Gold continued to be the highest asset class for 72 p.c of Vietnamese traders. Picture by Shutterstock/ktsdesign
Vietnam was Southeast Asia’s largest gold bullion and coin market final yr and among the many prime 10 globally.
The demand within the nation exceeded 31.1 metric tons in comparison with 28.7 tons in Thailand and 19.8 tons in Indonesia, in accordance with the World Gold Council.
If jewellery was included, it went as much as 43 tons, the second highest behind Indonesia’s 46.8 tons.
Vietnam was the fourth largest market in Asia for bullion and cash behind India, Sri Lanka and China, and the eighth largest on the planet.
Gold continued to be the highest asset class for 72 p.c of Vietnamese traders, the WGC mentioned citing a examine of two,000 traders final yr.
The outlook for the dear metallic is constructive with 81 p.c of traders who beforehand invested in gold saying they might contemplate doing so once more.
To place that in perspective, the charges are 72 p.c for Chinese language and 67 p.c for Indians, with the worldwide determine standing at 45 p.c.
There may be robust assist for gold market liberalization in Vietnam, with 76 p.c saying they need to be allowed to open a gold funding account at banks to formalize the gold market.
Fifty 5 p.c known as for establishing a gold alternate or buying and selling platform approved by the State Financial institution of Vietnam.
Vietnam’s gold costs at the moment are close to the all-time excessive of VND63.5 million (US$2,787) per tael of 37.5 grams recorded on Jan. 25. A tael equals 37.5 grams or 1.2 ounces.
On Feb. 16 it value VND62.9 million, VND11.6 million increased than international costs.