High gold prices to drive prices of property, goods in Vietnam: Sunhouse chairman

In a scenario where gold prices remain elevated in Vietnam, the real estate market is likely to follow suit, pushing income levels higher and driving up prices across other goods, said Nguyen Xuan Phu, chairman of Sunhouse, a leading home appliance manufacturer, while outlining his 2026-2030 forecast.

Many market assets have risen over the past time, with Bitcoin and silver tripling, Phu said at a program on SME 2026 human resources strategy hosted by the Hanoi Young Business Association last Thursday.

He warned that if investors have missed the timing and hadn’t bought gold or Bitcoin earlier, jumping in now would be very risky.

The executive added that the same applied to manufacturing firms, which could secure large orders during a favorable economic cycle, but signing long-term contracts of a year or more could be dangerous if raw material prices double or triple within only three to six months.

Phu said housing prices, particularly in Hanoi, have surged recently, largely tracking gold prices, which in turn pushed up income levels and the prices of other goods.

Phu forecasted that 2026-2030 would mark a new growth cycle, with 2028 potentially emerging as a peak, driving price pressures that could even double or triple if no major disruptions occur.

He, therefore, advised manufacturing and material-dependent businesses to strengthen risk management, particularly when signing contracts. The chairman explained that many firms lock in long-term fixed-price agreements of one to two years without hedging mechanisms, exposing them to significant risks if input costs surge.

However, he emphasized that this is only a forecast scenario. If gold prices were to sharply reverse - for example, if major countries sold off reserves as geopolitical tensions eased - overall price levels might not rise as expected.

On recruitment, he cautioned that small businesses need to be careful, as employees who join and leave quickly can raise costs, damage credibility, and make future hiring more difficult.

"Therefore, when starting a business, entrepreneurs should clearly define their hiring targets - matching candidates to their budget, evaluating the skills required, and ensuring a high retention rate to avoid frequent turnover.

"My view is that hiring should be approached cautiously, keeping staff turnover as low as possible while staying within the company’s financial capacity," Phu added.