Vietnam’s gold demand impacted by global economic trends in 2023
The World Gold Council’s Gold Demand Trends report reveals that annual gold demand (excluding over-the-counter) fell to 4,448 tonnes in 2023, down just 5% from a notably strong 2022.
SJC gold bars are displayed for sale in Hanoi (Photo: VNA)
Hanoi (VNS/VNA) - The World Gold Council’s Gold DemandTrends report reveals that annual gold demand (excluding over-the-counter) fellto 4,448 tonnes in 2023, down just 5% from a notably strong 2022.
Vietnamsaw a slight drop in overall consumer demand, down 6% year-on-year, from 59.1tonnes in 2022 to 55.5 tonnes in 2023. Bar and coin sales also saw a modestyear-on-year decline in 2023, settling at 40 tonnes, reflecting a marginaldecrease of tw tonnes.
However,Vietnam experienced a substantial downturn in jewellery demand, dropping by 16%to 15 tonnes. This decline was marked by four consecutive quarterlyyear-on-year decreases, attributed to slowing economic growth and relativelyhigh inflation in the region.
Shaokai Fan, head of Asia-Pacific (ex-China) & global head of Central Banksat the World Gold Council, said: "In Q4, Vietnam experienced aninvestment surge propelled by a price correction; however, increased demand andlimited gold investment options led to a substantial premium on official SJCtael bars, reaching approximately 600-700 USD per ounce.
"The steady decline in the value of the local currency throughout 2023further fueled demand, especially amid a fragile economic environment."
Turningto bar and coin investment, global demand was subdued and down 3% as strengthin some markets worked to offset weakness elsewhere. In other ASEAN markets,including Vietnam, Malaysia, Indonesia, and Singapore, bar and coin demand alsoexperienced a decline of 2%, 4%, 5%, and 8%, respectively, year-on-year.
Meanwhile,the global jewellery market proved to be remarkably resilient amidstrecord-high prices as demand inched up by three tonnes year-on-year. Chinaplayed an important role, recording a 17% increase in demand for gold, as itrecovered from COVID-19 lockdowns, offsetting a 9% decrease in India./.
The State does not encourage the trading of gold bars, protect their prices, nor accept too large differences between domestic and global gold prices, and between SJC and other types of gold bars, said Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu.
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SJC gold bars are displayed for sale in Hanoi (Photo: VNA) 
