Gold remains a potential investment channel until the end of this year, though the global economy in general, and Vietnam in particular, still possess potential risk factors related to recession and inflation, which make it difficult to forecast the gold price.
Customers buy gold at Phu Quy Gold and Silver Company in Hanoi. Gold is still a potential investment channel until the end of this year. (Photo: VNA)
Hanoi (VNS/VNA) - Gold remains a potential investmentchannel until the end of this year, though the global economy in general, and Vietnamin particular, still possess potential risk factors related to recession andinflation, which make it difficult to forecast the gold price.
This statement was made by Shaokai Fan, Head of Asia-Pacific(ex-China) and Global Head of Central Banks of the World Gold Council (WGC), ata press conference last week to release the WGC’s latest gold consumer demandtrend report for the first quarter of 2023.
The latest WGC gold demand trend report showed that in Vietnam,gold demand decreased by 12% from 19.6 tonnes in the first quarter of 2022 toonly 17.2 tonnes in the first quarter of 2023.
Similarly, the demand for gold bullions and coins also experienceda decline of 10% from 14 tonnes in the first quarter of 2022 to 12.6 tonnes inthe first quarter of 2023. Meanwhile, jewellery demand fell by 18% from 5.6tonnes in the first quarter of 2022 to 4.6 tonnes in the first quarter of 2023.
Explaining the above trend, Shaokai Fan said that the increase ingold price affected the demand for buying gold jewellery and bullions in theVietnamese market. In addition, the decline of the real estate market andconcerns about inflation caused the demand to buy gold to decrease.
Louise Street, a senior market research specialist at the WGC,said that the complex movement of the gold market in Q1 2023 highlighted thediversity in gold demand and underpinned the role and efficiency of the asset.Against the backdrop of various economic and demand drivers in the world goldmarket, growth in some regions has offset declines in others. The commonalityacross major markets is investor interest in gold to protect its value in timesof financial uncertainty.
Particularly in Vietnam, Shaokai Fan said that gold demand in thefirst quarter of 2023 decreased compared to the same period last year, partlydue to the strong growth of gold in the first quarter of 2022. However, Q1 2023demand still showed a positive sign when compared to previous years.
Therefore, he said, when investing in gold, investors should notbase their decisions only on gold price, but also need to consider manydifferent factors, such as investment allocation ratio and investmentportfolio, and investors certainly should not invest in just one type ofcommodity./.
Vietnamese’s gold demand was estimated to total 12 tonnes of jewellery, bars and coins in the third quarter of this year, representing a rise of 264% year-on-year, according to the latest report by the World Gold Council.
Demand for gold in Vietnam fell by 12% year-on-year in the first quarter to 17.2 tonnes, according to the latest Gold Demand Trends report from the World Gold Council.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
Customers buy gold at Phu Quy Gold and Silver Company in Hanoi. Gold is still a potential investment channel until the end of this year. (Photo: VNA) 
