Vietnam is the largest gold market in Southeast Asia, according to a recent study of the World Gold Council (WGC).
Customers buy gold at Phu Quy gold shop in Hanoi. VNA/VNS Photo Tran Viet
The WGC also announced the country among the top 10 markets in the world, saying consumer demand for gold in Vietnam reached 39.8 tonnes in 2020, higher than the demand of 37.6 tonnes in Indonesia and 9.4 tonnes in Singapore.
The study of 2,000 local investors in March last year also said gold is the top asset class for 68 per cent of Vietnamese investors while the outlook for the precious metal was positive, adding 81 per cent of people who bought gold considered buying more. The average rate for buying more gold is 45 per cent globally.
According to the WGC, demand for gold in Vietnam is still very high as Vietnamese people believe gold helps fight inflation and currency fluctuations, helping investors feel secure in the long run. At the same time, new demand for gold also arises by buying gold on digital platforms or through available channels such as a bank.
In the study, 76 per cent of respondents were in favour of opening a gold investment account at a bank to support and formalise the gold market.
"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.
Ending the day (Monday), SJC gold price was bought at VND55.2 million (US$2,379) and sold at VND55.6 million ($2,396) per tael. Compared with gold prices listed on the global site of Kitco at $1,785 per ounce ($2,142 per tael), each tael of gold in Vietnam was $254 higher than the world price.
- A tael of gold in Viet Nam worth $500 more than world prices
- Gold surges to nearly VND49.3 million per tael
- Gold price today 3-1: Gold jewelry continues to rise, far from the world price
- Gold hits VND55.4 million per tael
- Domestic gold prices hit new record high
- Gold surpasses VND51.52 million per tael
- Gold prices continue to go up on domestic market
- Gold approaches VND50 million per tael
- Domestic gold price surpasses VND60 million per tael