Vietnam: Gold Market 2022

Gold Market Size in Vietnam

In 2021, the Vietnamese gold market decreased by less than X% to $X, falling for the second year in a row after four years of growth. In general, the total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -X% against 2019 indices. Gold consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Gold Production in Vietnam

In value terms, gold production declined to $X in 2021 estimated in export price. Overall, production continues to indicate a deep slump. The most prominent rate of growth was recorded in 2018 with an increase of X%. Gold production peaked at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Gold Exports

Exports from Vietnam

In 2021, shipments abroad of gold decreased by -X% to X kg for the first time since 2018, thus ending a two-year rising trend. Overall, exports showed a abrupt decrease. The growth pace was the most rapid in 2020 with an increase of X%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, gold exports fell markedly to $X in 2021. Over the period under review, exports showed a abrupt slump. The pace of growth appeared the most rapid in 2020 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Japan (X kg) was the main destination for gold exports from Vietnam, with a approx. X% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Japan totaled +X%.

In value terms, Japan ($X) also remains the key foreign market for gold exports from Vietnam.

From 2012 to 2021, the average annual growth rate of value to Japan amounted to +X%.

Export Prices by Country

In 2021, the average gold export price amounted to $X per kg, remaining relatively unchanged against the previous year. Overall, the export price recorded a slight shrinkage. The most prominent rate of growth was recorded in 2017 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per kg in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Japan.

From 2012 to 2021, the rate of growth in terms of prices for Japan amounted to -X% per year.

Gold Imports

Imports into Vietnam

After seven years of growth, overseas purchases of gold decreased by -X% to X tons in 2021. In general, imports, however, continue to indicate a tangible increase. The pace of growth was the most pronounced in 2020 when imports increased by X%. As a result, imports reached the peak of X tons, and then dropped rapidly in the following year.

In value terms, gold imports shrank to $X in 2021. Overall, total imports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +X% against 2012 indices. The pace of growth was the most pronounced in 2013 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2020, and then shrank in the following year.

Imports by Country

South Korea (X tons), Hong Kong SAR (X tons) and Japan (X kg) were the main suppliers of gold imports to Vietnam, with a combined X% share of total imports. These countries were followed by Australia, France, the United States and Malaysia, which together accounted for a further X 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of +X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest gold suppliers to Vietnam were South Korea ($X), Hong Kong SAR ($X) and Japan ($X), together comprising X% of total imports. Australia, France, the United States and Malaysia lagged somewhat behind, together comprising a further X terms of the main suppliers, Malaysia, with a CAGR of +X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average gold import price amounted to $X per kg, rising by X% against the previous year. Over the period under review, import price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +X% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, gold import price decreased by -X% against 2019 indices. The pace of growth was the most pronounced in 2013 when the average import price increased by X% against the previous year. As a result, import price reached the peak level of $X per kg. From 2014 to 2021, the average import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, the highest price was recorded for prices from South Korea ($X per kg) and the United States ($X per kg), while the price for France ($X per kg) and Malaysia ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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