WGC Cites Huge Opportunity for Gold Market Growth in Vietnam
Gold | 2021-04-23 13:45:10
The country intends to open new avenues of gold investment, including digital gold accounts, as the country’s banking system undergoes radical transformation over the coming years.
By Paul Ploumis
SEATTLE (Scrap Monster): The most recent Retail Gold Insights report published by the World Gold Council (WGC) focuses on the huge role played by Vietnam in the global gold market.
According to WGC, the country’s gold demand totalled 56.4 tonnes in 2019, thus making it the largest gold consumer in South East Asia. The country has limited range of gold products to which consumers have access. The opening up of markets presents a huge opportunity for gold market growth. The country intends to open new avenues of gold investment, including digital gold accounts, as the country’s banking system undergoes radical transformation over the coming years.
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The report compiled on the basis of findings of 2,003 online interviews with Vietnamese retail investors, pointed out that 72% of investors invested in gold over the past 12 months. However, the limited investment opportunities tend to taper increased investment. Also, lack of knowledge around the yellow metal is seen deterring them from investing in it. Incidentally, 24% of people who have not yet purchased gold consider doing so in future.
24k gold jewellery and gold taels/chi rings stands at third and fourth spot respectively among top five investments in Vietnam, WGC noted.
