Vietnam to consume 43 tons of gold in 2022

Vietnam led Southeast Asia in gold consumption demand growth last year, according to data reported by the World Gold Council (WGC).

According to the WGC's 2022 Gold Demand Trend Report, Vietnam's gold consumption demand in the fourth quarter of 2022 increased by 58% over the same period in 2021, to 13.5 tons.

Of which, demand for gold bars and gold coins reached 9 tons, up 48% over the same period in 2021. Jewelry demand increased by more than 80% over the same period in 2021, to 4.5 tons.

In 2022, the Vietnamese market consumed a total of 43 tons of gold, an increase of 37% compared to 2021.

Illustration photo. Source Internet

Mr. Andrew Naylor, CEO of Asia-Pacific (excluding China) of WGC - said that Vietnam is the leader in gold demand in the ASEAN region in 2022, with an increase of 37% compared to 2021.

Vietnam also leads the region in jewelry demand growth in 2022, with an increase of 51% compared to 2021, reaching 18 tons - the highest level in the past 14 years.

The domestic gold market is bustling on God of Wealth Day. Many gold businesses recorded increased sales on this occasion.

At the close of the session on February 1, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.6 million VND/tael (buy) - 67.4 million VND/tael (sell). SJC Hanoi listed at 66.6 million VND/tael (buy) and 67.42 million VND/tael (sell).

Doji Hanoi listed at 66.4 million VND/tael (buy) and 67.3 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.4 million VND/tael and sold at 67.3 million VND/tael.

At the current price, the world gold price converted to VND (including tax and processing fee) differs from the domestic SJC gold price by about 11.86 million VND/tael.