Vietnam consumes 50 tons of gold annually
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Vietnam consumes nearly 50 tons of gold jewelry each year, with 80% absorbed by HCMC, according to the Saigon Jewelry Association (SJA).
The country imported more than 1,000 tons of gold in the 1991-2012 period.
Businesses have not been allowed to import raw gold since May 2012, but consumption of the precious metal has still increased stealthily every year, said SJA.
In recent years, the export turnovers of Vietnamese gold jewelry have stood at $20-30 million per year.
The jewelry is mainly exported to Asian and European markets such as Germany, Denmark and France.According to the World Gold Council, Vietnam’s demand for gold bars, coins and jewelry ranks first in Southeast Asia.
Vietnam gold companies churn out more than 11 million gold products weighing over 40 tons, thanks to an industry that employ over 38,000 jewelers, according to SJA.
However, the ban on importing raw gold has caused difficulties for gold companies because there are differences between gold prices in international and local markets.
Questions & Answers
Q.Which city is the primary consumer of gold jewelry within Vietnam?
Which city is the primary consumer of gold jewelry within Vietnam?
Ho Chi Minh City, or HCMC, absorbs 80% of the gold jewelry consumed in Vietnam annually. The country consumes nearly 50 tons of gold jewelry each year overall.
Q.What impact has the ban on raw gold imports had on Vietnamese gold companies?
What impact has the ban on raw gold imports had on Vietnamese gold companies?
The import ban has caused difficulties for companies due to significant differences between international and local gold prices. Businesses have not been permitted to import raw gold since May 2012.
Q.What is the typical annual export turnover for Vietnamese gold jewelry?
What is the typical annual export turnover for Vietnamese gold jewelry?
Vietnamese gold jewelry typically achieves an export turnover of $20-30 million per year. These exports are mainly sent to Asian and European markets, including Germany, Denmark, and France.
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