With local gold prices below global rates, they look set to keep rising.
Local gold prices have risen recently to hit VND17.95 million (US$1,125) a tael Friday.
The global price Friday reached $946 an ounce, or $1,135 a tael.
The global price now looks set to break $950 an ounce.
Analysts said oil prices, which currently exceed $101 a barrel, were one of the main causes of the gold price surge.
The surge also came after the US sub prime mortgage crisis dented the financial market, sent the economy towards a recession and weakened the US dollar.
Despite the US Federal Reserve’s four interest rate cuts and $150 billion in government spending to repay taxes to local businesses, the economy remains in turmoil.
Moreover, the US inflation rate climbed 5.1 percent in January.
In Vietnam, gold remains the most attractive and safest investment channel as the central bank has tightened its monetary policy to cool the hot property market and limit the amount of money flowing into the stock market.