Vietnam authorizes online gold trading

Vietnam has first online gold trading service and local people can purchase and sell gold bars on DOJI Gold & Gems Group’s website, or eGold, through using electronic devices such as computers, tablets or smartphones. 

Vietnam has first online gold trading service. Photo: DOJI

It is the first time that a traditional gold trading enterprise in Vietnam conducts online gold trading. All gold transactions are real transactions, with real money and physical gold, according to a representative from DOJI Gold & Gems Group.

For making a gold transaction online, the trader has to open an account at a TPBank. Besides, after placing buying order, the client can receive physical gold directly at DOJI's transaction offices in Hanoi, Ho Chi Minh City, Hai Phong, Danang, Can Tho.

The aforementioned transactions also apply to all gold jewelry items and SJC gold bars at DOJI’s system. 

The introduction of the online gold transaction is aimed at facilitating the trade of this precious metal amid the current fluctuations in gold prices and gold remains a safe haven for investors during the Covid-19 period.

From the beginning of the year until now, the domestic gold price has increased by about 30%, far exceeding the profitability of other investment channels such as stocks, real estate, deposits and dollars. The company expected customers can catch up with all gold price fluctuations, buy and sell with the best convenience, increase investment opportunities and profit.

In the domestic market, DOJI is one of the two largest gold bar retailers together with 100-per-cent state-owned Saigon Jewelry Company Limited (SJC).

On average, each year, the revenue of these two retailers is up to billions of dollars, of which gold bars make up the majority of the revenue structure. DOJI recorded more than VND90 trillion (US$3.8 billion) of consolidated revenue. In the first six months of 2020, the retailer’s profit was VND45 billion ($1.9 million), down 6% against the same period of 2019.

In 2020, DOJI completed the acquisition of Diamond World jewelry retail chain with a revenue of trillions of dong per year owing 100 stores in 34 provinces and cities.