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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 saw a slight drop in overall consumer demand, down 6% year-on-year, from 59.1 tonnes in 2022 to 55.5 tonnes in 2023. Bar and coin sales also saw a modest year-on-year decline in 2023, settling at 40 tonnes, reflecting a marginal decrease of tw tonnes.
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| Vietnam’s gold demand impacted by global economic trends in 2023 |
However, Vietnam experienced a substantial downturn in jewellery demand, dropping by 16% to 15 tonnes. This decline was marked by four consecutive quarterly year-on-year decreases, attributed to slowing economic growth and relatively high inflation in the region.
Shaokai Fan, head of Asia-Pacific (ex-China) & global head of Central Banks at the World Gold Council, said: "In Q4, Vietnam experienced an investment surge propelled by a price correction; however, increased demand and limited gold investment options led to a substantial premium on official SJC tael bars, reaching approximately 600-700 USD per ounce.
"The steady decline in the value of the local currency throughout 2023 further fueled demand, especially amid a fragile economic environment."
Turning to bar and coin investment, global demand was subdued and down 3% as strength in some markets worked to offset weakness elsewhere. In other ASEAN markets, including Vietnam, Malaysia, Indonesia, and Singapore, bar and coin demand also experienced a decline of 2%, 4%, 5%, and 8%, respectively, year-on-year.
Meanwhile, the global jewellery market proved to be remarkably resilient amidst record-high prices as demand inched up by three tonnes year-on-year. China played an important role, recording a 17% increase in demand for gold, as it recovered from COVID-19 lockdowns, offsetting a 9% decrease in India./.
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