Vietnamese people have about 500 tonnes of gold

Vietnamese people are hoarding about 500 tonnes of gold. This figure was given at the scientific workshop on Vietnamʹs gold market held on March 15 in Hanoi by ACB Jewellery Joint Stock Co.

The workshop was co‐held by Vietnam Commercial Joint Stock Bank for Industry and Trade (Vietinbank‐CTG) and Vietnam Bank Association.

Speaking at the seminar, Nguyen Minh Phong, economist said that the gold price in Vietnam as well as in the world affect strongly even politics, economy and society.

Therefore, the gold management should also have synchronous policies, and avoid voluntarism. The elaboration of a national gold floor is necessary.

ʺThis gold trading floor will include both wholesale and retail transactions. Retail will become licensed and organised store chains.ʺ

Sharing the same point of view, Tran Trong Quoc Khanh, general director of Saigon Jewellery Joint Stock (ACB‐SJC) said that ʺVietnam should set up the national gold trading floorʺ. The gold floor should be a part of the goods exchange and businesses are members of the gold floor.

At the seminar, ACB‐SJC estimated Vietnamese people is hoarding about 500 tonnes of gold. Vietnamʹs average import demand of gold reaches 60 tonnes per year meanwhile miners from domestic gold mines produce only 1‐2 tonnes per year.

Tags: vietnam gold, Vietnam gold market, Vietnam gold prices