{"id":76944,"date":"2024-02-19T08:18:00","date_gmt":"2024-02-19T01:18:00","guid":{"rendered":"https:\/\/neu.edu.vn\/kinhte-congthuong-vn-assoc-prof-dr-nguyen-thuong-lang-god-of-wealth-day-and-the-stories-behind-it\/"},"modified":"2024-02-19T08:18:00","modified_gmt":"2024-02-19T01:18:00","slug":"kinhte-congthuong-vn-assoc-prof-dr-nguyen-thuong-lang-god-of-wealth-day-and-the-stories-behind-it","status":"publish","type":"post","link":"https:\/\/neu.edu.vn\/en\/kinhte-congthuong-vn-assoc-prof-dr-nguyen-thuong-lang-god-of-wealth-day-and-the-stories-behind-it\/","title":{"rendered":"Kinhte.congthuong.vn: Assoc. Prof. Dr. Nguyen Thuong Lang: God of Wealth Day and the Stories Behind It"},"content":{"rendered":"

The rush by urban residents to buy gold for \u201cgood luck\u201d on God of Wealth Day, the tenth day of the first lunar month, is examined from economic and social perspectives.<\/p>\n

\n\n\n\n\n
\"God<\/td>\n<\/tr>\n
A gold shop on Tran Nhan Tong Street (Hanoi) arranges parking for customers buying gold for God of Wealth Day<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Economist Assoc. Prof. Dr. Nguyen Thuong Lang shares his perspective on God of Wealth Day<\/a> and what buyers should consider when purchasing gold on this occasion.<\/p>\n

– <\/strong>How do you view the phenomenon of people buying gold in large numbers before and during what is known as God of Wealth Day?<\/em><\/p>\n

Assoc. Prof. Dr. Nguyen Thuong Lang: God of Wealth Day is a custom of buying gold at the beginning of the year, usually on the tenth day of the Lunar New Year. It is a cultural practice associated with hopes for \u201cpeace, well-being, and prosperity\u201d in the new year.<\/p>\n

Although this is not an inevitable economic law, buying gold on God of Wealth Day seems to boost people\u2019s confidence, lift their spirits, and inspire enthusiasm and faith in good luck and abundant gains from making a start at the right moment, when heaven, earth, and the deities are in harmony.<\/p>\n

This positive state of mind at the beginning of the year creates optimism, fosters creativity, increases productivity, improves efficiency, broadens perspectives, and helps people discover opportunities to seize. Strong optimism also provides support in overcoming all difficulties. This, in turn, encourages greater effort to create new value. Overall, the entire economy gains strong additional momentum, not only in Vietnam but also in other countries such as China and India…<\/p>\n

God of Wealth Day can be a very effective occasion for stimulating demand for gold and increasing activity in the gold market at the beginning of the year. It is also a time when demand for gold rises faster than usual, potentially driving up gold prices. Furthermore, with bank interest rates having fallen considerably, if not to their lowest levels in recent years, buying gold as a store of value is also an option.<\/p>\n

Gold shops can also take advantage of rapidly rising demand to raise prices as high as possible and earn \u201cabove-normal\u201d profits. This fully reflects the laws of a market economy: demand is high, and the amount of money in circulation immediately after Tet remains considerable, so an increase in gold prices can be considered appropriate.<\/p>\n

– <\/strong>Is the belief that buying gold at the beginning of the year brings good luck throughout the year what drives people to rush to buy gold during these days?<\/em><\/p>\n

Assoc. Prof. Dr. Nguyen Thuong Lang: Gold is not an essential commodity, so low-income people who still lack basic necessities such as food and clothing have virtually no demand for gold. Raising gold prices therefore merely draws additional money from individuals who can afford to buy it. A rise in gold prices on God of Wealth Day is normal, but prices may rise sharply at the beginning of the Giap Thin lunar year<\/a> because of the factors mentioned above. For this reason, strict state regulation is not necessary. Such intervention may not have the intended effect and could cause unnecessary volatility in response to localized fluctuations in the gold market.<\/p>\n

Buying gold on God of Wealth Day is a practice deeply rooted in culture and tradition, so the market can be left to operate on its own.<\/p>\n

\n\n\n\n\n
\"God<\/td>\n<\/tr>\n
Economist Nguyen Thuong Lang<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

–<\/strong> The public has repeatedly suggested that what is called \u201cGod of Wealth Day\u201d is actually intended to benefit gold shop owners. How do you view this issue?<\/em><\/p>\n

Assoc. Prof. Dr. Nguyen Thuong Lang: As mentioned above, gold shop owners can take advantage of increased demand to raise prices, and this has happened for many years. Gold buyers themselves should therefore act rationally. Those buying for good luck should purchase only a small, symbolic amount to reduce their spending, or even refrain from buying altogether. They can also buy various other symbolic forms of gold.<\/p>\n

Buying a lot of gold does not mean that you will have abundant gold throughout the year as you hope; that does not happen in reality. Gold shop owners also use the occasion to raise prices, but they are unlikely to raise them too high, because buyers could then refuse to proceed with purchases they cannot afford. Exaggerating the significance of the God of Wealth can also be seen as a business tactic to seize an opportunity for profit.<\/p>\n

–<\/strong> Thank you.<\/em><\/p>\n

Quang Loc<\/div>\n

Link: https:\/\/kinhte.congthuong.vn\/ngay-via-than-tai-va-nhung-cau-chuyen-phia-sau-303823.html<\/a><\/p>\n

This is an automated translation. If you notice any errors, please contact the Department of Communications, National Economics University at phongtruyenthong@neu.edu.vn<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The rush by urban residents to buy gold for \u201cgood luck\u201d on God of Wealth Day, the tenth day of the first lunar month, is examined from economic and social perspectives. A gold shop on Tran Nhan Tong Street (Hanoi) arranges parking for customers buying gold for God of Wealth Day Economist Assoc. Prof. Dr. Nguyen Thuong Lang shares his perspective on God of Wealth Day and what buyers should consider when purchasing gold on this occasion. – How do you view the phenomenon of people buying gold in large numbers before and during what is known as God of Wealth Day? Assoc. Prof. Dr. Nguyen Thuong Lang: God of Wealth Day is a custom of buying gold at the beginning of the year, usually on the tenth day of the Lunar New Year. It is a cultural practice associated with hopes for \u201cpeace, well-being, and prosperity\u201d in the new year. Although this is not an inevitable economic law, buying gold on God of Wealth Day seems to boost people\u2019s confidence, lift their spirits, and inspire enthusiasm and faith in good luck and abundant gains from making a start at the right moment, when heaven, earth, and the deities are in harmony. This positive state of mind at the beginning of the year creates optimism, fosters creativity, increases productivity, improves efficiency, broadens perspectives, and helps people discover opportunities to seize. Strong optimism also provides support in overcoming all difficulties. This, in turn, encourages greater effort to create new value. Overall, the entire economy gains strong additional momentum, not only in Vietnam but also in other countries such as China and India… God of Wealth Day can be a very effective occasion for stimulating demand for gold and increasing activity in the gold market at the beginning of the year. It is also a time when demand for gold rises faster than usual, potentially driving up gold prices. Furthermore, with bank interest rates having fallen considerably, if not to their lowest levels in recent years, buying gold as a store of value is also an option. Gold shops can also take advantage of rapidly rising demand to raise prices as high as possible and earn \u201cabove-normal\u201d profits. This fully reflects the laws of a market economy: demand is high, and the amount of money in circulation immediately after Tet remains considerable, so an increase in gold prices can be considered appropriate. – Is the belief that buying gold at the beginning of the year brings good luck throughout the year what drives people to rush to buy gold during these days? Assoc. Prof. Dr. Nguyen Thuong Lang: Gold is not an essential commodity, so low-income people who still lack basic necessities such as food and clothing have virtually no demand for gold. Raising gold prices therefore merely draws additional money from individuals who can afford to buy it. A rise in gold prices on God of Wealth Day is normal, but prices may rise sharply at the beginning of the Giap Thin lunar year because of the factors mentioned above. For this reason, strict state regulation is not necessary. Such intervention may not have the intended effect and could cause unnecessary volatility in response to localized fluctuations in the gold market. Buying gold on God of Wealth Day is a practice deeply rooted in culture and tradition, so the market can be left to operate on its own. Economist Nguyen Thuong Lang – The public has repeatedly suggested that what is called \u201cGod of Wealth Day\u201d is actually intended to benefit gold shop owners. How do you view this issue? Assoc. Prof. Dr. Nguyen Thuong Lang: As mentioned above, gold shop owners can take advantage of increased demand to raise prices, and this has happened for many years. Gold buyers themselves should therefore act rationally. Those buying for good luck should purchase only a small, symbolic amount to reduce their spending, or even refrain from buying altogether. They can also buy various other symbolic forms of gold. Buying a lot of gold does not mean that you will have abundant gold throughout the year as you hope; that does not happen in reality. Gold shop owners also use the occasion to raise prices, but they are unlikely to raise them too high, because buyers could then refuse to proceed with purchases they cannot afford. Exaggerating the significance of the God of Wealth can also be seen as a business tactic to seize an opportunity for profit. – Thank you. Quang Loc Link: https:\/\/kinhte.congthuong.vn\/ngay-via-than-tai-va-nhung-cau-chuyen-phia-sau-303823.html This is an automated translation. If you notice any errors, please contact the Department of Communications, National Economics University at phongtruyenthong@neu.edu.vn.<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[169],"tags":[],"class_list":["post-76944","post","type-post","status-publish","format-standard","hentry","category-latest-news","post-no-thumbnail"],"acf":[],"_links":{"self":[{"href":"https:\/\/neu.edu.vn\/en\/wp-json\/wp\/v2\/posts\/76944","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/neu.edu.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/neu.edu.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/neu.edu.vn\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/neu.edu.vn\/en\/wp-json\/wp\/v2\/comments?post=76944"}],"version-history":[{"count":0,"href":"https:\/\/neu.edu.vn\/en\/wp-json\/wp\/v2\/posts\/76944\/revisions"}],"wp:attachment":[{"href":"https:\/\/neu.edu.vn\/en\/wp-json\/wp\/v2\/media?parent=76944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/neu.edu.vn\/en\/wp-json\/wp\/v2\/categories?post=76944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/neu.edu.vn\/en\/wp-json\/wp\/v2\/tags?post=76944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}