Vietnam largest gold market in Southeast Asia
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Vietnam is the largest gold market in Southeast Asia and among the top 10 markets in the world, a recent study has found.
Last year consumer demand in Vietnam was 39.8 tons, higher than Indonesia’s 37.6 tons and Singapore’s 9.4 tons, according to the World Gold Council (WGC).
Gold is the top asset class for 68 percent of Vietnamese investors, it said citing a study of 2,000 investors in March last year.
The outlook for the precious metal is positive with 81 percent of people who bought gold in the past considering buying more, nearly twice the global average of 45 percent.
Seventy-six percent supported opening a gold investment account at banks to formalize the gold market. Currently, most buy gold at shops.
“Research shows demand for gold in Vietnam is strong and there is support to develop new investment products such as buying gold through digital platforms or opening a gold investment account,” Andrew Naylor, director in charge of ASEAN at the World Gold Council, said.
Questions & Answers
Q.How much gold did Vietnamese consumers purchase last year compared to other Southeast Asian countries?
How much gold did Vietnamese consumers purchase last year compared to other Southeast Asian countries?
Vietnamese consumer demand for gold last year was 39.8 tons. This figure was higher than Indonesia's 37.6 tons and significantly more than Singapore's 9.4 tons, positioning Vietnam as the largest market in the region.
Q.What proportion of Vietnamese investors consider gold their primary asset class?
What proportion of Vietnamese investors consider gold their primary asset class?
Gold is considered the top asset class for 68 percent of Vietnamese investors. This information comes from a study of 2,000 investors conducted in March last year.
Q.What is the level of interest among past gold buyers in Vietnam to purchase more?
What is the level of interest among past gold buyers in Vietnam to purchase more?
Among people who have previously bought gold in Vietnam, 81 percent are considering buying more. This interest is nearly twice the global average, which stands at 45 percent.
Q.What kind of new investment products for gold are supported by Vietnamese consumers?
What kind of new investment products for gold are supported by Vietnamese consumers?
Vietnamese consumers support developing new gold investment products, such as purchasing gold through digital platforms. There is also strong support for formalising the market by opening gold investment accounts at banks.
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