As Vietnam’s economy surges forward in 2025, investors face a critical decision: where to park their capital for the best returns. With domestic gold prices shattering records, the stock market showing robust growth, and the real estate sector displaying signs of recovery, the choices are far from straightforward. Each asset class carries distinct risks and rewards, shaped by global trends, local policies, and economic forecasts. In Hanoi and Ho Chi Minh City, the buzz among investors centers on whether to chase the glitter of gold, bet on the VN-Index’s momentum, or secure long-term gains in property.
Gold: The Traditional Safe Haven Under Scrutiny
Gold has long been a refuge for Vietnamese investors, a tangible asset seen as a buffer against inflation and geopolitical uncertainty. Since late 2023, prices have soared, driven by international tensions in the Middle East and fluctuating trade policies under US President Donald Trump. By March 2025, international spot gold prices hit a historic peak of $3,086.21 per ounce, while domestic SJC gold bars crossed the psychological barrier of VNĐ100 million per tael (US$3,911), a first for Vietnam’s market. 
At a recent investment forum in Ho Chi Minh City, gold expert Trần Duy Phương noted the dramatic 40 percent surge in prices through 2024, fueled by retaliatory tariffs among major economies like the US, Canada, Mexico, and China. “Retaliatory tariffs led to rising commodity prices, pushing inflation higher amid a low-interest rate backdrop, which has further benefitted gold prices” Phương observed. Central bank rate cuts globally have also played a role, making non-yielding assets like gold more attractive.
Yet, the shine may be dimming. Phương cautioned that while gold could see further gains in 2025, the explosive growth of the past year is unlikely to repeat. Potential corrections of $200-250 per ounce loom on the horizon as trade tensions ease and geopolitical stability returns. For investors who bought at the peak of VNĐ100 million per tael, selling now could mean losses. Phương’s advice to those unleveraged is to hold, while urging caution against buying at current levels. “Wait for a more favorable price to maximize potential returns” he suggested.
For many Vietnamese, gold remains more than an investment—it’s a cultural symbol of security. But with prices at historic highs and short-term trading risks mounting, the question is whether this safe haven can still deliver.
Stock Market: A Rising Star with Caveats
While gold grapples with volatility, Vietnam’s stock market offers a compelling alternative. The VN-Index, a key benchmark for the country’s bourse, has climbed past 1,300 points in 2025, reflecting a strong recovery and growing investor confidence. This milestone, coupled with expectations of an emerging market upgrade, has drawn significant capital inflows, with trading sessions often exceeding VNĐ20 trillion (US$783 million) in value.
Nguyễn Thế Minh, head of Research and Development at Yuanta Vietnam Securities, highlighted the market’s momentum. “Numerous large companies are planning to list on the stock exchange or transition from UpCoM to the Hồ Chí Minh Stock Exchange (HoSE), introducing new offerings to the market and further boosting positive momentum” Minh said. Sectors like technology, retail, and energy are seeing heightened activity, bolstered by foreign investment as Vietnam cements its status as a manufacturing hub in Asia.
Government policies favoring business and market transparency have added to the allure. Yet, challenges persist. Despite an eight-week rally in the VN-Index, performance across sectors and individual stocks varies widely. In real estate, for instance, Vingroup’s stocks—VIC, VHM, and VRE—have surged by 20-40 percent in mere months, while others in the same sector lag behind. Such disparities underscore the risks of stock-specific bets in a broadly optimistic market.
For investors, the stock market represents opportunity but demands careful navigation. With strong liquidity and economic growth projected at over 8 percent for 2025, equities could outpace gold in the near term, though sector divergence means not all boats will rise with the tide.
Real Estate: A Recovery with Uneven Footing
Vietnam’s real estate sector, once battered by credit tightening and regulatory shifts, is showing tentative signs of revival in 2025. Economic expert Đinh Thế Hiển points to several tailwinds: projected GDP growth above 8 percent, a 16 percent increase in credit availability, and persistently low interest rates. These factors are rekindling interest, especially in major urban centers like Hanoi and Ho Chi Minh City, where demand for high-end properties remains robust.
Foreign investors are also returning, drawn to industrial and commercial properties as Vietnam strengthens its role in global supply chains. Premium developments are thriving, with luxury apartments and commercial spaces in prime locations attracting significant capital. However, the recovery is far from uniform. Affordable housing projects face slower demand, hampered by financing constraints and shifting buyer preferences toward upscale options.
Concerns over speculative bubbles in certain regions add another layer of risk. Regulatory bodies have responded with stricter oversight to prevent overheating, a move that could temper short-term gains but stabilize the market over time. For long-term investors, real estate remains a favored asset class, particularly in urban hotspots. Yet, the uneven recovery suggests that location and segment selection are critical to avoiding pitfalls.
Hiển emphasized that while the sector holds promise, patience is key. Investors eyeing quick returns may find themselves disappointed in less dynamic sub-markets, while those with a longer horizon could benefit from Vietnam’s urban growth story.
Weighing Risks and Rewards
The investment landscape in Vietnam for 2025 presents a complex puzzle. Gold, with its cultural resonance and historical role as a hedge, faces potential corrections after a meteoric rise. The stock market, buoyed by liquidity and policy support, offers growth but requires astute stock-picking amid sector disparities. Real estate, meanwhile, promises long-term gains for those who can navigate its uneven recovery and regulatory shifts.
Global factors, from trade policies to interest rate trends, continue to shape these markets, but local dynamics—Vietnam’s economic growth, government reforms, and urban demand—play an equally critical role. Investors must also consider personal risk tolerance and timelines. Short-term speculators may find gold’s volatility and stock market fluctuations daunting, while those with patience could see real estate or selective equities as safer bets.
Expert advice leans toward caution across all three asset classes. Trần Duy Phương’s warning against buying gold at peak prices resonates with broader calls for timing and discipline. Nguyễn Thế Minh’s optimism on stocks comes with an implicit reminder to diversify, while Đinh Thế Hiển’s real estate outlook underscores the importance of location and patience.
Looking Ahead: A Balancing Act
As Vietnam’s investors weigh their options, the interplay of global uncertainties and domestic opportunities will shape outcomes in 2025. Will gold retain its luster if geopolitical tensions ease? Can the VN-Index sustain its rally amid sector disparities? And will real estate’s recovery broaden to include more than just premium segments? These questions linger as capital seeks its most profitable home.
For now, the streets of Hanoi and Ho Chi Minh City hum with debate over investment strategies. From gold bars at Agribank counters to stock trading apps and property viewings, the choices made today could define financial futures tomorrow. In a year of promise and peril, Vietnam’s investors stand at a crossroads, balancing tradition with ambition in pursuit of growth.
