Vietnam imports 19.7 tons of gold Q1/2011

Vietnam spent $878 million to import 19.2 tons of gold in the first quarter of this year, up 28 percent in value and 2 percent in volume year on year, according to a recent report from World Gold Council (WGC).

The report also showed that Vietnam’s year-on-year demand for gold jewelry and gold bullions for investment has increased by 7 percent to 5.5 tons and 1 percent to 14.2 tons respectively in Q1/2011.

In the first three months of this year, the world consumed 981.3 tons of gold worth $43.7 billion, up 11 percent in volume and 40 percent in value over the same period last year. The demand for gold bullion for investment increased 310.5 tons, up 26 percent over the same period last year.

Gold is considered a safe haven for investors in the time of rising inflation worldwide.

Vietnam’s consumer price index (CPI) in May surged by 2.21 percent against April, bringing the country’s CPI to 12.07 percent this year – a 19.78 percent rise year on year, the highest in Asia-Pacific, according to Bloomberg.

Vietnam has yet to officially revise its inflation target in 2011 which was set at 7 percent at the beginning of this year, though Vo Hong Phuc, Minister of Planning and Investment, said he expected the figure to stand at 11.75 percent by the end of this year at the 44th annual meeting of the Asian Development Bank in Hanoi last month. – Tuoitre

Posted by VBN on May 25 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry