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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.
Vietnam’s gold demand impacted by global economic trends in 2023 ảnh 1SJC 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./.
VNA
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