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Saturday, May 18, 2024

Gold in Vietnam’s economy

By Huynh The Du – Nguyen Xuan Thanh

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The Vietnamese economy had had an estimated 2,000 tons of gold by the end of 2023. This figure is much higher than the volume often mentioned in recent discussions. Comparing the volume of gold per capita and the proportion of the metal to GDP in regional economies with similar characteristics, and the market value of financial assets and real estate domestically, there are no unusual signs about the gold volume in Vietnam. Gold makes up a moderate proportion of Vietnamese people’s asset portfolios. Similar to many other countries, most of gold in Vietnam is held by households on reserve and as jewelry. Such a volume of gold exists indefinitely and it would not work if an attempt is made to mobilize a significant amount of it for other purposes. No country in the world has managed to do that. How much gold is there in the economy? On average, each Vietnamese possesses nearly 0.55 tael (*) of gold, equivalent to VND33 million at the current market price. Total gold consumption in 2023 was 55 tons, valued at nearly US$3.5 billion, below the amount spent on mobile phones for the whole year (estimated at around US$4 billion). The estimated amount spent […]
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