Vietnam: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in Vietnam

In 2022, the Vietnamese semi-manufactured gold market decreased by -8.5% to $X for the first time since 2015, thus ending a six-year rising trend. Over the period under review, consumption saw a abrupt decrease. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Semi-Manufactured Gold Exports

Exports from Vietnam

In 2022, after three years of decline, there was significant growth in overseas shipments of gold, in semi-manufactured forms, when their volume increased by 5.9% to X kg. Over the period under review, exports, however, showed a deep contraction. The most prominent rate of growth was recorded in 2013 with an increase of 52% against the previous year. As a result, the exports attained the peak of X kg. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, semi-manufactured gold exports expanded sharply to $X in 2022. Overall, exports, however, showed a abrupt slump. The most prominent rate of growth was recorded in 2017 when exports increased by 21% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Japan (X kg) was the main destination for semi-manufactured gold exports from Vietnam, with a 94% share of total exports. Moreover, semi-manufactured gold exports to Japan exceeded the volume sent to the second major destination, South Korea (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Japan totaled -9.7%.

In value terms, Japan ($X) remains the key foreign market for gold, in semi-manufactured forms exports from Vietnam, comprising 98% of total exports. The second position in the ranking was held by South Korea ($X), with a 2.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan stood at -5.7%.

Export Prices by Country

The average semi-manufactured gold export price stood at $X per kg in 2022, standing approx. at the previous year. Overall, export price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, semi-manufactured gold export price increased by +32.6% against 2014 indices. The pace of growth appeared the most rapid in 2014 an increase of 79% against the previous year. The export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per kg), while the average price for exports to South Korea stood at $X per kg.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+40.4%), while the prices for the other major destinations experienced more modest paces of growth.

Semi-Manufactured Gold Imports

Imports into Vietnam

In 2022, supplies from abroad of gold, in semi-manufactured forms decreased by -10.8% to X kg for the first time since 2015, thus ending a six-year rising trend. Over the period under review, imports showed a abrupt downturn. The most prominent rate of growth was recorded in 2013 when imports increased by 79% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, semi-manufactured gold imports contracted to $X in 2022. Overall, imports continue to indicate a mild descent. The growth pace was the most rapid in 2013 when imports increased by 142% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, South Korea (X kg) constituted the largest supplier of semi-manufactured gold to Vietnam, accounting for a 52% share of total imports. Moreover, semi-manufactured gold imports from South Korea exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X kg), twofold. The third position in this ranking was taken by Singapore (X kg), with a 17% share.

From 2012 to 2022, the average annual growth rate of volume from South Korea totaled -3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+52.3% per year) and Singapore (+15.0% per year).

In value terms, South Korea ($X) constituted the largest supplier of gold, in semi-manufactured forms to Vietnam, comprising 53% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 21% share of total imports. It was followed by Singapore, with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of value from South Korea totaled +9.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+75.9% per year) and Singapore (+28.3% per year).

Import Prices by Country

In 2022, the average semi-manufactured gold import price amounted to $X per kg, increasing by 4.2% against the previous year. In general, the import price saw a resilient increase. The pace of growth was the most pronounced in 2015 when the average import price increased by 67%. The import price peaked at $X per kg in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Malaysia ($X per kg) and Hong Kong SAR ($X per kg), while the price for Japan ($X per kg) and Singapore ($X per kg) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+31.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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