Vietnam has emerged as the top gold-consuming nation in Southeast Asia, with domestic purchases reaching 55 tons last year, surpassing Thailand and Indonesia, according to World Gold Council data cited by a Vietnamese lawmaker.
Thach Phuoc Binh, a National Assembly member from Vinh Long province, said Thursday that Vietnamese consumers bought more gold than Thailand (48.8 tons) and Indonesia (47.3 tons) in 2024, marking the third consecutive year Vietnam’s annual gold consumption exceeded 55 tons. The figure includes jewelry, bars, and coins.
A large portion of this gold remains in private safes, representing a massive resource that is not being used to fuel economic growth, Binh noted.
Gold prices in Vietnam are generally higher than in neighboring countries, sometimes exceeding a premium of VND20 million (US$760) per tael this year. The lawmaker attributed this to the absence of a transparent, modern, and secure market for gold investors.
Binh proposed the creation of a national gold exchange, allowing citizens to deposit physical gold in secure vaults and receive electronic certificates that can be traded. The system could also support financial products such as gold-backed investment funds and bonds.
“If we can mobilize 10-15% of privately held gold into the formal financial system, it would provide a valuable source of funding for infrastructure, digital transformation, and technological innovation, reducing the need to raise public debt,” he said.
Domestic gold prices have repeatedly set new records this year, prompting long queues as supply remains limited. At the time of publication, gold traded at VND148.9 million per tael, a 77% increase since January.
The legal framework for a national gold exchange is under review by the State Bank of Vietnam, Deputy Prime Minister Le Thanh Long said, aiming to increase transparency and better regulate the gold market.
