The real risk lies where you least expect it.
Within just 48 hours from March 25 to 26, 2026, two of Vietnam’s most popular gold-buying channels were simultaneously rocked by crisis. On one side, a decades-old gold brand was raided by police. On the other, a digital gold app froze all user assets. But who is bearing the cost? And what is really happening behind the scenes?
Bao Tin Minh Chau: A Legacy Brand Is No Guarantee of Safety
At around 4:35 PM on March 25, economic police and mobile police units from Hanoi Police simultaneously appeared at no fewer than three Bao Tin Minh Chau (BTMC) locations on Tran Nhan Tong street and in Cau Giay district.Dan tri Multiple boxes of documents and computer CPUs were sealed and confiscated.Znews All stores were shut down, and customers waiting to collect gold on appointment slips were turned away.
What the reports don’t tell you: none of this was surprising. In mid-2025, the State Bank of Vietnam’s Inspectorate had already published findings revealing a string of serious violations at BTMC:
- Selling gold above the listed price — a direct violation of gold bar trading regulations
- Failing to report large-value transactions, failing to classify customer risk, and failing to identify politically exposed persons (PEPs) — anti-money laundering violations
- Booking gift expenses into cost of goods sold to reduce value-added tax
Total administrative fine: VND 2.64 billion — the highest among six gold businesses inspected.VietnamNet
Following the inspection findings, the SBV Governor approved transferring files with criminal indicators to the Ministry of Public Security. The March 25 raid was the next step in that process. By noon on March 26, BTMC reopened — but customer trust won’t recover as quickly.
HanaGold: Digital Gold Trapped by ONUS Fallout
Two days earlier, starting March 20, users of the digital gold app HanaGold found themselves unable to withdraw funds. By March 23, HanaGold officially locked all deposit and withdrawal functions, citing “cooperation with authorities investigating activities related to its partnership with ONUS.”CafeF
ONUS — a cryptocurrency exchange with over 7 million usersDan Viet — had completely collapsed on the evening of March 20. HVA Group, a strategic investor in ONUS that had also invested approximately VND 40 billion in HanaGold, became the connecting link. HVA shares plunged more than 60% from their peak, falling below the par value of VND 10,000.Tuoi Tre
HanaGold allowed users to buy gold in small amounts through its app, held in custody as electronic certificates, with physical gold available on demand. Sounds convenient. But when the platform locked deposits and withdrawals, users completely lost access to their assets. As of March 26, HanaGold had still not restored withdrawal functionality.
Context: Extreme Gold Price Volatility Amplifies Risk
Both incidents unfolded against a backdrop of wild gold price swings. SJC gold lost millions of dong per tael during the week of March 17-21, rebounded sharply to VND 175 million per tael on March 25, then dropped VND 2.5 million per tael on March 26 to around VND 170 million. Extreme volatility amplifies liquidity pressure on businesses dependent on cash flow management — and the ones who ultimately pay the price are always retail investors.
The Legal Gap: Digital Gold Exists in a “Gray Zone”
Gold trading is governed by Decree 24/2012, as amended by Decree 232/2025 (effective October 10, 2025). The new decree abolished the state monopoly on gold bar production and requires transactions of VND 20 million or more to go through bank accounts.Thu Vien Phap Luat
However, “digital gold” models like HanaGold exist in a legal gray zone — they are not credit institutions, not supervised like banks, and not covered by deposit insurance. When things go wrong, users lack clear legal tools to claim their rights. This is a risk that no profit report will ever show you.
Four Layers of Risk That Investors Typically Overlook
The two incidents exposed multiple hidden layers of risk:
- Counterparty risk: A brand as established as BTMC — decades of built trust — is under criminal investigation. A big name is not an insurance policy.
- Custody risk: Digital gold can be “frozen” at any time when the platform encounters legal trouble. You own a certificate, not gold.
- Contagion risk: HanaGold was impacted because of its links to ONUS within the HVA ecosystem. One link breaks, the whole chain shakes.
- Liquidity risk: Extreme price swings combined with a locked platform. Investors are trapped — unable to buy or sell.
What Should Investors Do Right Now?
- Prioritize legally protected channels: Buy SJC gold bars at banks or NHNN-licensed businesses. It may cost a few hundred thousand dong more per tael — but that is far cheaper than a total loss.
- Limit large asset holdings on digital gold platforms: This model is not yet clearly regulated. Convenience does not equal safety.
- Keep documentation: Screenshot your balances, save receipts, confirmation emails. When disputes arise, evidence is your only weapon.
- Diversify: Don’t concentrate assets in a single channel — whether that’s a gold shop, an app, or a bank.
Gold remains a vital store of value for Vietnamese investors. But the real risk isn’t whether the gold price goes up or down — it’s where you buy, where you store, and who is holding your gold for you.
