying gold on online marketplaces at prices lower than those offered by physical stores has attracted many buyers. A survey of social-media advertisements for gold bars and plain gold rings found listings priced below what official outlets sell for. For example, on April 5, SJC gold bars were listed at around 174.5 million VND per tael, while some online groups advertised prices starting from 172.8–173.5 million VND per tael. The lower online price is often presented as a favorable deal, with sellers claiming that Middle East tensions are affecting gold prices and that buyers should purchase before prices rise further.

Lower online prices and the “deal” effect

Survey results indicate that many online postings for gold bars and plain gold rings are priced below the level enterprises pay to acquire the metal—sometimes by several hundred thousand to over 1 million VND per tael. While the official buy price for gold bars may be around 174.5 million VND per tael, online listings can quote as low as 172.8–173.5 million VND per tael. This pricing pattern can lead buyers to believe they are saving money, but it may also mask risks such as the seller not being a reputable source and uncertainty over delivery and product quality.

Demand in online markets is also influenced by limits on stock quantities at physical outlets, encouraging some buyers to search for lower prices online.

Case of prepayment requests

Ms. Hang, based in Ho Chi Minh City, said that when she needed to buy three taels of gold jewelry for her daughter’s dowry, she joined a social-media gold buy/sell group. In the group, a seller advertised a 5-phân gold ring at 8.7 million VND but asked for a prepayment of 10 million VND to “build trust” before arranging delivery. The request led her to worry and stop the transaction.

Mr. Pham Ngoc Duy, who runs a gold shop on a “gold-hot street” in Ho Chi Minh City, said that with gold valued at nearly 175 million VND per tael, risking savings of 1–1.5 million VND to avoid potential loss is not worth it. He cited risks including receiving counterfeit or inferior gold, or losing money if the transaction is completed through prepayment without any safeguarding mechanism.

Impersonation of brands and fake verification signals

In addition to individual sellers, many pages impersonate well-known brands to deceive consumers. Saigon Jewelry Joint Stock Company (SJC) warned about multiple fan pages using names such as “SJC Ho Chi Minh,” “SJC Da Nang,” and similar variants to mislead buyers.

According to SJC, some pages clone content from official channels, post advertisements inviting people to register to buy gold bars or rings, and aggressively market to build credibility. Some pages also display a green “tick” with high engagement, but SJC said these accounts are likely fake or created with ulterior motives.

A common tactic described is taking orders for gold, collecting payment or deposits, and promising delivery later—then cutting off contact or delaying delivery.

Company warnings and stated policies

SJC stated that it does not conduct online buying/selling, does not accept deposits, and does not require prepayment. The company’s online site, it said, only supports scheduling appointments, while customers still need to visit a physical store to complete the transaction.

Other companies including Phú Quý and Bảo Tín Minh Châu have also issued warnings about fake fan pages using similar schemes, such as inviting customers to schedule online purchases or requesting personal information or transfers to “hold” a place.

Economists’ risk assessment and buyer guidance

Economists warn that advance payments and forward-like transactions carry high risks for buyers. If problems occur, buyers should protect their rights. If gold prices fall after payment, buyers must still receive goods at the price they paid—an arrangement that resembles forward trading but without the protections available in formal financial markets.

Buyers are advised to stay vigilant for warning signs such as significantly lower selling prices than the market, requests for upfront payment, long delivery times, or unclear seller information. Trading with official stores is presented as the safest way to protect assets.